NEXTPOINT FINANCIAL INC. PROVIDES UPDATE ON EXECUTIVE STOP-TRADING ORDER

HURST, TX, May 18, 2022 /CNW/ – NextPoint Financial Inc. NPF NPF (“Next point“) today announced an update on the status of the management cease trade order granted by the Ontario Securities Commission (the “CSOs“), as the main regulator of NextPoint, the April 1, 2022 (there “MCTO“) under National Policy 12-203 – Management Cease Trade Orders (“NP 12-203″). As announced on March 17, 2022 (there “Default Announcement“), NextPoint made a request to the OSC for OCTM as part of the filing of its audited financial statements for the year ended December 31, 2021 and related MD&A and CEO and CFO certificates and its annual information form for the year ended December 31, 2021 (these Deposits, collectively, the “Required documents”) after the deadline for filing the March 31, 2022. The MCTO 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 trade in NextPoint securities.

The preparation of the required documents also impacted the timely completion and auditor’s review of NextPoint’s interim financial statements for the quarter ended. March 31, 2022. The completion of these intermediate states depends on the results contained in the required documents. Accordingly, NextPoint has not filed its interim financial results for the quarter ended. March 31, 2022together with the related MD&A and CEO and CFO certifications (collectively, the “Q1 deposits“) before the deadline for filing the May 16, 2022.

NextPoint continues to work to complete the integration 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 customer loan balances related to its LoanMe lending company must complete required documents and deposits Q1. Based on the information currently available, NextPoint expects to be able to file the required documents and first quarter filings no later than June 30thand2022 and July 15thand2022, respectively.

NextPoint confirms that except as set forth herein since the date of the Notice of Default: (i) there have been no material changes to the information set forth in the Notice of Default which does not was not generally disclosed; (ii) there has been no failure by NextPoint to perform its stated intentions with respect to satisfying the provisions of the Alternative Disclosure Guidelines set forth in NP 12-203; (iii) there has been no other defect specified by NextPoint under NP 12-203; and (iv) there is no other material information concerning NextPoint’s business that has not been generally disclosed.

NextPoint confirms that it will continue to satisfy 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 so long as it delays compliance with the above filing requirements.

About NextPoint Financial Inc.

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.

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