Willow Lane Acquisition Corp. II said Thursday it has priced its initial public offering of 12.5 million units at $10 per unit, for estimated gross proceeds of $125 million.

Underwriters have been granted a 45-day option to purchase up to about 1.9 million additional units.

The units are expected to begin trading on the Nasdaq Global Market this Friday under the ticker symbol, "WLIIU."

Each unit is comprised of one Class A ordinary share and one-fourth of a redeemable warrant to purchase an additional share at $11.50, Willow Lane Acquisition said.

Once the securities constituting the units begin separate trading, the class A ordinary shares will trade on Nasdaq under the symbol, WLII," while the warrants will trade under the symbol, "WLIIW."

The offering is set to close Feb. 17.