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.
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