HURST,
TX, May 18, 2022 /CNW/ - NextPoint Financial
Inc. (TSX: NPF.U) (TSX: NPF.WT.U) ("NextPoint") announced
today an update on the status of the management cease trade order
granted by the Ontario Securities Commission (the "OSC"), as
NextPoint's principal regulator, on April 1,
2022 (the "MCTO") under National Policy 12-203 -
Management Cease Trade Orders ("NP 12-203"). As announced on
March 17, 2022 (the "Default
Announcement"), NextPoint made an application to the OSC for
the MCTO in connection with the filing of its audited financial
statements for the year ended December 31,
2021 and the related management's discussion and analysis
and CEO and CFO certificates and its annual information form for
the year ended December 31, 2021
(such filings, collectively, the "Required Documents") after
the filing deadline of March 31,
2022. The MCTO 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.
Preparation of the Required Documents has also impacted the
timely completion, and auditor's review, of NextPoint's interim
financial statements for the quarter ended March 31, 2022. The completion of those interim
statements is dependent on the results contained in the Required
Documents. As a result, NextPoint did not file its interim
financial results for the quarter ended March 31, 2022, and the related management's
discussion and analysis and CEO and CFO certificates (collectively,
the "Q1 Filings") by the filing deadline of May 16, 2022.
NextPoint is continuing to work to complete the incorporation of
the annual results of its recently acquired subsidiary, Community
Tax LLC, into NextPoint's financial statements in accordance with
IFRS as well as the further analysis required with respect to
interest income and related customer loan balances at its LoanMe
lending business required to complete the Required Documents and
the Q1 Filings. Based on the information currently available,
NextPoint expects to be in a position to file the Required
Documents and the Q1 Filings no later than June 30th, 2022 and July 15th, 2022, respectively.
NextPoint confirms that other than as set out herein since the
date of the Default Announcement: (i) there has been no material
change to the information set out in the Default Announcement that
has not been generally disclosed; (ii) there has been no failure by
NextPoint in fulfilling its stated intentions with respect to
satisfying the provisions of the alternative information guidelines
set out in NP 12-203; (iii) there has not been any other specified
default by NextPoint under NP 12-203; and (iv) there is no other
material information concerning the affairs of NextPoint that has
not been generally disclosed.
NextPoint confirms that it will continue to 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.
About NextPoint Financial Inc.
NextPoint is an all-inclusive marketplace for financial services
empowering hardworking and underserved consumers and small
businesses. NextPoint was formed through the July 2021 combination of Liberty Tax, a leading
provider of tax preparation services, with LoanMe, an online lender
and loan marketer followed by the December
2021 acquisition of Community Tax, an effective advocate for
tax debt resolution on behalf of customers.
SOURCE NextPoint Financial Inc.
