---

UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C.
20549

FORM 10-Q

(MARK ONE)

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THESECURITIES EXCHANGE ACT OF 1934

For the period ended June 30, 2012

[_]TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to
__________

Commission file number:001-35576

HYDE PARK ACQUISITION CORP. II(Exact Name of Registrant as Specified in Its Charter)

|Delaware                                                             | 27-5156956                          
|-------------------------------------------------------------------- | ------------------------------------
|(State or other jurisdiction of incorporation or
      organization) | (I.R.S. Employer Identification No.)

500 Fifth Avenue, 50th Floor, New York, New York 10110(Address of principal executive offices)

(212) 644-3450(Issuers telephone number)

Check whether the issuer (1) filed all reports required to be
filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or
for such shorter period that the registrant was required to file such reports),
and (2) has been subject to such filing requirements for the past 90 days. Yes
[_] No [X]

Indicate by check mark whether the registrant has submitted
electronically and posted on its corporate Web site, if any, every Interactive
Data File required to be submitted and posted pursuant to Rule 405 of Regulation
S-T (232.405 of this chapter) during the preceding 12 months (or for such
shorter period that the registrant was required to submit and post such files).
Yes [_] No [_]

Indicate by check mark whether the Registrant is a large
accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller
reporting company. See the definitions of large accelerated filer,
accelerated filer and smaller reporting company in Rule 12b-2 of the
Exchange Act (Check one).

|Large accelerated filer     
[_]            | Accelerated filer    
       [_]        
|------------------------------------------- | ----------------------------------------
|Non-accelerated filer      [_]              | Smaller reporting
      company      [X]
|(Do not check if smaller reporting company) |                                         

Indicate by check mark whether the registrant is a shell
company (as defined in Rule 12b-2 of the Exchange Act). Yes [X] No [_]

State the number of shares outstanding of each of the issuers
classes of common equity, as of the latest practicable date: 10,350,000 shares
of common stock as of September 14, 2012

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HYDE PARK ACQUISITION CORP. II

FORM 10-Q FOR THE PERIOD ENDED JUNE 30, 2012

TABLE OF CONTENTS

|                                                                                                          | Page
|--------------------------------------------------------------------------------------------------------- | ----
|Part I. Financial Information                                                                             |     
|Item 1. Financial
      Statements                                                                        |     
|Condensed Balance Sheets                                                                                  | 1   
|Condensed Statements of Operations                                                                        | 2   
|Condensed Statements of Changes in
      Stockholders Equity                                             | 3   
|Condensed Statements of Cash Flows                                                                        | 4   
|Notes to Condensed Financial Statements                                                                   | 5   
|Item
      2. Managements Discussion and Analysis of Financial Condition and Results
      of Operations | 10  
|Item 3.
      Quantitative and Qualitative Disclosures Regarding Market Risk                              | 12  
|Item
      4. Controls and Procedures                                                                     | 12  
|Part II. Other Information                                                                                |     
|Item 2. Unregistered
      Sales of Equity Securities and Use of Proceeds                                 | 13  
|Item 6.
      Exhibits                                                                                    | 16  
|Signatures                                                                                                | 17  

---

PART I - FINANCIAL INFORMATIONItem 1. Financial
Statements.

|Hyde Park Acquisition Corp. II      
|------------------------------------
|(A Company in the Development Stage)
|CONDENSED BALANCE SHEETS            

|                                                                                                                  |   | As of         |  
|----------------------------------------------------------------------------------------------------------------- | - | ------------- | -
|                                                                                                                  |   | June 30, 2012 |  
|                                                                                                                  |   | (unaudited)   |  
|ASSETS                                                                                                            |   |               |  
|Current asset - Cash and cash equivalents                                                                         | $ | 2,337         |  
|Deferred offering costs associated with
      public offering                                                     |   | 209,521       |  
|Total assets                                                                                                      | $ | 211,858       |  
|                                                                                                                  |   |               |  
|                                                                                                                  |   |               |  
|LIABILITIES, REDEEMABLE COMMON
      STOCK AND STOCKHOLDERS' EQUITY                                               |   |               |  
|Current liabilities                                                                                               |   |               |  
|Accounts Payable                                                                                                  | $ | 3,250         |  
|Accrued liabilities                                                                                               |   | 95,420        |  
|Notes Payable to Stockholders                                                                                     |   | 100,000       |  
|Total liabilities                                                                                                 |   | 198,670       |  
|                                                                                                                  |   |               |  
|Commitments and contingencies                                                                                     |   |               |  
|                                                                                                                  |   |               |  
|Stockholders Equity                                                                                              |   |               |  
|Preferred Stock, $0.0001 par value,
      1,000,000 shares authorized; none issued or outstanding                 |   | -             |  
|Common Stock, $0.0001 par value, 50,000,000 shares
      authorized; 2,156,250 shares issued and oustanding(1)(2) |   | 216           |  
|Additional paid-in capital                                                                                        |   | 24,784        |  
|Deficit accumulated during the development stage                                                                  |   | (11,812       | )
|Total stockholders
      equity                                                                                  |   | 13,188        |  
|                                                                                                                  |   |               |  
|Total liabilities and
      stockholders equity                                                                  | $ | 211,858       |  

(1) Share amounts have been retroactively restated to reflect
the effect of a dividend of approximately .0139 shares for each outstanding
share of common stock on July 1, 2011 and the contribution to the Company of
718,750 shares of common stock by the Sponsors on October 26, 2011 (See Note 8).

(2) This number includes an aggregate of 281,250 shares that
are subject to forfeiture if the overallotment option is not exercised by the
underwriters.

The accompanying notes are an integral part of these condensed
financial statements.

1

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|Hyde Park Acquisition Corp. II      
|------------------------------------
|(A Company in the Development Stage)
|                                    
|CONDENSED STATEMENTS OF OPERATIONS  

For the period
    
    
    For the periodFebruary 24, 2011
    
    
    February 24, 2011For the three months
    
    
    For the
    
    
    (inception)
    
    
    (inception)ended June 30,
    
    
    six months ended
    
    
    through
    
    
    through2012
    
    
    2011
    
    
    June 30, 2012
    
    
    June 30, 2011
    
    
    June 30, 2012(unaudited)
    
    
    (unaudited)
    
    
    (unaudited)
    
    
    
    
    
    (unaudited)Formation and operating costs
    $
    3,384
    
    $
    5,163
    
    $
    3,590
    
    $
    3,403
    
    $
    11,812Net loss
    $
    (3,384
    )
    $
    (5,163
    )
    $
    (3,590
    )
    $
    (3,403
    )
    $
    (11,812
    )Weighted average shares oustanding, basic
      and diluted(1)(2)
    
    1,875,000
    
    
    1,875,000
    
    
    1,875,000
    
    
    1,875,000Basic and diluted net loss per common share
    $
    (0.00
    )
    $
    (0.00
    )
    $
    (0.00
    )
    $
    (0.00
    )


|(1) | Share amounts have been retroactively restated to reflect
      the effect of a dividend of approximately 0.139 shares for each
      outstanding share of common stock on July 1, 2011 and the contribution to
      the Company of 718,750 shares of common stock by the Sponsors on October
      26, 2011
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                              
|(2) | This number excludes an aggregate of 281,250 shares that
      are subject to forfeiture if the overallotmen option is not exercised by
      the underwriters.                                                                                                                                              

The accompanying notes are an integral part of these condensed
financial statements.

2

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|Hyde Park Acquisition Corp. II                                               
|-----------------------------------------------------------------------------
|(A Company in the Development Stage)                                         
|CONDENSED STATEMENT OF CHANGES IN STOCKHOLDERS'
      EQUITY                 
|For the Period from February 25, 2011 (Inception)
      through June 30, 2012

DeficitAccumulatedAdditional
    
    
    During the
    
    
    TotalCommon Stock(1)(2)
    
    
    Paid-in
    
    
    Development
    
    
    Stockholders'Shares
    
    
    Amount
    
    
    Capital
    
    
    Stage
    
    
    EquityBalance, February 24, 2011 (inception)
    
    -
    
    $
    -
    
    $
    -
    
    $
    -
    
    $
    -Commn stock issued at approximatly $0.01
      per share to initial stockholders, on April 28, 2011
    
    2,156,250
    
    
    216
    
    
    24,784
    
    
    -
    
    
    25,000Net loss for the period from Feburary 24,
      2011 (inception) through December 31, 2011
    
    -
    
    
    -
    
    
    
    
    
    (8,222
    )
    
    (8,222
    )Balance, December 31, 2011
    
    2,156,250
    
    
    216
    
    
    24,784
    
    
    (8,222
    )
    
    16,778Net loss for the six months ended June 30,
      2012
    
    -
    
    
    -
    
    
    -
    
    
    (3,590
    )
    
    (3,590
    )Balance, June 30, 2012 (unaudited)
    $
    2,156,250
    
    $
    216
    
    $
    24,784
    
    $
    (11,812
    )
    $
    13,188


|(1) | Share amounts have been retroactively restated to reflect
      the effect of a dividend of approximately 0.139 shares for each
      outstanding share of common stock on July 1, 2011 and the contribution to
      the Company of 718,750 shares of common stock by the Sponsors on October
      26, 2011.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                               
|(2) | This number includes an aggregate of 281,250 shares that
      are subject to forfeiture if the overallotment option is not exercised by
      the underwriters.                                                                                                                                              

The accompanying notes are an integral part of these condensed
financial statements.

3

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|Hyde Park Acquisition Corp. II      
|------------------------------------
|(A Company in the Development Stage)
|CONDENSED STATEMENTS OF CASH FLOWS  

|                                                                                 |   |                  |   |   | For the period      |   |   | For the period      |  
|-------------------------------------------------------------------------------- | - | ---------------- | - | - | ------------------- | - | - | ------------------- | -
|                                                                                 |   | For the          |   |   | February 24, 2011   |   |   | February 24, 2011   |  
|                                                                                 |   | six months ended |   |   | (inception) through |   |   | (inception) through |  
|                                                                                 |   | June 30, 2012    |   |   | June 30, 2011       |   |   | June 30, 2012       |  
|                                                                                 |   | (unaudited)      |   |   |                     |   |   | (unaudited)         |  
|Cash flows from operating activities:                                            |   |                  |   |   |                     |   |   |                     |  
|Net Loss                                                                         | $ | (3,590           | ) | $ | (3,403              | ) | $ | (11,812             | )
|Adjustments to
      reconcile net loss to net cash used in operating activiites |   |                  |   |   |                     |   |   |                     |  
|Changes
      in operating assets and liabilities                                |   |                  |   |   |                     |   |   |                     |  
|Increase
      in accounts payable                                               |   | 3,250            |   |   | -                   |   |   | 3,250               |  
|Increase
      in accrued expenses                                               |   | 5,420            |   |   | -                   |   |   | 8,920               |  
|Total
      adjustments                                                          |   | 8,670            |   |   | -                   |   |   | 12,170              |  
|Net provided by (used in) operating activities                                   |   | 5,080            |   |   | (3,403              | ) |   | 358                 |  
|                                                                                 |   |                  |   |   |                     |   |   |                     |  
|                                                                                 |   |                  |   |   |                     |   |   |                     |  
|Cash flows from financing activities:                                            |   |                  |   |   |                     |   |   |                     |  
|Proceeds from notes payable to
      stockholders                                |   | -                |   |   | 100,000             |   |   | 100,000             |  
|Proceeds from
      issuance of common stock to initial stockholders             |   | -                |   |   | 25,000              |   |   | 25,000              |  
|Payment of deferred offering
      costs                                         |   | (5,000           | ) |   | (118,021            | ) |   | (123,021            | )
|Net cash provided by financing activities                                        |   | (5,000           | ) |   | 6,979               |   |   | 1,979               |  
|                                                                                 |   |                  |   |   |                     |   |   |                     |  
|Net increase (decrease) in cash and cash
      equivalents                       |   | 80               |   |   | 3,576               |   |   | 2,337               |  
|Cash and cash equivalents - beginning                                            |   | 2,257            |   |   | -                   |   |   |                     |  
|Cash and cash equivalents - ending                                               | $ | 2,337            |   | $ | 3,576               |   | $ | 2,337               |  
|                                                                                 |   |                  |   |   |                     |   |   |                     |  
|Supplemental disclosure of non-cash
      financing activity:                    |   |                  |   |   |                     |   |   |                     |  
|Increase in accrued expenses for deferred offering costs                         | $ | -                |   | $ | 79,000              |   | $ | 86,500              |  

The accompanying notes are an integral part of these condensed
financial statements.

4

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|Hyde Park Acquisition Corp. II         
|---------------------------------------
|(A Company in the Development Stage)   
|                                       
|Notes to Condensed Financial Statements

Note 1  Organization and Plan of Business Operations

Hyde Park Acquisition Corp. II (a company in the development
stage) (the Company) was incorporated in Delaware on February 24, 2011 as a
blank check company whose objective is to acquire, through a merger, share
exchange, asset acquisition, stock purchase, plan of arrangement,
recapitalization, reorganization or other similar business combination, one or
more businesses or entities (a Business Combination).

At June 30, 2012, the Company had not yet commenced any
operations. All activity through June 30, 2012 relates to the Companys
formation and initial public offering (Offering).

The registration statement for the Offering was declared
effective on August 1, 2012. The Company consummated the Offering on August 7,
2012 and received proceeds net of underwriters discount of $73,312,500 and
simultaneously raised $6,937,500 through the issuance of shares of common stock
(Sponsors Shares) to the Companys initial stockholders (collectively, the
Sponsors) in a private placement (Private Placement) which are described in
Note 4. The Company paid a total of $1,687,500 in underwriting discounts and
commissions (not including deferred fees) and $190,650 for other costs and
expenses related to the Offering. The Companys management has broad discretion
with respect to the specific application of the net proceeds of the Offering and
the Private Placement, although substantially all of the net proceeds are
intended to be generally applied toward consummating a Business Combination.
Furthermore, there is no assurance that the Company will be able to affect a
Business Combination successfully.

Upon the closing of the Offering, $78,750,000 ($10.50 per share
sold in the Offering (Public Share)), including the proceeds of the Private
Placement, is held in a trust account (Trust Account) and will be invested in
United States government treasury bills having a maturity of 180 days or less or
in money market funds meeting certain conditions under Rule 2a-7 promulgated
under the Investment Company Act of 1940, as amended, that invest solely in U.S.
treasuries until the earlier of the consummation of the initial Business
Combination and the Companys failure to consummate a Business Combination
within the prescribed time. Placing funds in the Trust Account may not protect
those funds from third party claims against the Company. Although the Company
will seek to have all vendors, service providers, prospective target businesses
or other entities it engages, execute agreements with the Company waiving any
claim of any kind in or to any monies held in the Trust Account, there is no
guarantee that such persons or entities will execute such agreements. The
Companys officers have agreed that they will be jointly and severally liable
under certain circumstances to ensure that the proceeds in the Trust Account are
not reduced by the claims of target businesses or vendors or other entities that
are owed money by the Company for services rendered, contracted for or products
sold to the Company. However, they may not be able to satisfy those obligations
should they arise. The remaining net proceeds (not held in the Trust Account)
may be used to pay for business, legal and accounting due diligence on
prospective acquisitions and continuing general and administrative expenses. In
addition, (1) interest income on the funds held in the Trust Account can be
released to the Company to pay its income and other tax obligations and (2)
interest income on the funds held in the Trust Account can be released to the
Company to pay for its working capital requirements in connection with searching
for a Business Combination.

The Companys shares are listed on the Nasdaq Capital Markets
(Nasdaq). Pursuant to the Nasdaq listing rules, the target business or
businesses that the Company acquires must collectively have a fair market value
equal to at least 80% of the balance of the funds in the Trust Account at the
time of the execution of a definitive agreement for its initial Business
Combination, although the Company may acquire a target business whose fair
market value significantly exceeds 80% of the Trust Account balance.

5

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|Hyde Park Acquisition Corp. II         
|---------------------------------------
|(A Company in the Development Stage)   
|                                       
|Notes to Condensed Financial Statements

Note 1  Organization and Plan of Business Operations,
continued

The Company will either seek stockholder approval of any
Business Combination at a meeting called for such purpose at which stockholders
may seek to convert their shares of common stock into their pro rata share of
the aggregate amount then on deposit in the Trust Account (net of taxes
payable), or provide stockholders with the opportunity to sell their shares of
common stock to the Company by means of a tender offer for an amount equal to
their pro rata share of the aggregate amount then on deposit in the Trust
Account (net of taxes payable).The Company will proceed with a Business
Combination only if it has net tangible assets of at least $5,000,001 upon
consummation of the Business Combination and, solely if stockholder approval is
sought, a majority of the outstanding shares of common stock of the Company
voted are voted in favor of the Business Combination. Notwithstanding the
foregoing, a Public Stockholder (defined as a holder of Public Shares, including
the Companys Sponsors to the extent its Sponsors purchase Public Shares,
provided that their status as public stockholders shall only exist with
respect to such Public Shares), together with any affiliate of his or any other
person with whom he is acting in concert or as a group (as defined in Section
13(d) (3) of the Securities Exchange Act of 1934, as amended) will be restricted
from seeking conversion rights with respect to 20% or more of the Public Shares
without the Companys prior written consent. In order to determine whether a
stockholder is acting in concert or as a group with another stockholder, each
Public Stockholder seeking to exercise conversion rights will be required to
certify whether such stockholder is acting in concert or as a group with any
other stockholder. These certifications, together with any other information
relating to stock ownership available at that time, will be the sole basis on
which the above-referenced determination is made. If it is determined that a
stockholder is acting in concert or as a group with any other stockholder, the
stockholder will be notified of the determination and will be offered an
opportunity to dispute the finding. The final determination as to whether a
stockholder is acting in concert or as a group with any other stockholder will
ultimately be made in good faith by the Companys board of directors. In
connection with any stockholder vote required to approve any Business
Combination, the Sponsors have agreed (1) to vote any of their respective
Founders Shares (See Note 8), Sponsors Shares and any Public Shares they may
have acquired in the Offering or the aftermarket in favor of the initial
Business Combination, (2) not to convert any of their respective Founders Shares
and Sponsors Shares in connection with any vote on a Business Combination, and
(3) not to sell any of their respective Founders Shares and Sponsors Shares to
the Company pursuant to any tender offer described above.

The Companys Amended and Restated Certificate of Incorporation
provides that the Company will continue in existence only until May 1, 2014. If
the Company has not completed a Business Combination by such date, the Company
will (i) cease all operations except for the purpose of winding up, (ii) as
promptly as reasonably possible but not more than ten business days thereafter,
redeem 100% of the outstanding shares held by the Public Stockholders, at a
per-share price, payable in cash, equal to the aggregate amount then on deposit
in the Trust Account, including any interest but net of franchise taxes and
income taxes payable with respect to interest earned on the trust account,
divided by the number of then outstanding Public Shares (defined as shares of
the Companys common stock sold in Offering (whether they are purchased in the
Offering or thereafter in the open market), which redemption will completely
extinguish Public Stockholders rights as stockholders (including the right to
receive further liquidation distributions, if any), subject to applicable law,
and (iii) as promptly as reasonably possible following such redemption, subject
to the approval of the Companys remaining stockholders and its board of
directors dissolve and liquidate, subject (in the case of (ii) and (iii) above)
to the Companys obligations under Delaware law to provide for claims of
creditors and the requirements of other applicable law. In such event, the
Public Stockholders will be entitled to receive a full pro rata interest in the
Trust Account (initially anticipated to be $10.50 per share (or approximately
$10.41 per share if the over-allotment option (See Note 4) is exercised in
full), plus any pro rata interest earned on the Trust Fund not previously
released to the Company).

Note 2  Basis of Presentation

The accompanying unaudited financial statements have been
prepared in accordance with United States generally accepted accounting
principles (U.S. GAAP) for interim financial information and Article 8 of
Regulation S-X. Accordingly, they do not include all of the information and
footnotes required by U.S. GAAP. In the opinion of management, all adjustments
(consisting of normal accruals) considered for a fair presentation have been
included. Operating results for the three and six months ended June 30, 2012 are
not necessarily indicative of the results that may be expected for the year
ended December 31, 2012. For further information, refer to the financial
statements and footnotes thereto included in the Companys Form S-1, Amendment
6, for the period from February 24, 2011 (inception) through December 31, 2011,
filed with Securities and Exchange Commission on May 16, 2012, and Form S-1,
Amendment 3, for the period from February 24, 2011 (inception) through June 30,
2011, filed with the Securities and Exchange Commission on August 8, 2011.

The Company is considered to be a development stage company and
as such, the financial statements are prepared in accordance with the Accounting
Standards Codification (ASC) topic 915 Development Stage Entities. The
Company is subject to all of the risks associated with development stage
companies.

6

---

|Hyde Park Acquisition Corp. II         
|---------------------------------------
|(A Company in the Development Stage)   
|                                       
|Notes to Condensed Financial Statements

Note 3  Significant Accounting Policies

Cash and Cash Equivalents

The Company considers all short-term investments with an
original maturity of three months or less when purchased to be cash equivalents.
The Company maintains cash balances that may be uninsured or in deposit accounts
that exceed Federal Deposit Insurance Corporation limits. The Company maintains
its cash deposits with major financial institutions.

Loss per share

Loss per share is computed by dividing net loss by the
weighted-average number of shares of common stock outstanding during the period
excluding common stock subject to forfeiture. Weighted average shares was
reduced for the effect of an aggregate of 281,250 shares that are subject to
forfeiture if the over-allotment option is not exercised by the underwriters.

Income Taxes

The Company accounts for income taxes under ASC 740 Income
Taxes (ASC 740). ASC 740 requires the recognition of deferred tax assets and
liabilities for both the expected impact of differences between the financial
statements and tax basis of assets and liabilities and for the expected future
tax benefit to be derived from tax loss and tax credit carry forwards. ASC 740
additionally requires a valuation allowance to be established when it is more
likely than not that all or a portion of deferred tax assets will not be
realized.

ASC 740 also clarifies the accounting for uncertainty in income
taxes recognized in an enterprises financial statements and prescribes a
recognition threshold and measurement process for financial statement
recognition and measurement of a tax position taken or expected to be taken in a
tax return. For those benefits to be recognized, a tax position must be
more-likely-than-not to be sustained upon examination by taxing authorities. ASC
740 also provides guidance on derecognition, classification, interest and
penalties, accounting in interim periods, disclosure and transition. The Company
is required to file income tax returns in the United States (federal) and in
various state and local jurisdictions. Based on the Companys evaluation, it has
been concluded that there are no significant uncertain tax positions requiring
recognition in the Companys financial statements. Since the Company was
incorporated on February 24, 2011, the evaluation was performed for the tax year
ended December 31, 2011, which is the only period subject to examination. The
Company believes that its income tax positions and deductions would be sustained
on audit and does not anticipate any adjustments that would result in a material
change to its financial position.

The Companys policy for recording interest and penalties
associated with audits is to record such expense as a component of income tax
expense. There were no amounts accrued for penalties or interest as of or during
the period from February 24, 2011 (inception) through June 30, 2012. Management
is currently unaware of any issues under review that could result in significant
payments, accruals or material deviations from its position.

Use of Estimates

The preparation of financial statements in conformity with U.S.
GAAP requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosure of contingent assets
and liabilities at the date of the financial statements and the reported amounts
of expenses during the reporting period. Actual results could differ from those
estimates.

Subsequent Events

The Company evaluates events that have occurred after the
balance sheet date of June 30, 2012 through the date which the balance sheet was
available to be issued. Based upon the review, the Company did not identify any
recognized or non-recognized subsequent events that would have required
adjustment or disclosure in the balance sheet.

7

---

|Hyde Park Acquisition Corp. II         
|---------------------------------------
|(A Company in the Development Stage)   
|                                       
|Notes to Condensed Financial Statements

Note 3  Significant Accounting Policies,
continued

Recent Accounting Pronouncements

Management does not believe that any recently issued, but not
yet effective, accounting standards if currently adopted would have a material
effect on the accompanying financial statements.

Note 4 Initial Public Offering and Private Placement

On August 7, 2012, the Company sold 7,500,000 shares of common
stock at an offering price of $10.00 per share generating gross proceeds of
$75,000,000 in the Offering.

Simultaneously with the consummation of the Offering, the
Company consummated the Private Placement with the sale of 693,750 Sponsors
Shares to its initial stockholders at a price of $10.00 per share, generating
total proceeds of $6,937,500. The Sponsors Shares are identical to the shares
of common stock sold in the Offering. Additionally, the purchasers have agreed
not to transfer, assign or sell any of the Sponsors Shares (except to certain
permitted transferees) until 30 days after the completion of the Companys
initial Business Combination.

The Sponsors are entitled to registration rights with respect
to their Founders Shares and the Sponsors Shares, as well as any shares issued
in payment of working capital loans made by the Sponsors or their affiliates to
the Company, pursuant to a registration rights agreement. The holders of the
majority of the Founders Shares are entitled to demand that the Company register
these shares at any time commencing three months prior to the first anniversary
of the consummation of a Business Combination. The holders of the Sponsors
Shares or shares issued in payment of working capital loans are entitled to
demand that the Company register these securities at any time after the Company
consummates a Business Combination. In addition, the Sponsors have certain
piggyback registration rights on registration statements filed after the
Companys consummation of a Business Combination.

The Company entered into an agreement with the underwriters of
the Offering (the Underwriting Agreement). Pursuant to the Underwriting
Agreement, the Company paid 2.25% of the gross proceeds of the Offering or
$1,687,500 as underwriting discounts and commissions upon closing of the
Offering.

The Company will also pay the underwriters in the Offering a
deferred underwriting discount (Deferred Commission) of 2.75% of the gross
proceeds of the Offering which is held in the Trust Account. The amount of any
aggregate Deferred Commissions paid to the underwriters will be reduced by the
amount of any Deferred Commission earned on shares of common stock which have
been converted or tendered prior to or in connection with the completion of an
initial Business Combination.

On the date of the Offering, the Company granted the
underwriters a 45 day option to purchase up to 1,125,000 shares to cover
over-allotments if any.

Note 5  Deferred Offering Costs

Deferred offering costs consist principally of
legal, accounting, underwriting fees and other costs incurred through the
balance sheet date that are directly related to the Offering and that were
charged to stockholders equity upon the receipt of the capital raised.

Note 6Notes Payable to Stockholders

The Company issued a $100,000 principal amount unsecured
promissory note to the Companys officers on April 20, 2011. The notes were
non-interest bearing and payable on the earliest to occur of (i) April 27, 2013,
as amended pursuant to a note amendment dated April 13, 2012, (ii) the
consummation of the Offering or (iii) the date on which the Company determined
not to proceed with the Offering. Due to the short-term nature of the notes, the
fair value of the notes approximated their carrying amount. The Company repaid
the notes from the proceeds of the Offering that were not placed in the Trust
Account.

8

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|Hyde Park Acquisition Corp. II         
|---------------------------------------
|(A Company in the Development Stage)   
|                                       
|Notes to Condensed Financial Statements

Note 7 Commitments

The Company presently occupies office space provided by an
affiliate of the Companys Chief Executive Officer. Such affiliate has agreed
that, until the Company consummates a Business Combination or is required to be
liquidated, it will make such office space, as well as certain office and
secretarial services, available to the Company, as may be required by the
Company from time to time. The Company has agreed to pay such affiliate an
aggregate of $10,000 per month for such services commencing on August 1, 2012.

Note 8 Stockholders Equity

Preferred Stock

The Company is authorized to issue 1,000,000 shares of
preferred stock with a par value of $0.0001 per share with such designation,
rights and preferences as may be determined from time to time by the Companys
board of directors. As of June 30, 2012, there are no shares of preferred stock
issued or outstanding.

Common Stock

The Company is authorized to issue 50,000,000 shares of common
stock with a par value of $0.0001 per share. In connection with the organization
of the Company, on April 28, 2011, a total of 2,524,391 shares of the Companys
common stock were sold to the Sponsors at a price of approximately $0.01 per
share for an aggregate of $25,000 (the Founders Shares). Effective July 1,
2011, the Companys Board of Directors authorized a stock dividend of
approximately 0.139 shares for each outstanding share of common stock. On
October 26, 2011, the Sponsors contributed an aggregate of 718,750 shares of the
Companys common stock to the Companys capital at no cost to the Company,
resulting in the Sponsors owning an aggregate of 2,156,250 shares of common
stock (Founders Shares). After the effect of the stock dividend and the
contribution, the Sponsors shares include an aggregate of 281,250 shares
subject to forfeiture if the over-allotment option is not exercised by the
underwriters. As of June 30, 2012, a total of 2,156,250 shares were issued and
outstanding.

The Founder Shares were placed into an escrow account
maintained by Continental Stock Transfer & Trust Company, acting as escrow
agent. Subject to certain limited expectations, these shares will not be
transferable during the escrow period. Such shares will be released from escrow
on the first anniversary of the closing date of the initial Business
Combination.

9

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Item 2. Managements Discussion and Analysis.

Forward-Looking Statements

This Quarterly Report on Form 10-Q includes forward-looking
statements within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the
Exchange Act). We have based these forward-looking statements on our current
expectations and projections about future events. These forward-looking
statements are subject to known and unknown risks, uncertainties and assumptions
about us that may cause our actual results, levels of activity, performance or
achievements to be materially different from any future results, levels of
activity, performance or achievements expressed or implied by such
forward-looking statements. In some cases, you can identify forward-looking
statements by terminology such as may, should, could, would, expect,
plan, anticipate, believe, estimate, continue, or the negative of such
terms or other similar expressions. Factors that might cause or contribute to
such a discrepancy include, but are not limited to, those described in our other
Securities and Exchange Commission (SEC) filings. References to we, us,
our or the Company are to Hyde Park Acquisition Corp. II, except where the
context requires otherwise. The following discussion should be read in
conjunction with our condensed financial statements and related notes thereto
included elsewhere in this report.

Overview

We are a blank check company in the development stage, formed
on February 24, 2011 to serve as a vehicle to effect a merger, capital stock
exchange, asset acquisition, stock purchase, plan of arrangement,
recapitalization, reorganization or other similar business combination with one
or more businesses or entities. We do not have any specific initial business
transaction under consideration, but we are actively searching for a target
business.

We presently have no revenue, have had losses since inception
from incurring formation costs and have no other operations other than the
active solicitation of a target business with which to complete a business
combination. We have relied upon the sale of our securities and loans from our
officers and directors to fund our operations.

The registration statement for our initial public offering
(Offering) was declared effective on August 1, 2012. We consummated the
Offering on August 7, 2012 and received proceeds net of underwriters discount of
$73,312,500 and simultaneously raised $6,937,500 through the issuance of shares
of common stock (Sponsors Shares) to the Companys initial stockholders
(collectively, the Sponsors) in a private placement (Private Placement). Our
management has broad discretion with respect to the specific application of the
net proceeds of the offering and Sponsors Shares, although substantially all of
the net proceeds are intended to be generally applied toward consummating a
business combination with one or more businesses or entities.

Upon the closing of the Offering, $78,750,000 ($10.50 per share
sold in the Offering (Public Share), including the proceeds of the private
placement of the Sponsors Shares, is held in a trust account (Trust Account)
and will be invested in United States government treasury bills having a
maturity of 180 days or less or in money market funds meeting certain
conditions.

Results of Operations

We have neither engaged in any business operations nor
generated any revenues to date. Our entire activity from inception up to the
closing of our Offering on August 7, 2012 was in preparation for that event.
Subsequent to the Offering, our activity has been limited to the evaluation of
business combination candidates, and we will not be generating any operating
revenues until the closing and completion of our initial business combination.
We expect to generate small amounts of non-operating income in the form of
interest income on cash and cash equivalents. Interest income is not expected to
be significant in view of current low interest rates on risk-free investments
(treasury securities). We expect to incur increased expenses as a result of
being a public company (for legal, financial reporting, accounting and auditing
compliance), as well as for due diligence expenses. We expect our expenses to
increase substantially after this period.

We incurred net losses of $3,384 and $5,163 for the three
months ended June 30, 2012 and 2011 respectively. We incurred net losses of
$3,590 and $3,403 for the six months ended June 30, 2012 and the period from
February 24, 2011 (inception) through June 30, 2011 respectively. Total net
losses incurred from February 24, 2011 (inception) through June 30, 2012 were
$11,812. Until we enter into a business combination, we will not have revenues.

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Liquidity and Capital Resources

As of June 30, 2012, we had $2,337 in cash and cash
equivalents. Our liquidity needs through June 30, 2012 were satisfied through
the receipt of $25,000 from the sale of the founders shares, and loans from our
officers in an aggregate amount of $100,000.

Of the proceeds of the Offering, net of commissions, of
$73,712,500 and the proceeds of the private placement of $6,937,500, $78,750,000
was placed into the Trust Account. From the proceeds that were not placed into
the Trust Account, $100,000 was used to pay off the notes payable to
stockholders, and approximately $400,000 was used to pay expenses related to the
Offering.

We intend to use substantially all of the net proceeds of the
offering and the private placement described above, including the funds held in
the trust account, to acquire a target business and to pay our expenses relating
thereto. To the extent that our capital stock is used in whole or in part as
consideration to affect our initial business combination, the remaining proceeds
held in the trust account as well as any other net proceeds not expended will be
used as working capital to finance the operations of the target business. Such
working capital funds could be used in a variety of ways including continuing or
expanding the target business operations, for strategic acquisitions and for
marketing, research and development of existing or new products. Such funds
could also be used to repay any operating expenses or finders fees which we had
incurred prior to the completion of our initial business combination if the
funds available to us outside of the trust account were insufficient to cover
such expenses.

We believe that, upon consummation of this offering, the net
proceeds not held in the trust account, plus the interest earned on the trust
account balance (net of income, and other tax obligations) that may be released
to us to fund our working capital requirements which we anticipate will be
approximately $375,000, will be sufficient to allow us to operate for at least
the next 21 months, assuming that a business combination is not consummated
during that time. Over this time period, we will be using these funds for
identifying and evaluating prospective acquisition candidates, performing
business due diligence on prospective target businesses, traveling to and from
the offices, plants or similar locations of prospective target businesses,
reviewing corporate documents and material agreements of prospective target
businesses, selecting the target business to acquire and structuring,
negotiating and consummating the business combination. We anticipate that we
will incur approximately:

- $300,000 of expenses for the search for target businesses and for the
  legal, accounting and other third-party expenses attendant to the due
  diligence investigations, structuring and negotiating of our initial business
  combination;
- $200,000 of expenses for the due diligence and investigation of a target
  business by our officers, directors and sponsors;
- $110,000 of expenses in legal and accounting fees relating to our SEC
  reporting obligations;
- $210,000 for the payment of the administrative fee to ProChannel
  Management LLC (of $10,000 per month for up to 21 months); and
- $555,000 for general working capital that will be used for miscellaneous
  expenses, liquidation obligations and reserves, including director and officer
  liability insurance premiums

If our estimates of the costs of undertaking in-depth due
diligence and negotiating our initial business combination is less than the
actual amount necessary to do so, or the amount of interest available to us from
the trust account is less than we expect as a result of the current interest
rate environment, we may have insufficient funds available to operate our
business prior to our initial business combination. Moreover, we may need to
obtain additional financing either to consummate our initial business
combination or because we become obligated to redeem a significant number of our
public shares upon consummation of our initial business combination, in which
case we may issue additional securities or incur debt in connection with such
business combination. Subject to compliance with applicable securities laws, we
would only consummate such financing simultaneously with the consummation of our
initial business combination. In the current economic environment, it has become
especially difficult to obtain acquisition financing. Following our initial
business combination, if cash on hand is insufficient, we may need to obtain
additional financing in order to meet our obligations.

Off-Balance Sheet Arrangements

We did not have any off-balance sheet arrangements as of June
30, 2012.

11

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Item 3. Quantitative and Qualitative Disclosures About
Market Risk

The net proceeds of our initial public offering, including
amounts in the Trust Account, have been invested in U.S. government treasury
bills with a maturity of 180 days or less. Due to the short-term nature of these
investments, we believe there will be no associated material exposure to
interest rate risk.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Under the supervision and with the participation of our
management, including our principal executive and financial officer, we
conducted an evaluation of the effectiveness of our disclosure controls and
procedures as of the end of the fiscal quarter ended June 30, 2012, as such term
is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act. Based on
this evaluation, our principal executive officer and principal financial officer
have concluded that during the period covered by this report, our disclosure
controls and procedures were effective.

Disclosure controls and procedures are designed to ensure that
information required to be disclosed by us in our Exchange Act reports is
recorded, processed, summarized, and reported within the time periods specified
in the SECs rules and forms, and that such information is accumulated and
communicated to our management, including our principal executive officer and
principal financial officer or persons performing similar functions, as
appropriate to allow timely decisions regarding required disclosure.

Changes in Internal Control over Financial Reporting

There was no change in our internal control over financial
reporting that occurred during the fiscal quarter of 2012 covered by this
Quarterly Report on Form 10-Q that has materially affected, or is reasonably
likely to materially affect, our internal control over financial reporting.

12

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PART II−OTHER INFORMATION

Item 2. Unregistered Sales of Equity Securities and Use of
Proceeds

In April 2011, we issued 2,524,391 shares of common stock to
our sponsors for $25,000 in cash, at a purchase price of approximately $0.01
share, in connection with our organization, as follows:

|                                          |  | Number of |  |                                                                            | 
|----------------------------------------- |  | --------- |  | -------------------------------------------------------------------------- | 
|Name                                      |  | Shares    |  | Relationship to Us                                                         | 
|Laurence S. Levy                          |  | 1,166,008 |  | Executive Chairman of the
      Board, Chief Executive Officer and Sponsor | 
|Edward Levy                               |  | 583,034   |  | Executive Vice Chairman of the Board, President
      and Sponsor          | 
|Knott Partners, LP                        |  | 268,160   |  | Sponsor                                                                    | 
|Knott Partners Offshore Master Fund, L.P. |  | 152,069   |  | Sponsor                                                                    | 
|Shoshone Partners, L.P.                   |  | 80,679    |  | Sponsor                                                                    | 
|Mulsanne Partners, L.P.                   |  | 33,221    |  | Sponsor                                                                    | 
|David M. Knott                            |  | 137,840   |  | Sponsor                                                                    | 
|Matthew Campbell                          |  | 68,920    |  | Sponsor                                                                    | 
|Greg Rice                                 |  | 34,460    |  | Sponsor                                                                    | 

In May 2011, Edward Levy transferred an aggregate of 51,230
shares to Walter McLallen at the same purchase price originally paid by him for
such shares. In June 2011, Laurence S. Levy transferred an aggregate of 583,004
shares to NMJ Trust II, a trust established for the benefit of Mr. Levys minor
children.

In July 2011, we effected a stock dividend of approximately
0.139 shares for each outstanding share of common stock.

13

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In October 2011, our sponsors contributed an aggregate of
718,750 shares of our common stock to our capital, resulting in our sponsors
owning an aggregate of 2,156,250 founders shares. The sponsors received no
consideration for this contribution. Such contribution was made solely to
maintain the sponsors collective 20% ownership interest in our shares of common
stock based on the current size of our initial public offering. Thereafter, our
sponsors transferred an aggregate of 534,502 shares to certain third parties in
private transfers at the same price originally paid by the sponsors for the
transferred shares. In July 2012, Mr. Levy and NMJ Trust II each transferred an
aggregate of 133,060 shares to The Springbok Irrevocable Trust in private
transfers at the same price originally paid by the sponsors for the transferred
shares. The current ownership of our shares of common stock is as follows:

|                                          |  | Number of |  |                                                                            | 
|----------------------------------------- |  | --------- |  | -------------------------------------------------------------------------- | 
|Name                                      |  | Shares    |  | Relationship to Us                                                         | 
|Laurence S. Levy                          |  | 250,000   |  | Executive Chairman of the
      Board, Chief Executive Officer and Sponsor | 
|NMJ Trust II                              |  | 250,000   |  | Affiliate of Laurence S. Levy                                              | 
|The Springbok Irrevocable Trust           |  | 266,120   |  | Affiliate of Laurence S. Levy                                              | 
|Edward Levy                               |  | 358,522   |  | Executive Vice Chairman of the Board, President
      and Sponsor          | 
|Walter McLallen                           |  | 24,539    |  | Sponsor                                                                    | 
|Knott Partners, LP                        |  | 162,172   |  | Sponsor                                                                    | 
|Knott Partners Offshore Master Fund, L.P. |  | 91,966    |  | Sponsor                                                                    | 
|Shoshone Partners, L.P.                   |  | 48,791    |  | Sponsor                                                                    | 
|David M. Knott                            |  | 83,077    |  | Sponsor                                                                    | 
|Matt Campbell                             |  | 103,846   |  | Sponsor                                                                    | 
|Greg Rice                                 |  | 27,692    |  | Sponsor                                                                    | 
|Steve Tananbaum                           |  | 209,797   |  | Sponsor                                                                    | 
|Calm Waters Partnership                   |  | 38,851    |  | Sponsor                                                                    | 
|Shelley Bergman                           |  | 31,081    |  | Sponsor                                                                    | 
|Richard Shuster                           |  | 34,966    |  | Sponsor                                                                    | 
|Gregory Weiss                             |  | 3,885     |  | Sponsor                                                                    | 
|1837 Partners LP                          |  | 16,650    |  | Sponsor                                                                    | 
|1837 Partners QP, LP                      |  | 13,562    |  | Sponsor                                                                    | 
|1837 Partners Ltd.                        |  | 8,639     |  | Sponsor                                                                    | 
|Barkley J. Stuart Revocable Trust         |  | 15,541    |  | Sponsor                                                                    | 
|Diamond Jack Irrevocable Trust            |  | 15,540    |  | Sponsor                                                                    | 
|Nicola Ziman                              |  | 15,541    |  | Sponsor                                                                    | 
|James Greenberg                           |  | 15,541    |  | Sponsor                                                                    | 
|Richard Klapow                            |  | 23,311    |  | Director and Sponsor                                                       | 
|Jason Grant                               |  | 23,310    |  | Director and Sponsor                                                       | 
|Mark Dalton                               |  | 23,310    |  | Director and Sponsor                                                       | 

All such shares were issued in connection with our organization
pursuant to the exemption from registration contained in Section 4(2) of the
Securities Act as they were sold to accredited investors.

14

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On August 7, 2012, we consummated our initial public offering
of 7,500,000 shares of common stock. The shares were sold at an offering price
of $10.00 per share, generating gross proceeds of $75,000,000. Deutsche Bank
Securities Inc. acted as the sole book-running manager of the initial public
offering. EarlyBirdCapital, Inc. served as a co-manager. The shares sold in the
offering were registered under the Securities Act of 1933 on a registration
statement on Form S-1 (No. 333-174030). The Securities and Exchange Commission
declared the registration statement effective on August 1, 2012.

Simultaneously with the consummation of the initial public
offering, we consummated the private placement of 693,750 shares of common stock
at $10.00 per share, generating total proceeds of $6,937,500. These issuances
were made pursuant to the exemption from registration contained in Section 4(2)
of the Securities Act.

We paid a total of $1,687,500 in underwriting discounts and
commissions (not including deferred fees) and $190,650 for other costs and
expenses related to the offering.

After deducting the underwriting discounts and commissions and
the offering expenses, the total net proceeds to us from the offering and sale
of Sponsors Shares were $80,059,350. Of this amount, $78,750,000 we received
from the sale of shares in the offering and private placement of sponsors
shares was deposited into the trust account.

For a description of the use of the proceeds generated in our
initial public offering, see Part I, Item 2 of this Form 10-Q.

15

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Item 6. Exhibits.

|Exhibit No. | Description                                                                                                                                
|----------- | -------------------------------------------------------------------------------------------------------------------------------------------
|31          | Certification of Chief
      Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of
      2002.                            
|32          | Certification of Chief Executive Officer and
      Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act
      of 2002.

16

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SIGNATURES

In accordance with the requirements of the Exchange Act, the
registrant caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.

HYDE PARK ACQUISITION CORP. II

By: /s/ Laurence S.
LevyLaurence S. Levy Chief Executive Officer (Principal
executive officer and principal financial and accounting officer)

Date: September 14, 2012

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