Hometown International — that odd, publicly traded company with a market capitalization of more than $100 million despite owning just one small New Jersey deli — has announced plans to merge with Makamer, a private bioplastics start-up firm
Morina, who was removed as CEO in May after those reports, is still listed as owning 31.5 million shares of Hometown International.
Mond said Los Angeles-based Makamer considered Hometown an attractive merger candidate even after the headlines about the deli owner because of its status as a publicly traded company.Mond said that going public will make it easier for Makamer to get much-needed money to grow its business, which launched more than three years ago, by issuing debt.
It is not likely, at all, that the shareholders will receive the current value of the share price, which remained unchanged at $14 per share after the end of the trading day Friday. That price gives Hometown International a market capitalization of $109.2 million, just based on outstanding shares alone.
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