Futurewave Acquisition (FWACU) completed its initial public offering of 8.6 million units at a price of $10 per unit, raising $86.3 million in gross proceeds, the company said late Friday.

The units began trading on Nasdaq under the ticker symbol "FWACU" on Thursday.

The shares, rights and warrants are expected to trade separately later under the tickers "FWAC," "FWACR," and "FWACW," respectively, the company said.