Black Spade Acquisition III (BIII) said late Monday it priced an initial public offering of 15 million units at $10 per unit.

Each unit of the blank check company consists of one class A ordinary share and one-third of one redeemable warrant exercisable at a price of $11.50 per share.

The underwriters have been granted a 45-day option to purchase up to 2.3 million shares.

The units are expected to debut on the New York Stock Exchange on Jan. 6 under the ticker "BIIIU".

The underlying securities will subsequently trade separately under the tickers "BIII" and "BIIIW" for stock and warrants, respectively.

Closing of the offering is expected to occur Wednesday, subject to customary closing conditions.