Hometown Deli, Paulsboro, N.J. Mike Calia | CNBC Hometown International, which has had a bizarre $100 million stock market capitalization despite owning just one small deli in New Jersey, on Friday disavowed that valuation in a new financial filing which said that there was no basis to justify it. The unusual move came after two weeks of news coverage of Hometown International’s seemingly unjustified valuation, and after CNBC detailed legal issues surrounding multiple people tied to the company. It also came more than a week after the company’s stock was delisted from a more prestigious over-the-counter market trading platform because of discrepancies in its disclosures. “The management of Hometown International, Inc. … disavows the price of its publicly quoted stock on the OTC Markets under the trading symbol ‘HWIN,’ ” the company said in an 8-K filing with the Securities and Exchange Commission late Friday afternoon. “Management is aware of no basis to support the Company’s stock price, based upon its revenue or assets,” said that filing, which was signed by Hometown International Chairman Peter Coker Jr. The filing noted that Hometown International has repeatedly said in past filings that its deli in Paulsboro, New Jersey, “does not generate significant revenues.” In fact, the Hometown Deli had reported sales of less than $37,000 in the past two full years combined. ” In April 2020, the Company raised $2,500,000 from several institutional investors and issued warrants to all of the Company’s shareholders,” the filing said. “Management disclosed that the proceeds from this private placement would be used to seek out other business opportunities, and if approved by the Company’s Board of Directors, to engage in a business combination with a private entity whose business presents an opportunity to create value for the Company’s shareholders.” This is breaking news. Check back for updates.