HCM III Acquisition said Thursday it has priced its initial public offering of 22 million units at $10 per unit.

Each unit consists of one class A ordinary share and one-third of a redeemable warrant.

Underwriters have been granted a 45-day option to purchase up to 3.3 million additional units.

The units will be listed on the Nasdaq Global Market and will begin trading this Friday, under the ticker symbol "HCMAU."

Each whole warrant is exercisable to purchase one class A ordinary share at a price of $11.50 per share.

Once the securities comprising the units begin trading separately, the class A ordinary shares and warrants are expected to be listed on the Nasdaq under the symbols "HCMA" and "HCMAW," respectively.