Hometown Deli, Paulsboro, NJ
Mike Kelia | CNBC
The small, loss-making New Jersey Daily, which was once the sole asset of a public company with a bizarre $100 million market cap, has been sold and shut down, according to a regulatory filing.
Her hometown deli in Paulsboro, New Jersey, was “temporarily closed” June 19 while management sought a new buyer, Machamer Holdings said in a filing with the Securities and Exchange Commission.
On July 1, Macamer sold Daly’s remaining stock for $700. And then, on Aug. 9, “The Company sold its subsidiary Your Hometown Daily, LLC for a price of $15,000, with a cash payment of $5,000 and a receivable of $10,000,” it said in the file.
Macamer, a bioplastics startup, merged with Hometown International, the owner of the deli, earlier this year.
The regulatory filing reads: “After careful consideration of the prospects, the company’s new management made the decision to sell their hometown deli and real estate properties and to focus on Macamer’s operations to grow the company’s business going forward. ” Is.”
“After the merger, Delicatessen ceased operations,” it said.
The Daily’s phone number, which had revenue of just $25,004 in 2021, went down Monday when CNBC called it.
The restaurant is listed online as “permanently closed”.
Hometown International was previously managed by Paul Morena, principal of Paulsboro High School and wrestling coach in Paulsboro.
The company gained wider public attention in April 2021, when hedge fund manager David Einhorn wrote in a client letter highlighting the discrepancy between Daly’s decidedly modest sales and Hometown’s sky-high stock market valuation.
“The pastrami must be wonderful,” Einhorn croaked in that letter.
Macamer Holdings said it is now focusing on making biodegradable resins to replace existing petroleum-based plastics.
For the three months ended June 30, the company reported a net loss of $9 million, which it attributed to the closure of Daly and the switch to bioplastics.
The last publicly known trade in Makamer stock was the sale of 300 shares on July 22 for $9 per share. The company’s market cap at this stock price is $327 million.