Armada Acquisition (AACIU) said late Thursday it completed a $230 million initial public offering of units.

The company said it sold 23 million units at $10 apiece in the IPO. Each unit comprises one class A ordinary share and one-half of one redeemable warrant.

The holder of one whole warrant is entitled to purchase one class A ordinary share at $11.50 per share, the company said.

Armada Acquisition's units started trading on Nasdaq on Wednesday. Upon the separate trading of the securities comprising the units, the Class A ordinary shares and warrants are expected to trade on Nasdaq under the tickers AACI and AACIW, respectively, the company said.