Major owner of Hydra Industries Acquisition Corp. just declared owning 1,333,068 shares of Hydra Industries Acquisition Corp.

A Lorne Weil, a major owner of Hydra Industries Acquisition Corp. and Hydra Industries Acquisition Corp.'s Chairman and CEO and a director of the company, has just filed an initial statement of beneficial ownership where 1,333,068 shares of Hydra Industries Acquisition Corp. were declared. This form is usually filed as a prelude to receiving options or buying company shares, so there may be more to come from Weil. Weil operates out of New York, NY. Some additional info was provided as follows:

Represents 1,333,068 shares of common stock held by Hydra Industries Sponsor LLC, the Company's sponsor (the "Sponsor"), acquired pursuant to a certain Securities Subscription Agreement, dated as of July 11, 2014, by and between the Company and the Sponsor. The shares held by t he Sponsor are beneficially owned by A. Lorne Weil, who has sole voting and dispositive power over the shares held by the Sponsor. Mr. Weil, B. Luke Weil, a son of Mr. Weil, and trusts owned by Mr. Weil's children, B. Luke Weil, Nicholas Weil, Francesca Weil, and Alexander Weil, own all of the membership interests in the Sponsor. Mr. Weil may be deemed the beneficial owner of the securities held by the Sponsor and has sole voting and dispositive control over such securities. Includes an aggregate of 146,760 shares held by the Sponsor that are subject to forfeiture to the extent that the underwriter's overallotment option in the Company's initial public offering is not fully exercised. Mr. Weil disclaims beneficial ownership over any securities owned the Sponsor in which he does not have any pecuniary interest.

The above information was disclosed in a filing to the SEC. To see this filing in its entirety, click here.

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