HURST, Texas, Nov. 17, 2021 /CNW/ - NextPoint Financial
Inc. (TSX: NPF.U) (TSX: NPF.WT.U) ("NextPoint") announced
today that pursuant to NextPoint's previously announced
application, the Ontario Securities Commission (the "OSC"),
as NextPoint's principal regulator, has granted NextPoint a
management cease trade order under National Policy 12-203 –
Management Cease Trade Orders ("NP 12-203").
NextPoint made the application in connection with the filing
of its interim financial report for the quarter ended
September 30, 2021, the related
management's discussion and analysis and CEO and CFO certificates
(such filings, collectively, the "Required
Documents") after the filing deadline of November 15, 2021. The management cease trade
order is to remain in place until two full business days following
the receipt by the OSC of the Required Documents and restricts
all trading by Chief Executive Officer, Brent
Turner and Chief Financial Officer, Michael Piper.
The management cease trade order prevents the officers named in
the order from trading in NextPoint's securities but does not
affect the ability of other shareholders, including the public, to
trade in securities of NextPoint.
As previously announced, NextPoint's filing of the Required
Documents has been delayed as 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. NextPoint
is currently working to complete the necessary 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 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 delayed in meeting the above-noted
filing requirements. NextPoint confirms that 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 has serviced over 340,000 consumer and small business
borrowers in the United
States.
SOURCE NextPoint Financial Inc.