Ribbon Acquisition said late Tuesday it has priced an initial public offering of 5 million units at $10 per unit.

Each unit consists of one ordinary share and one right to receive a seventh of an ordinary share upon consummation of an initial business combination, the blank-check company said.

The units are expected to begin trading Wednesday on Nasdaq under the ticker symbol "RIBBU" and the offering is expected to close Thursday, the company said.

Once the securities begin separate trading, the shares and rights are expected to trade under the symbols "RIBB" and "RIBBR," respectively, the company said.

Ribbon Acquisition has granted underwriters a 45-day option to purchase up to 750,000 units to cover any over-allotments.