NEW YORK, Sept. 30, 2016 /PRNewswire/ -- Hydra Industries
Acquisition Corp. ("Hydra" or the "Company") (NASDAQ: HDRA, HDRAU,
HDRAW, HDRAR), a special purpose acquisition company formed for the
purpose of effecting a merger, acquisition or similar business
combination, announced the approval by its board of directors of a
resolution extending the time available for it to consummate a
business combination from October 29,
2016 to December 29, 2016 and
a recommendation that the stockholders of Hydra vote to approve
this extension. The Company's board has set October 5, 2016 as the record date for the
stockholders entitled to vote at its special meeting to be held on
October 25, 2016 to approve this
resolution. Proxy materials are to be mailed to stockholders
and filed with the Securities and Exchange Commission on or about
October 11, 2016 in relation to the
solicitation of the Company's stockholders in connection with the
special meeting. The Company has engaged Morrow & Co, LLC
to act as proxy solicitor.
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The purpose of the extension is to allow Hydra additional time
to complete its SEC review process of the proxy materials related
to the business combination, previously disclosed on July 14, 2016, with Inspired Gaming Group
("Inspired"), a leading global games technology company
headquartered in London, United
Kingdom.
Forward Looking Statements
This press release contains "forward-looking statements" within
the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by the use of words such as
"anticipate", "believe", "expect", "estimate", "plan", "outlook",
and "project" and other similar expressions that predict or
indicate future events or trends or that are not statements of
historical matters. Such forward-looking statements include
statements concerning the timing of the Merger and the Special
Meeting. These statements are based on Hydra's management's current
expectations and beliefs, as well as a number of assumptions
concerning future events.
Such forward-looking statements are subject to known and unknown
risks, uncertainties, assumptions and other important factors, many
of which are outside of Hydra's control that could cause actual
results to differ materially from the results discussed in the
forward-looking statements. Additional factors that could cause
actual results to differ materially from those expressed or implied
in forward-looking statements can be found in Hydra's most recent
annual report on Form 10-K and subsequently filed quarterly reports
on Form 10-Q and current reports on Form 8-K, which are available,
free of charge, at the SEC's website at www.sec.gov.
About Hydra Industries Acquisition Corp.
Hydra is a blank check company formed for the purpose of
effecting a merger or other business combination with a target
company. Hydra was founded by gaming industry veteran
Lorne Weil and raised $80 million on October 29,
2014 in its Initial Public Offering. In addition,
Macquarie Capital co-sponsored Hydra's efforts to source
acquisitions and provided a $20
million forward equity commitment which, with Hydra's
existing cash in trust, will be used to fund the proposed
transaction.
Additional information can be found at www.hydraspac.com.
About Macquarie and Macquarie Capital
Macquarie Group ("Macquarie") is a global provider of banking,
financial, advisory, investment and funds management services.
Macquarie's main business focus is making returns by providing a
diversified range of services to clients. Macquarie acts on behalf
of institutional, corporate and retail clients and counterparties
around the world. Founded in 1969, Macquarie operates in more than
70 office locations in 28 countries. Macquarie employs
approximately 14,000 people and has assets under management of over
$367.4 billion (as of March 31, 2016).
Macquarie Capital comprises Macquarie Group's corporate
advisory, capital markets and principal investing capabilities.
Macquarie Capital's expertise spans a variety of industry sectors,
including telecommunications, media, entertainment, gaming,
financial institutions, industrials, energy, resources, real
estate, infrastructure, utilities and renewables.
The Company and its directors and executive officers may be
deemed to be participants in the solicitation of proxies for
special meeting of stockholders to be held to approve the extension
proposal. Information regarding the Company's directors and
executive officers is available in its Form 10-K for the year ended
December 31, 2015 filed with the U.S.
Securities and Exchange Commission. No person other than the
Company has been authorized to give any information or to make any
representations on behalf of the Company in connection with the
extension, and if given or made, such other information or
representations must not be relied upon as having been made or
authorized by the Company.