A company that owns a single deli in South New Jersey became valued at more than $ 100 million on the stock market in recent months – marking the latest oddity of “meme stocks”.
Hometown International Inc. rated it soulfully, even though its “Home-Style” eatery is your hometown deli in Paulsboro, New Jersey, across the Delaware River from Philadelphia International Airport.
Its president and CEO is Paulsboro local Paul Morina, a former member of the city council and current principal of nearby Paulsboro High School, where he has coached the wrestling team to 25 class state championships, according to his company Bio.
Humble Dignity reported less than $ 36,000 growth in revenue over the past two years, including just $ 14,000 in 2020 as it closed during the COVID-19 pandemic, the company’s latest Annual statement Shows.
But this does not stop Hometown International’s share price from climbing to $ 14.50 on February 8. It has given a market capitalization of about $ 113 million. The stock trades on an over-the-counter market where just a few hundred shares change hands on a typical day.
The stock closed at $ 13.50 on Thursday, taking Morina’s stake to 1.5 million common shares worth more than $ 20 million. He owns another 30 million shares, the warrant for the record shows.
They lost as much as a third of their value on Friday as they plummeted to as low as $ 9.01, giving the company a market cap of about $ 70 million.
Hometown International caught hedge-fund honoree David Einhorn, who mentioned the company Thursday customer letter Is an example of bizarre and risky market activity that puts small investors at risk.
“Pastrami must be amazing.”
Hedge fund honored David Einhorn
Einhorn wrote, “Pastrami must be amazing,” “From a traditional point of view, the market is in the process of fracturing and possibly
Break down completely. “
The annual report states that Hometown International was incorporated in May 2014 in Nevada.
The primary business sells sandwiches, cold cuts, salads and snacks, but the filing of securities says the company is seeking a “business combination with a private entity whose business presents an opportunity for our shareholders.”
While the hometown has a strong local connection in Morina, its other major shareholders include several investment firms based in Hong Kong and Macau, according to the filing.
Morina did not immediately return an email message or phone call from The Post on Friday.
Leave a Reply