August 8, 2022

Hometown deli, Paulsboro, NJ

Mike Calia | CNBC

Shell company E-Waste turned down its own sky-high market valuation of $ 106 million on Monday, three days after an identical move by the mysterious company, which owns only a single delicatessen in New Jersey.

The deli company Hometown International has multiple links with E-Waste, which has no actual business operations. Both companies have a market capitalization of around $ 100 million.

The successive denials of their respective market capitalizations in filings filed by the Securities and Exchange Commission came after more than two-week articles from CNBC listing legal and regulatory issues pertaining to individuals and organizations related to Hometown International and E-Waste.

They also come when both companies seek to position themselves as partners with private companies that they may use to get publicly traded in the US through a reverse merger or other method.

“The management of E-Waste Corp. … is rejecting the price of its listed shares in the OTC markets under the trading symbol ‘EWST’,” the company said in an 8-K filing with the SEC.

“Management has no knowledge of a basis to prop the company’s stock price based on its earnings or assets,” the filing states.

This is the latest news. Check for updates again.