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.

Copyright 2021 Canada NewsWire

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