E-Waste, shell company linked to $100 million New Jersey deli, announces reverse merger

Fatherland Deli, Paulsboro, N.J.

Mike Calia | CNBC

E-Slay, a shell company linked to a virtually $100 million company that owns correct one Unique Jersey deli, announced Tuesday this would possibly additionally enter right into a reverse merger with a privately held electrical vehicle company called EZRAider Worldwide Inc.

E-Slay, which itself has a sky-excessive market capitalization of $110 million despite having no enterprise operations, had been marketed in conjunction with deli company Fatherland Worldwide for the kind of reverse merger or same transaction.

E-Slay’s mailing address is in a North Carolina issue of job constructing and is the identical address as a company linked to Peter Coker Sr., whose son, Peter Coker Jr., is chairman and CEO of Fatherland Worldwide. The deli owner till currently held a $150,000 promissory expose from E-Slay.

EZRAider described itself in an April news originate as a proprietary electrical vehicle platform that is within the market in 2-, 4- and 6-wheel-power choices “when mixed with the Ecart trailer.”

“It used to be within the origin developed in Israel for protection force troop mobility within the self-discipline and has since turn out to be within the market to governments and consumer markets in a gargantuan replacement of countries, in conjunction with the US,” EZRaider acknowledged in its originate at the time.

“When paired with accessories, EZRaider autos are competitive for a huge form of makes use of in conjunction with urban commuting & errands, agriculture, off-avenue work and journey, search and rescue, fire, security, protection force, enhanced mobility for disabled persons, golf, tourism, hunting, fishing, camping, companies and products repairs, micro-deliveries and extra.”

In March, EZRaider Worldwide Inc. acknowledged it had obtained a $50 million investment dedication from Luxembourg-based completely Worldwide Emerging Markets Community to settle the company public.

A Securities and Alternate Rate submitting by E-Slay on Tuesday accepted GEM’s involvement within the reverse merger.

CNBC in April detailed the reality that E-Slay earlier than tumble 2020 used to be registered at the Unique york issue of job of GEM Community. That article also accepted that as of early 2020 four of the five biggest shareholders of E-Slay were, in instruct of size of shares held: the Valletta, Malta-based completely GEM Worldwide Yield Fund LLC SCS, and three other folks whose address used to be that of one thing called GEM Advisors, located on Madison Avenue in Unique York.

At the time, E-Slay’s president, treasurer and secretary used to be a man named Peter de Svastich, who is a managing director at the GEM Community.

GEM, which had been E-Slay’s controlling shareholder, sold 6 million restricted shares of the company’s stock closing year for $30,000 to Worldwide Equity Tiny — a Macau, China-based completely entity.

Worldwide Equity Tiny is also the largest single shareholder of tale in Fatherland Worldwide, the deli company.

E-Slay’s submitting Tuesday with the SEC detailed the assortment of transactions that can underlay its reverse merger with EZRaider.

The corporate acknowledged one other company, the privately held EZ Worldwide, will construct a restricted liability company called EZ Raider LLC, which is able to embody the rights to construct a fourth company, based completely in Israel, called DS Raider Ltd.

“EZ Worldwide will enter right into a reverse merger with E-Slay and a newly-fashioned acquisition subsidiary of E-Slay,” the SEC submitting acknowledged.

“Your entire prominent shares of capital stock of EZ Worldwide will be transferred to E-Slay in commerce for shares of E-Slay Frequent Stock.”

The submitting acknowledged that after the reverse merge, E-Slay will behavior a private placement providing of its securities on the phrases described below to full the acquisition of DS Israel by EZ Worldwide.

The transaction is anticipated to be completed on or earlier than June 30.

“Following the completion of all mandatory enterprise and upright due diligence after the execution of this Duration of time Sheet, EZ Worldwide will provide and promote a minimal of … $2,000,000.00 … and a maximum of …$3,000,000 … most critical quantity of EZ Worldwide’s senior secured convertible notes,” the submitting acknowledged. It added that those “will be sold to a restricted replacement of refined investors and/or non-US persons.”

In accordance to the submitting, “GEM Worldwide Yield Fund LLC SCS or its affiliate, agent, or build (‘GEM’) has entered right into a cast off instruct agreement with EZ Worldwide to cast off as much as $50,000,000 of EZ Worldwide’s issued and prominent shares of registered and freely tradeable overall stock issued pursuant to the Securities Act for a duration of thirty-six months.”

Both E-Slay and Fatherland Worldwide, whose stock trades on the over-the-counter Pink market, disavowed weeks ago their preposterously excessive market capitalizations in SEC filings, which accepted that their piece tag did no longer replicate the tag of their agencies.

Fatherland Worldwide in mid-April drew standard consideration when hedge fund supervisor David Einhorn, in a consumer letter, accepted that it currently had a bigger than $100 million market capitalization despite proudly owning top seemingly the slight deli in Paulsboro, Unique Jersey.

Since then, CNBC has detailed how the tangled history of arrests, complaints and regulatory sanctions interesting a replacement of of us linked to Fatherland and E-Slay, amongst them Coker Sr., his enterprise accomplice, a felony skilled thinking about the creation of the deli company, and others.

E-Slay’s aged president, John Rollo, closing month resigned from that post, which he had assumed after a profession that integrated a hit Grammy Awards as a song sound engineer and working as a affected person transporter at a Unique Jersey scientific institution.

Rollo used to be replaced by 31-year-primitive Elliot Mermel, a California resident whose enterprise background comprises founding a company that raised crickets as human food and a partnership in a hashish-linked enterprise with Paul Pierce, the aged Boston Celtics celeb basketball participant.

Almost at present after Rollo give up, Fatherland Worldwide’s shareholder fired the deli company CEO, Paul Morina, who is the most critical and head wrestling coach at Paulsboro High College, and replaced him with Coker Jr.

A person conversant within the problem confirmed to CNBC that the moves to replace the executives were piece of ongoing housecleaning effort at every companies. The person insisted on anonymity in instruct to talk freely about the conditions of the moves.