HURST,
Texas, May 25, 2022 /CNW/ - NextPoint
Financial Inc. (TSX: NPF.U) (TSX: NPF.WT.U) ("NextPoint" or,
the "Company") announced today that, the Ontario Securities
Commission (the "OSC") has issued a cease trade order (the
"Cease Trade Order") to the Company as a result of
NextPoint's inability to file 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 (collectively, the
"Required Documents") by the filing deadline of March 31, 2022 and to 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.
The Cease Trade Order prohibits the trading by any person of any
securities of NextPoint in each jurisdiction in Canada in which the Company is a reporting
issuer, including trades in the Company's common shares made
through the Toronto Stock Exchange, for as long as the Cease Trade
Order remains in effect; however, the Cease Trade Order provides an
exception for beneficial securityholders of the Company who are not
currently (and who were not as of May 24,
2022) insiders or control persons of the Company and who
sell securities of the Company acquired before May 24, 2022 if both of the following criteria
are met: (i) the sale is made through a "foreign organized
regulated market", as defined in section 1.1 of the Universal
Market Integrity Rules of the Investment Industry Regulatory
Organization of Canada and (ii)
the sale is made through an investment dealer registered in a
jurisdiction of Canada in
accordance with applicable securities legislation. The Cease Trade
Order revokes the management cease trade order previously issued by
the OSC on April 1, 2022. The Cease
Trade Order will remain in place until such time as the Required
Documents and the Q1 Filings have been filed, following which the
Company expects that the OSC will revoke the Cease Trade Order.
As previously announced on May 18,
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 which is 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.
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.
