HURST, Texas, March 17, 2022 /CNW/ - NextPoint Financial Inc. (TSX: NPF.U) (TSX: NPF.WT.U) ("NextPoint") announced today that additional time is required to incorporate the annual results of its recently acquired subsidiary, Community Tax LLC, into NextPoint's financial statements in accordance with IFRS. 

As a result, NextPoint will not file its financial statements for the year ended December 31, 2021, the related management's discussion and analysis and CEO and CFO certificates or its annual information form for the year ended December 31, 2021 (such filings, collectively, the "Required Documents") before the March 31, 2022 deadline. NextPoint 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 ("MCTO") under National Policy 12-203 – Management Cease Trade Orders ("NP 12-203") throughout the duration of the default. The MCTO, 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, security holders 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 and further 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 2022 Canada NewsWire

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