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.