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Back in April a tiny New Jersey-based deli made headlines after it was valued at $100 million on the stock market, and now we know why.
Last year, the Your Hometown Deli only made $13,976 in revenue, but its market capitalization sat at a ridiculous $113 million. As the sole location for the company Hometown International, the deli quickly created suspicion among traders. It should be noted that the Inside Edition report from up top is from April, when the deli first started to make the news.
The
New York Times reports, in an extensive article detailing the bizarre situation, that Hometown International is actually a shell company to allow for an often-criticized process known as a “reverse merger.”
The Mystery of the $113 Millıon Deli
https://www.nytimes.com/2021/06/02/magazine/your-hometown-deli.html
Credit.Illustration by Kelsey Dake
The Mystery of the $113 Millıon Deli
It made headlines around the world: a New Jersey sandwich shop with a soaring stock price. Was it just speculation, or something stranger?
Credit.Illustration by Kelsey Dake
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In a letter
to his investors this April, David Einhorn, founder of the hedge fund Greenlight Capital and a well-known short-seller, complained that the stock market was in a state of âquasi anarchy.â As one piece of evidence, he pointed to Elon Musk, whose commentary on Twitter, Einhorn said, amounted to market manipulation. âThe laws donât apply to him, and he can do whatever he wants,â Einhorn noted. As another example, he cited a restaurant in rural New Jersey called Your Hometown
Hometown International Inc, which owns a single deli in Paulsboro, New Jersey baffled observers earlier this year when its parent company soared in value in over-the-counter trading.
E-Waste, shell company linked to $100 million New Jersey deli, announces reverse merger CNBC 1 hr ago Dan Mangan
E-Waste, a shell company linked to a nearly $100 million company that owns just one New Jersey deli, announced it will enter into a reverse merger transaction with a privately held corporation.
E-Waste, which itself has a sky-high market capitalization of $110 million despite having no business operations, had been marketed with the deli company, Hometown International, for such a reverse merger or similar transaction.
E-Waste s mailing address is in a North Carolina office building and is the same address as a company connected to Peter Coker Sr., whose son, Peter Coker Jr., is chairman and CEO of Hometown International.