Inspired Entertainment, Inc. current report, 29 September 2016

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Business Context and Reporting Period

This Form 8-K is filed by Hydra Industries Acquisition Corp. (not Inspired Entertainment, Inc.) for the reporting period ending September 29, 2016. The registrant is a special purpose acquisition company (SPAC) incorporated in Delaware, currently seeking to consummate an initial business combination.

Key Financial Metrics

The filing discloses specific debt activity but does not provide revenue, profit, cash flow, or margin data, as the company is in a pre-business combination phase.

  • New Debt: Entered into two promissory notes with an aggregate principal amount of $200,000.
  • Lenders: Hydra Industries Sponsor LLC ($100,000) and MIHI LLC ($100,000).
  • Repayment Terms: Payable promptly upon consummation of a business combination, but no later than 30 days thereafter.
  • Liquidity Purpose: Funds are designated for working capital expenses.

Material Changes

The primary material change reported is the incurrence of $200,000 in related-party debt. Both lenders are affiliates of the Company's sponsors and beneficial owners of its equity securities. Hydra Industries Sponsor LLC is an affiliate of the Chief Executive Officer, A. Lorne Weil.

Outlook, Risks, and Management Commentary

The Company's immediate outlook is focused on securing an initial business combination. The promissory notes are structured to be repaid only upon the successful completion of this transaction. No specific risks, contingencies, or unusual items beyond the standard SPAC operational context are detailed in this specific filing.

Investor Verification Checklist

  • Verify the identity of the registrant (Hydra Industries Acquisition Corp.) versus the requested company name (Inspired Entertainment, Inc.).
  • Confirm the repayment timeline of the $200,000 loans relative to any potential merger announcement.
  • Review the full terms of the promissory notes in Exhibit 99.1 for interest rates or conversion features not explicitly stated in the summary.
  • Assess the financial standing of the related-party lenders (Hydra Sponsor and Macquarie Sponsor).