- Facilitates trading on OTC under ticker symbol "NACQF"
TORONTO, March 1, 2021 /PRNewswire/ - NextPoint Acquisition Corp. (TSX: NAC.U) (TSX: NAC.WT.U) ("NextPoint"), a publicly traded special purpose acquisition corporation (SPAC), announced today that the Company has received confirmation from The Depository Trust Company ("DTC") that its common shares ("Common Shares") are now eligible for electronic clearing and settlement through DTC in the United States. NextPoint currently trades on the OTC Pink Markets under the ticker symbol "NACQF."
DTC is a subsidiary of The Depository Trust & Clearing Corporation. DTC manages the electronic clearing and settlement of publicly-traded companies in the United States. Securities that are eligible to be electronically cleared and settled through DTC are considered "DTC eligible." This electronic method of clearing securities accelerates the settlement process for investors and brokers, enabling a security to be traded over a much wider selection of brokerage firms.
NextPoint Acquisition Corp. is a special purpose acquisition corporation incorporated under the laws of the Province of British Columbia. As previously announced, NextPoint has entered into agreements to acquire, contemporaneously, Liberty Tax, the third largest tax preparation service provider in the U.S. and second largest in Canada, and LoanMe, an established, tech-enabled consumer and small business lender. The transactions, expected to close in the second quarter of 2021, will anchor NextPoint's one-stop financial services business for consumers and small businesses. An investor presentation describing the transaction and NextPoint's business can be found under NextPoint's profile at www.sedar.com.
Some of the statements contained in this press release are forward-looking statements within the meaning of U.S. securities law and forward-looking information within the meaning of applicable Canadian securities laws (collectively, "forward-looking statements"). Forward-looking statements are all statements other than those of historical fact, and generally may be identified by the use of words such as "anticipate," "believe," "continue," "estimate," "expect," "future," "intend," "may," "model," "outlook," "plan," "pro forma," "project," "seek," "should," "will," "would" or other similar expressions that indicate future events or trends. These forward-looking statements include, but are not limited to, NextPoint's proposed acquisition of Liberty Tax and LoanMe and, business plans and strategies and expansion opportunities related to such. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of NextPoint's management and are not guarantees of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, assurance or definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and may differ materially from those contained in or implied by such forward-looking statements. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the control of NextPoint. Factors that could cause actual results to differ materially from the results expressed or implied by such forward-looking statements include, among others: the effect of economic conditions on the industries and markets in which Liberty Tax and LoanMe operate, including financial market conditions, fluctuations in prices, interest rates and market demand; the ability of the parties to successfully or timely consummate the transactions, including the risk that any required regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the combined company or the expected benefits of the acquisitions; risks associated with completion of a private placement related to the acquisitions; failure to realize the anticipated benefits of the transactions; risks; the effects of competition on future business; risks related to the organic and inorganic growth of future business and the timing of expected business milestones; the amount of redemptions, if any, made by NextPoint's shareholders in connection with the transactions; the potential adverse effects of the ongoing COVID-19 pandemic on business and the U.S. economy; declines or unanticipated changes in consumer demand, possible departures from the combined company's senior management team; integration risks associated with acquisitions;; and those factors discussed in documents of NextPoint filed, or to be filed with Canadian securities regulatory authorities. There may be additional risks that NextPoint does not know or that NextPoint currently believes are immaterial that could also cause actual results to differ from those expressed in or implied by these forward-looking statements. In addition, forward-looking statements reflect NextPoint's expectations, plans or forecasts of future events and views as of the date of this press release. NextPoint undertakes no obligation to update or revise any forward-looking statements contained herein, except as may be required by law. Accordingly, undue reliance should not be placed upon these forward-looking statements.
Certain Other Matters
This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any offer or sale of securities in any jurisdiction where such offer, solicitation or sale would be unlawful prior to registration or qualification under securities laws of any such jurisdiction. The securities of NextPoint have not been and will not be registered under the United States Securities Act of 1933, as amended (the "US Securities Act"), or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, "U.S. persons," as such term is defined in Regulation S under the U.S. Securities Act, unless an exemption from such registration is available.
SOURCE NextPoint Acquisition Corp.