RedCloud said Tuesday it launched a proposed initial public offering of 11 million shares, with the IPO price currently expected at between $4 and $6 per share.

Underwriters will be granted a 30-day option to purchase up to 1.7 million additional shares, the company said.

The company said it plans to list its shares on the Nasdaq Capital Market under the "RCT" ticker symbol.

Net proceeds from the offering will be used for AI capabilities' development, platform upgrade investments, to repay debts, and for working capital and general purposes, according to the company.