HURST, Texas, Nov. 8, 2021 /CNW/ - NextPoint Financial Inc.
(TSX: NPF.U) (TSX: NPF.WT.U) ("NextPoint") announced today
that management has determined that additional information and
analysis is necessary to complete the interim financial report for
the quarter ended September 30, 2021,
and the subsequent completion of an auditor's review of such
report. The additional information and analysis relate to
finalizing the financial results of the business previously
operated by LoanMe, Inc. ("LoanMe") in NextPoint's
consolidated interim financial report. LoanMe was acquired as part
of NextPoint's "qualifying acquisition" which was completed on
July 2, 2021.
The production of this additional information and analysis will
not be completed prior to the filing deadline of November 15, 2021. As a result, NextPoint will
not file the financial report for the quarter ended September 30, 2021, or the related management's
discussion and analysis and CEO and CFO certificates (such filings,
collectively, the "Required Documents") before the
November 15, 2021 deadline. NextPoint
is currently working to complete production and analysis to
facilitate the filing of the financial report at the earliest
possible date and currently expects to be in a position to file the
Required Documents within 30 days of the original filing
deadline.
NextPoint has applied to the Ontario Securities Commission (the
"OSC"), as principal regulator for NextPoint, for the
imposition of a management cease trade order ("MTCO") under
National Policy 12-203 – Management Cease Trade Orders
("NP 12-203") throughout the duration of the default. The
MTCO, if approved, would generally not affect the ability of
persons who are not management of NextPoint to trade in its
securities. No assurance can be given that the MCTO will be
issued. The OSC may issue a general cease trade order against
NextPoint for failure to file the Required Documents within the
prescribed time period or sooner if NextPoint fails to
file its status reports during the prescribed time
limits. If a general cease trade order is issued in lieu of an
MCTO, securityholders will be precluded from trading in NextPoint
securities.
NextPoint confirms that it will satisfy the provisions of the
alternative information guidelines under NP 12-203 by issuing
bi-weekly default status reports in the form of news releases for
so long as it remains in default of the above-noted filing
requirements.
NextPoint confirms that there are no insolvency proceedings that
NextPoint is subject to and there is no other material
information relating to its affairs that has not been generally
disclosed.
Other than as disclosed herein, NextPoint is up to date in its
filing obligations.
About NextPoint Financial Inc.
NextPoint Financial Inc. is an all-inclusive marketplace for
financial services empowering hardworking and underserved consumers
and small businesses. NextPoint Financial Inc. operates through
Liberty Tax and LoanMe. Liberty Tax is a tax preparation service
with over approximately 2,700 locations that serves approximately
1.6 million consumer and small business clients in the United States and Canada. LoanMe is an online lending platform
that have serviced over 340,000 consumer and small business
borrowers in the United
States.
SOURCE NextPoint Financial Inc.