HURST, Texas, April 1, 2022 /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 audited annual financial statements for the year ended December 31, 2021, 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 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 time is required to incorporate the annual results of its recently acquired subsidiary, Community Tax LLC, into NextPoint's financial statements in accordance with IFRS in order to complete 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 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

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.

Copyright 2022 Canada NewsWire

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