Hometown Deli, Paulsboro, N.J.
Mike Calia | CNBC
The shell company E-Waste on Monday disavowed its own sky-high stock market valuation of $106 million, three days after an identical move by the mysterious corporation that owns just a single New Jersey deli.
The back-to-back disavowals of their respective market caps in Securities and Exchange Commission filings came after more than two weeks of articles by CNBC detailing legal and regulatory issues surrounding people and entities connected to Hometown International and E-Waste.
They also come as both companies try to position themselves as partners to privately held companies that might use them to become publicly traded in the United States through a reverse merger or other method.
“The management of E-Waste Corp. … disavows the price of its publicly quoted stock on the OTC Markets under the trading symbol ‘EWST,'” the company said in an 8-K filing with the SEC.
“Management is aware of no basis to support the Company’s stock price, based upon its revenue or assets,” the filing said.
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