Pono Capital Four, a blank-check firm, said Thursday it has priced its initial public offering of 12 million units at $10 each for estimated gross proceeds of $120 million.

Underwriters have been granted a 45-day option to purchase up to 1.8 million additional units.

Each offered unit consists of one class A ordinary share and one right to receive a fraction of an additional share upon completing an initial business combination, the company said.

The units are set to trade on the Nasdaq Stock Market this Friday under the ticker symbol, "PONOU." Once the securities comprising the units begin trading separately, the class A shares will trade under the ticker symbol, "PONO," while the rights will share under the symbol, "PONOR."

The offering is set to close March 16.