HURST, Texas, Nov. 17, 2021 /CNW/ - NextPoint Financial Inc. (TSX: NPF.U) (TSX: NPF.WT.U) ("NextPoint") announced today that pursuant to NextPoint's previously announced application, the Ontario Securities Commission (the "OSC"), as NextPoint's principal regulator, has granted NextPoint a management cease trade order under National Policy 12-203 – Management Cease Trade Orders ("NP 12-203").
NextPoint made the application in connection with the filing of its interim financial report for the quarter ended September 30, 2021, the related management's discussion and analysis and CEO and CFO certificates (such filings, collectively, the "Required Documents") after the filing deadline of November 15, 2021. The management cease trade order is to remain in place until two full business days following the receipt by the OSC of 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's securities but does not affect the ability of other shareholders, including the public, to trade in securities of NextPoint.
As previously announced, NextPoint's filing of the Required Documents has been delayed as management has determined that additional information and analysis is necessary to complete the interim financial report for the quarter ended September 30, 2021, and the subsequent completion of an auditor's review of such report. The additional information and analysis relate to finalizing the financial results of the business previously operated by LoanMe, Inc. ("LoanMe") in NextPoint's consolidated interim financial report. LoanMe was acquired as part of NextPoint's "qualifying acquisition" which was completed on July 2, 2021. NextPoint is currently working to complete the necessary analysis to facilitate the filing of the financial report at the earliest possible date and currently expects to be in a position to file the Required Documents within 30 days of the original filing deadline.
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 delayed in meeting the above-noted filing requirements. NextPoint confirms that 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 has serviced over 340,000 consumer and small business borrowers in the United States.
SOURCE NextPoint Financial Inc.
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