Armada Acquisition Corp. III said Tuesday it has priced its initial public offering of 22.5 million units at $10 per unit for gross proceeds of $225 million.

Underwriters have been granted a 45-day option to purchase up to about 3.4 million additional units.

Each unit consists of one share and half of a warrant to purchase a share at a price of $11.50 per share, the company said.

The units are expected to be listed on Nasdaq and begin trading under the ticker symbol, "AACIU" beginning Wednesday, the blank-check company said.

Once the shares and warrants begin separate trading, they will be listed as "AACI" and "AACIW," respectively, the company said.

The offering is set to close Thursday.