NEW YORK, Oct. 24, 2014 /PRNewswire/ -- Hydra Industries
Acquisition Corp. priced its initial public offering of 8 million
units at an offering price of $10.00
per unit, each consisting of one share of its common stock, one
warrant to purchase one-half of one share of its common stock and
one right which, upon the consummation of an initial business
combination, entitles the holder thereof to receive one-tenth of
one share of its common stock. Hydra Industries Acquisition Corp.
is a newly organized blank check company formed for the purpose of
effecting a merger or other business combination with a target
company. The proceeds of the offering will be used to fund such
business combination. The units are expected to begin trading
Friday, October 24, 2014 on the
NASDAQ Stock Market under the symbol "HDRAU". Once the securities
comprising the units begin separate trading, the common stock,
warrants and rights are expected to be listed on the NASDAQ Stock
Market under the symbols "HDRA", "HDRAW" and "HDRAR",
respectively.
UBS Investment Bank is acting as sole book-running manager and
EarlyBirdCapital, Inc. is acting as co-manager for the offering.
Hydra Industries Acquisition Corp. has granted the underwriters a
45-day option to purchase up to an additional 1.2 million units to
cover over-allotments, if any, in the public offering.
A registration statement relating to these securities has been
filed with and declared effective by the Securities and Exchange
Commission on October 24, 2014.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any State or jurisdiction in which such an
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such State or
jurisdiction.
The offering is being made only by means of a prospectus. When
available, copies of the prospectus may be obtained from UBS
Investment Bank, Attn: Prospectus Department/Syndicate, 299 Park
Avenue, New York, NY 10171;
telephone: (888) 827-7275.
FORWARD-LOOKING STATEMENTS
This press release contains statements that constitute
"forward-looking statements," including with respect to the closing
of the initial public offering and the anticipated use of the net
proceeds. No assurance can be given that the offering discussed
above will be completed on the terms described, or at all, or that
the net proceeds of the offering will be used as indicated.
Forward-looking statements are subject to numerous conditions, many
of which are beyond the control of the Company, including those set
forth in the Risk Factors section of the Company's registration
statement and preliminary prospectus for the Company's offering
filed with the Securities and Exchange Commission ("SEC"). Copies
are available on the SEC's website, www.sec.gov. The Company
undertakes no obligation to update these statements for revisions
or changes after the date of this release, except as required by
law.
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SOURCE Hydra Industries Acquisition Corp.