HURST, Texas, November 8, 2021 / CNW / – NextPoint Financial Inc. (TSX: NPF.U) (TSX: NPF.WT.U) (“NextPoint“) announced today that management has determined that additional information and analysis is required to complete the interim financial report for the quarter ended September 30, 2021, and subsequent completion of the review of such report by an auditor. The additional information and analysis relates to the finalization of financial results for the business previously operated by LoanMe, Inc. (“Lend me“) in NextPoint’s consolidated interim financial report. LoanMe was acquired as part of the” qualifying acquisition “of NextPoint which was completed on July 2, 2021.
The production of this additional information and analyzes will not be completed before the deadline for filing the November 15, 2021. As a result, NextPoint will not file the financial report for the quarter ended. September 30, 2021, or the related MD&A and certificates of the CEO and CFO (such as deposits, collectively, the “Required documents“) before November 15, 2021 deadline. NextPoint is currently working to complete production and analysis to facilitate the filing of the financial report as soon as possible and currently expects to be able to file the required documents within 30 days of the original filing deadline.
NextPoint has filed an application with the Ontario Securities Commission (the “CSO“), as the principal regulator of NextPoint, for the imposition of a cease trade order (“MTCO“) under national policy 12-203 – Management termination orders (“NP 12-203“) for the duration of the default. The MTCO, if approved, would generally not affect the ability of persons other than management of NextPoint to trade in its securities. No assurance can be given that the MCTO will be issued. OSC may issue a blanket ban on trading against NextPoint for failure to file required documents within the prescribed time frame or sooner if NextPoint fails to file its situation reports within the prescribed time frame. If a trade is issued in place of an MCTO, securityholders will be prohibited from trading in NextPoint securities.
NextPoint confirms that it will meet the provisions of the Alternative Disclosure Guidelines under NP 12-203 by issuing fault status reports every two weeks in the form of press releases until it complies with the aforementioned filing requirements.
NextPoint confirms that there are no insolvency proceedings to which NextPoint is subject and that there is no other material information relating to its affairs that has not been generally disclosed.
Except as disclosed herein, NextPoint is current in its filing obligations.
About NextPoint Financial Inc.
NextPoint Financial Inc. is an all-inclusive marketplace for financial services enabling hard-working and underserved consumers and small businesses. NextPoint Financial Inc. operates through Liberty Tax and LoanMe. Liberty Tax is a tax preparation service with more than approximately 2,700 locations that serves approximately 1.6 million consumer and small business customers in United States and Canada. LoanMe is an online lending platform that has served over 340,000 individual and small business borrowers in United States.
SOURCE NextPoint Financial Inc.
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