HURST, Texas, May 25, 2022 /CNW/ - NextPoint Financial Inc. (TSX: NPF.U) (TSX: NPF.WT.U) ("NextPoint" or, the "Company") announced today that, the Ontario Securities Commission (the "OSC") has issued a cease trade order (the "Cease Trade Order") to the Company as a result of NextPoint's inability to file its audited financial statements for the year ended December 31, 2021 and the related management's discussion and analysis and CEO and CFO certificates and its annual information form for the year ended December 31, 2021 (collectively, the "Required Documents") by the filing deadline of March 31, 2022 and to file its interim financial results for the quarter ended March 31, 2022, and the related management's discussion and analysis and CEO and CFO certificates (collectively, the "Q1 Filings") by the filing deadline of May 16, 2022.

The Cease Trade Order prohibits the trading by any person of any securities of NextPoint in each jurisdiction in Canada in which the Company is a reporting issuer, including trades in the Company's common shares made through the Toronto Stock Exchange, for as long as the Cease Trade Order remains in effect; however, the Cease Trade Order provides an exception for beneficial securityholders of the Company who are not currently (and who were not as of May 24, 2022) insiders or control persons of the Company and who sell securities of the Company acquired before May 24, 2022 if both of the following criteria are met: (i) the sale is made through a "foreign organized regulated market", as defined in section 1.1 of the Universal Market Integrity Rules of the Investment Industry Regulatory Organization of Canada and (ii) the sale is made through an investment dealer registered in a jurisdiction of Canada in accordance with applicable securities legislation. The Cease Trade Order revokes the management cease trade order previously issued by the OSC on April 1, 2022. The Cease Trade Order will remain in place until such time as the Required Documents and the Q1 Filings have been filed, following which the Company expects that the OSC will revoke the Cease Trade Order.

As previously announced on May 18, 2022, NextPoint is continuing to work to complete the incorporation of the annual results of its recently acquired subsidiary, Community Tax LLC, into NextPoint's financial statements in accordance with IFRS as well as the further analysis required with respect to interest income and related customer loan balances at its LoanMe lending business which is required to complete the Required Documents and the Q1 Filings. Based on the information currently available, NextPoint expects to be in a position to file the Required Documents and the Q1 Filings no later than June 30th, 2022 and July 15th, 2022, respectively.

About NextPoint Financial Inc.

NextPoint is an all-inclusive marketplace for financial services empowering hardworking and underserved consumers and small businesses. NextPoint was formed through the July 2021 combination of Liberty Tax, a leading provider of tax preparation services, with LoanMe, an online lender and loan marketer followed by the December 2021 acquisition of Community Tax, an effective advocate for tax debt resolution on behalf of customers.

SOURCE NextPoint Financial Inc.

Copyright 2022 Canada NewsWire

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