Hydra Industries Acquisition Corp. Warrants (HDRAW)

HDRAW was the ticker for the publicly traded warrants of Hydra Industries Acquisition Corp., a blank-check company listed on NASDAQ. A warrant gave the holder the right to buy the SPAC's common stock at a fixed price for a set period after a merger. Hydra's units, common shares, warrants and rights traded as HDRAU, HDRA, HDRAW and HDRAR. The warrants had value only if the SPAC completed a deal and the share price rose above the exercise price.

Hydra completed its IPO in 2014 and set out to acquire a business in the gaming and entertainment space. In July 2016 it agreed to buy Inspired Gaming Group, a UK-based supplier of server-based gaming machines, virtual sports and lottery terminals. After an extension vote and a postponed special meeting, shareholders approved the transaction in December 2016. The combination closed on December 23, 2016.

With the merger, Hydra renamed itself Inspired Entertainment, Inc. and its securities moved to new symbols on NASDAQ, with the common stock trading as INSE and the warrants as INSEW. The HDRAW symbol was retired at that point. Inspired went on to grow its virtual sports, interactive and gaming terminal businesses in the UK, Italy and North America.

The warrants carried a five-year term from the business combination. Before they lapsed, holders exercised about 14.35 million warrants, resulting in roughly 3.68 million new shares and about $30.5 million in proceeds for the company. All remaining warrants expired on December 23, 2021, ending trading in INSEW. Inspired's common stock continues to trade on NASDAQ as INSE.