Phaos Technology (POAS) said Thursday it has priced its initial public offering of 3,600,090 class A ordinary shares at $4.00 per share.

The company said it is offering 2.7 million of the shares for expected gross proceeds of $10.8 million, while certain selling shareholders are offering 900,090 of the shares. The company said it will not receive any proceeds from any sale of shares by the selling shareholders.

Underwriters have been granted a 45-day option to acquire as much as an additional 405,000 shares at the offering price to cover any over-allotments, the company said.

Phaos Technology said the shares are expected to begin trading on the NYSE American under the ticker symbol "POAS" Thursday, and the offering is expected to close Friday.