HURST, TX, April 1, 2022 /CNW/ – NextPoint Financial Inc. (TSX: NPF.U) (Toronto Stock Exchange: NPF.WT.U) (“Next item“) today announced that, pursuant to NextPoint’s previously announced request, the Ontario Securities Commission (the “CSOs“), as the primary regulator of NextPoint, granted NextPoint a management cease trade order under National Policy 12-203 – Management cease trade orders (“NP 12-203“).
NextPoint made the request as part of the filing of its annual audited financial statements for the year ended December 31, 2021the related MD&A and CEO and CFO certifications and its annual information form for the year ended December 31, 2021 (these Deposits, collectively, the “Required documents“) after the deadline for submitting the March 31, 2022. The management cease trade order is to remain in effect for up to two full business days after the OSC receives 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 securities, but does not affect the ability of other shareholders, including the public, to trading in NextPoint securities.
As previously announced, NextPoint’s filing of required documents has been delayed as management determined that additional time was required to incorporate the annual results of its recently acquired subsidiary, Community Tax LLC, into NextPoint’s financial statements in accordance with IFRS. to supplement the annual financial statements for the year ended December 31, 2021. NextPoint is currently working to complete the necessary analysis to facilitate the filing of the financial statements as soon as possible and currently expects to be able to file the required documents within 30 days of the original filing deadline.
NextPoint confirms that it will comply with the provisions of the Alternative Disclosure Guidelines under NP 12-203 by issuing default status reports every two weeks in the form of press releases for so long as it delays compliance of the above filing requirements. NextPoint confirms that there is no other material information relating to its business that has not been generally disclosed. Except as disclosed herein, NextPoint is current in its filing obligations.
About Next Point
NextPoint is an all-inclusive marketplace for financial services that empowers hard-working, underserved consumers and small businesses. NextPoint was formed by the July 2021 combination of Liberty Tax, a leading provider of tax preparation services, with LoanMe, an online lender and loan distributor, followed by the December 2021 acquisition of Community Tax, an effective advocate for resolving tax debt on behalf of clients.
SOURCE NextPoint Financial Inc.