Major owner of Hydra Industries Acquisition Corp. just disposed of 146,760 shares

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, recently disposed of 146,760 shares of the company. The disposals took place at $0.00 per share, on December 08, 2014. Weil still owns 1,186,308 shares of the company. Weil operates out of New York, NY. Some additional info was provided as follows:

As contemplated in connection with the initial public offering of Hydra Industries Acquisition Corp. (the "Issuer"), 146,760 shares of common stock, par value $0.0001 per share, were returned to the Issuer for no consideration and cancelled because the underwriters' over-allotment option was not exercised. The shares are held by Hydra Industries Sponsor LLC (the "Sponsor ") and 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. 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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