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-Signs, Portents, and the Weather-
On a roll! High school principal-owned New Jersey deli with $112M valuation despite making just $22k in revenue is revealed to be Wolf of Wall St-style shell company after baffling stock market for months
2021-06-03
[Daily Mail, where America gets its news]
  • New York Magazine article reveals the mechanics behind deli's stunning rise

  • Your Hometown Deli in Paulsboro, New Jersey hit a $113 million market cap

  • Observers were baffled by valuation of the company with $13,976 in revenue

  • Deli was jointly owned by high school wrestling coach and math teacher

  • Now it is revealed Hong Kong hedge fund Maso Capital Partners took a stake

  • They plan to use the deli as a shell company to take a foreign company public

  • Trades between the parties to the deal drove up the closely-held stock

  • Fund manager David Einhorn said the case showed 'quasi-anarchy' in markets

Now a popular fad on major stock exchanges, reverse mergers with special purpose acquisition companies, or SPACs, allow a private company to go public without the intense scrutiny and disclosure requirements of a traditional initial public offering.
Posted by:Skidmark

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