Stock trader and deli owner invests in bioplastics company
Bioplastics company Makamer Inc. has merged with Hometown International Inc., a public company whose sole business is a New Jersey delicatessen.
Los Angeles-based Makamer “specializes in creating 100% biodegradable plastics using hemp polymers that are fully compostable in days to months, leaving no trace of toxins or microplastics behind,” according to the site. Company website.
In October, Makamer received “a six-figure grant” from the Canadian non-profit research company Mitacs. Makamer officials said the grant will fund research and development and provide additional research through postdoctoral fellowships at McMasters University in Hamilton, Ont.
No production site is listed on the Makamer website. Company officials could not be reached for comment. The new company will operate as Makamer Holdings Inc.
Makamer’s advisory board includes former National Football League player Najee Goode. Goode is also the co-founder of mobile app technology company Veepio.
According to published reports, investment companies – including Maso Capital Investments Ltd. of Hong Kong – acquired Hometown International for use as a Special Purpose Acquisition Company (SPAC). The company’s sole asset is Your Hometown Deli of Paulsboro, NJ. In SEC filings, Hometown International lists Woodstown, NJ as its headquarters.
In 2021, Hometown International reported sales of just over $25,000 – all from deli meats – and a loss of almost $500,000. But the company’s stock price per share of $14 in early trading on April 6 gave it a market capitalization of nearly $110 million. Hometown International’s price per share was $2 at the start of 2020.
The company has attracted attention and curiosity since hedge fund manager David Einhorn wrote about disparity between delicatessen sales and its valuation in April 2021.