Hydra Industries Acquisition Corp. (HDRA): Weiss Asset Management Reports 5.57% Stake

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

SCHEDULE 13G

Under the Securities Exchange Act of 1934

(Amendment No.    )*

Hydra
Industries Acquisition Corp.

(Name of Issuer)

Common stock, par value $0.0001 per share

(Title of Class of Securities)

448740100

(CUSIP Number)

April 26, 2016

(Date of Event Which Requires Filing of This Statement)

Check the appropriate box to
designate the rule pursuant to which this Schedule is filed:

¨ Rule 13d-1(b)

x Rule 13d-1(c)

¨ Rule 13d-1(d)

The information required on the remainder of this cover page shall not be
deemed to be filed for the purpose of Section 18 of the Securities Exchange Act of 1934 (Act) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act
(however, see the Notes).

BIP GP, Weiss Asset Management, WAM GP, and Andrew Weiss
have a business

address of 222 Berkeley St., 16th Floor, Boston, Massachusetts 02116

BIP GP*

WEISS ASSET MANAGEMENT*

WAM GP*

ANDREW M.
WEISS, PH.D.*

* Shares reported for BIP GP include shares beneficially owned by a private investment partnership (the Partnership) of which BIP GP is the sole
general partner. Weiss Asset Management is the sole investment manager to the Partnership. WAM GP is the sole general partner of Weiss Asset Management. Andrew Weiss is the managing member of WAM GP and BIP GP. Shares reported for WAM GP, Andrew
Weiss and Weiss Asset Management include shares beneficially owned by the Partnership (and reported above for BIP GP).

Each of BIP GP, WAM GP, Weiss
Asset Management, and Andrew Weiss disclaims beneficial ownership of the shares reported herein as beneficially owned by each except to the extent of their respective pecuniary interest therein. The percent of class computations are based on
10,000,000 shares of common stock issued and outstanding as of March 15, 2016, as reported in the Form 10-K of the Issuer, which was filed with the SEC on March 15, 2016.

If this statement is being filed to report the
fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following [ ].

Not Applicable

See Item 4.

Not Applicable

Not Applicable

By signing below I certify that, to the best of my knowledge and belief, the securities referred
to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction
having that purpose or effect.

Exhibit 1 Joint Filing Agreement

SIGNATURE

After reasonable inquiry and to the
best of my knowledge and belief, I hereby certify that the information set forth in this statement is true, complete and correct.

Dated: May 2, 2016

^** Duly authorized under Power of Attorney incorporated herein by reference to the exhibit to the Form 13G/A filed by Weiss Asset Management LP on February 13, 2015 in respect of its holding in
HF2 Financial Management Inc.

Exhibit 1

JOINT FILING AGREEMENT

In accordance with Rule 13d-1(k) under the Securities Exchange Act of 1934, as amended, Weiss Asset Management LP, BIP GP LLC, WAM GP LLC, and Andrew M.
Weiss, hereby agree to the joint filing on behalf of each of them of a statement on Schedule 13G and/or 13D (including any and all amendments thereto) with respect to the Ordinary Shares of Hydra Industries Acquisition Corp., and further agree that
this Joint Filing Agreement, as may be amended from time to time, shall be included as an Exhibit to such joint filings.

The undersigned
further agree that each party hereto is responsible for the timely filing of such Statement on Schedule 13G and/or 13D and any amendments thereto, and for the accuracy and completeness of the information concerning such party contained therein;
provided, however, that no party is responsible for the accuracy or completeness of the information concerning any other party, unless such party knows or has reason to believe that such information is inaccurate.

This Joint Filing Agreement may be signed in counterparts with the same effect as if the signature on each counterpart were upon the same
instrument.

IN WITNESS WHEREOF, the undersigned have executed this Agreement as of May 2, 2016.

^** Duly authorized under Power of Attorney incorporated herein by reference to the exhibit to the Form 13G/A filed by Weiss Asset Management LP on February 13, 2015 in respect of its holding in
HF2 Financial Management Inc.