NEW YORK, Oct. 21, 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 that its sponsors have
agreed that they or their affiliates will contribute to Hydra as a
loan (the "Contribution") $0.05 for
each public share that is not redeemed by its stockholders in
connection with its upcoming special meeting of stockholders that
is being held to extend the date by which Hydra must complete its
initial business combination (the "Extension") from October 29, 2016 to December 29, 2016. Upon receipt of the
Contribution, the Company will deposit such funds into its trust
account, which will increase the pro rata portion of the funds
available in the trust account in the event of the consummation of
the Company's initial business combination or liquidation from
approximately $10.00 per share to
approximately $10.05 per share. The
Contribution will not be implemented if the Extension is not
approved.
Logo -
http://photo.prnewswire.com/prnh/20160930/413909LOGO
The purpose of the Extension is to allow Hydra additional time
to complete 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.
The Company also announced that it intends to adjourn, without
conducting any business, the special meeting scheduled to occur at
10:00 a.m., Eastern time, on
October 25, 2016, and reconvene at
10:00 a.m., Eastern time, on
October 27, 2016, to vote on the
proposals described in the proxy statement filed by the Company
with the Securities and Exchange Commission ("SEC") on October 12, 2016. The special meeting will still
be held at the offices of Kramer Levin
Naftalis & Frankel LLP, located at 1177 Avenue of the
Americas, New York, New York
10036.
In connection with the adjournment of the special meeting, the
Company is extending the deadline for holders of the Company's
common stock to exercise their right to redeem their shares for
their pro rata portion of the funds available in the Company's
trust account in connection with the Charter Amendment and the
Trust Amendment, or to withdraw any previously delivered demand for
redemption, to the close of business on October 25, 2016 (two business days before the
special meeting).
If you have not submitted a proxy for use at the special
meeting, you are urged to do so promptly. No action is required by
any stockholder who has previously delivered a proxy and who does
not wish to revoke or change that proxy.
Information about voting or revoking a proxy is included in the
proxy statement filed by the Company with the SEC on October 12, 2016, which is available without
charge on the SEC's website at http://www.sec.gov.
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 potential business combination 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 the
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.