Hometown International has fired its CEO.
The CEO is also the principal and wrestling coach at the local high school.
The firing comes after questions about his role at the company.
The CEO of a company that runs a single business, a New Jersey deli with a market cap of over $100 million, has been fired, per a financial filing, CNBC reports. The news that Hometown International fired its CEO Paul Morina comes after questions arose about his role at the company, though no official reason was given as to why he was fired.
Morina is the principal and head wrestling coach at the local high school. Last month, CNBC reported on financial records which listed Morina as president, CEO, and CFO of Hometown International, which owns one small deli in Paulsboro, New Jersey.
That deli booked only $36,000 in sales these past two years, and recorded $624,438 in losses last year, in addition to $153,930 in losses the year prior. Yet, Hometown International has a market capitalization of over $100 million.
Business Insider previously called the company a shell company that seeks to execute a merger one day with a larger company.
Filings show Morina owns 1.5 million common shares in the company, in addition to warrants for another $30 million. He also controls 19% of the company's outstanding 7.79 million common shares, with at least 5.5 million common shares controlled by investors in Hong Kong and Macao. CNBC reports Morina's common stock holdings are worth at least $18 million on paper.
Shareholders for the company also voted to remove the company's vice president, Christine Lindenmuth, who works with Morina at the local high school, CNBC reported. Filings do not disclose why she was fired either, though she and Morina remain principals at the deli itself.
The deli received ample attention last month after hedge fund manager David Einhorn pointed out Hometown International's high market value, despite owning one asset to clients in a letter last month to warn investors of risks. "The pastrami must be amazing," he wrote. "Small investors who get sucked into these situations are likely to be harmed eventually."
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