Hometown InternationalHaving a strange $ 100 million stock market capitalization, despite owning only one small deli in New Jersey, denied its valuation In a new financial filing on Friday, he said there was no justification for it.
The unusual movement came later Two weeks of news coverage About the seemingly unjustified evaluation of Hometown International And after CNBC, he elaborated on the legal issues surrounding multiple people involved in the company.
It also came for over a week After the company’s thinly traded shares have been demoted From the more prestigious OTC QB over-the-counter market trading platform Due to the irregularity of the financial statements, a warning label “Buyer is careful” was attached.
“Hometown International, Inc. management has denied the price of publicly listed shares. In the OTC market under the trading symbol “HWIN” “ The company said in 8K filing with the Securities and Exchange Commission late Friday afternoon.
“Management is unaware of the rationale for supporting a company’s stock price on the basis of earnings and assets,” the filing said.
This document was signed by Peter Coker, Jr., President of Hong Kong-based International Hometown.
Other recent SEC filings by Hometown International have been signed by CEO and President Paul Morina.
62-year-old Molina is the principal of Paulsboro High School in New Jersey and also coaches the school’s well-known wrestling team. Christine Linden Moose, the only other executive officer in her hometown, is the administrator of Paul’s Boro HS.
HWIN closed at $ 12.55 per share, down 3.46% on Friday in the pink market. Of the approximately 8 million issued common stock, only 852 have changed.
At that price, Hometown International had a market capitalization of at least $ 101 million. Considering the number of stock subscription rights issued by the company, Hometown International has a market capitalization of up to $ 2 billion.
However, with less than 60 actual shareholders, minimal trading volume, and very low actual earnings, we sell large numbers of shares to people who are not yet connected to the company at close to $ 12 per share. There is little chance that you can.
The new SEC filing states that Hometown International has repeatedly stated in past filings that Paul’s Boro’s deli, across the Delaware River from Philadelphia, “does not generate significant income.”
In fact, Hometown Deli reports total sales of less than $ 37,000 over the last two years.
“Our stock has been listed on the OTC market since 2019, and our stock does not have a large trading volume and does not exist,” Filing said.
“Management has consistently submitted to the SEC and will maintain the business plans that are currently public and disclosed in those filings.”
The business plan reveals an effort to use Hometown International as a means of being merged or acquired by another entity that can be effectively listed on the US stock market, perhaps a private company.
“In April 2020, we raised $ 2,500,000 from several institutional investors and issued warrants to all of our shareholders,” Filing said.
“Management said that the proceeds from this private placement would be used to look for other business opportunities and, if approved by our board of directors, would be a business combination with a private entity that would provide the opportunity for the business to create value. Revealed that it will be used to engage in the company’s shareholders. “
Earlier on Friday, the Financial Times and CNBC elaborated on how the investment sectors Vanderbilt University and Duke University are one of Hometown International’s major shareholders. University investments are overseen by Hong Kong company Maso Capital.
Another entity in Macau, China, along with Molina, is the other largest shareholder of Hometown International.
E-WasteThe shell company, which has multiple relationships with Hometown International, did not issue its own SEC filing on Friday, denying high market capitalization, despite having no real business.
E-Waste closed at $ 8.50 per share and did not sell its shares during the day. E-Waste has 12.5 million shares of common stock issued and has a market capitalization of over $ 106 million.
E-Waste, which recently announced that it will sell $ 2.5 million worth of shares, is known to be sold as a means of reverse mergers or special-purpose acquisition companies that take advantage of existing listings, such as Hometown International. US market.
If either Hometown International or E-Waste undergoes such a change, those shares will either be purchased at a price much lower than the current transaction price or will be purchased by the current owner far below the over-the-counter price. It may be settled in a cheap way.
E-Waste is now traded on the pink over-the-counter sales platform, like deli owners.
On Monday, the two companies were SEC filing with Peter Coker Sr., the father of his hometown chairman. Announced that it will terminate its monthly payment consulting agreement with Tryon Capital, a North Carolina-based company with partners including.
Trion Capital was paid $ 15,000 a month by Hometown International, but its major investors included Elder Coker and E-Waste paid the company $ 2,500 a month.
Coker Sr. has personally lent over $ 200,000 to E-Waste. The current chairman of E-Waste recently worked as a patient carrier in a New Jersey hospital, and the company’s address is yet another company’s address related to Elder Coker.
Both Hometown International and E-Waste had He mentioned “recent negative coverage” and “principal of Tryon” about Trion Capital.
Coker Sr. was arrested on multiple criminal charges in August 1992 in Allentown, Pennsylvania, after being exposed to three girls while driving near a school at midnight, according to the wake-up newspaper at the time. It was.
In 2011, Tryon Capital’s senior Coker partner, Peter Reicha, was convicted of a plan. Illegal donation of thousands of dollars to the success of the 2008 campaign by Democratic Bev Perdue, Governor of North Carolina.
The plan included the use of a fake consulting agreement between Tryon Capital Ventures and a fast food franchisee who wanted to help Purdue. In that case, Coker Senior was not charged.
James Patten, Trion Capital Financial Analyst, I was a high school wrestling teammate of Molina, CEO of my hometown International.
According to records, Patten was barred from acting as a stockbroker or partnering with a broker dealer by FINRA, the regulator of the broker dealer, after being subject to multiple disciplinary actions.
According to other records, Patten signed a lease agreement on behalf of Mantua Creek Group, the owner of Paul’s Boro real estate. Its partners include Molina.
Hometown International pays Manchua Creek $ 500 per month for the use of delicatessen locations.
Rutgers University, a public university in New Jersey, pays Manchua Creek a monthly rent of $ 1,100. Office space next to the deli. The office is being used for research on water supply in Paul’s Boro. The study is being conducted by the Rutgers School of Public Health and two federal agencies: the US Centers for Disease Control and Prevention and the Agency for Toxic Substances and Disease Registry.
$ 100 Million New Jersey Deli Hometown International Denies Rating
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