NEW YORK, Oct. 29, 2014
/PRNewswire/ -- Hydra Industries Acquisition Corp. (NASDAQ:
HDRAU) (the "Company") announced today the closing of its initial
public offering of 8 million units at an offering price of
$10.00 per unit, resulting in gross
proceeds of $80 million, before
underwriting discounts and commissions and offering expenses. The
Company 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. Each unit consists of one share of the
Company's 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.
The Company 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 in
connection with such business combination.
The Company's units began trading on the NASDAQ Stock Market
under the symbol "HDRAU" on October 24,
2014. 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 acted as sole book-running manager and
EarlyBirdCapital, Inc. acted as co-manager for the 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. 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.
For more information: www.hydraspac.com
FORWARD-LOOKING STATEMENTS
This press release contains statements that constitute
"forward-looking statements," including with respect to the
anticipated use of the offering proceeds. No assurance can be given
that the 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 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.
SOURCE Hydra Industries Acquisition Corp.