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Nextpoint Financial Inc. Announces Delay of Annual Meeting and Strategic Changes to the Business of LoanMe

Written by Customer Service on . Posted in Public Companies.

HURST, Texas, June 21, 2022 (GLOBE NEWSWIRE) — NextPoint Financial Inc. (TSX: NPF.U, NPF.WT.U) (“NextPoint” or, the “Company”) announces the cancellation of the annual meeting of shareholders of NextPoint (the “Meeting”) scheduled to be held on Wednesday, June 22, 2022.

Further to the Company’s press release dated May 25, 2022, the Company has not yet provided its shareholders at the meeting with the Company’s audited consolidated financial statements for the year ended December 31, 2021 (the “Financial Statements”), as required by applicable corporate law.

Accordingly, the Company has decided to cancel the Meeting and will set a date for its annual meeting of shareholders of Nextpoint when the Financial Statements are available. The Company will deliver a new notice of meeting, information circular and proxy to its shareholders in connection with the new meeting and applicable corporate and securities laws. Further details will be provided in a subsequent news release.

Strategic Changes to the Business of LoanMe

Given current market conditions, the Company announces that LoanMe, Inc. (“LoanMe”), a subsidiary of the Company, will cease loan originations. As a result, LoanMe has reduced its workforce and will continue to service outstanding loans that were previously originated. The Company decided to make these strategic changes to the business of LoanMe to better reflect the areas of focus and growth at NextPoint and to take into account existing market dynamics.

About NextPoint Financial Inc.

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.

FOR FURTHER INFORMATION PLEASE CONTACT:

Mike Piper
investorrelations@nxtpt.com
757-493-8855

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