New Jersey Deli Owner Says There’s ‘No Basis’ for Shop’s $100 Million Stock Valuation

The owner of a New Jersey deli told the Securities and Exchange Commission in a Friday filing that there is “no basis” for the $100 million valuation his restaurant is currently enjoying. Neither financial authorities nor the proprietors of Hometown International, located in Paulsboro, New Jersey, have explained the sky-high market capitalization for the small Italian specialties shop. Company Chairman Peter Coker, who is based in Hong Kong, wrote, “Management is aware of no basis to support the Company’s stock price, based upon its revenue or assets… The management of Hometown International… disavows the price of its publicly quoted stock on the OTC Markets under the trading symbol ‘HWIN.’”