Leapfrog Acquisition Corp (LFAC, LFACW) said Friday it priced its initial public offering of 12.5 million units at $10 each for expected gross proceeds of $125 million.

The units are expected to begin trading on Friday on the Nasdaq Global Market under the symbol LFACU, the company said.

Leapfrog is a blank-check company formed to carry out a merger, share exchange, asset purchase, or similar business combination with one or more businesses, it said.

Each unit includes one class A ordinary share and one-half of a redeemable warrant exercisable at $11.50 per share within five years of completing an initial business combination, Leapfrog said.

Once the components trade separately, the shares and warrants are expected to list on Nasdaq under the symbols LFAC and LFACW, respectively, it added.