Business
Bowman Announces Launch of Public Offering of Common Stock
RESTON, Va.--(BUSINESS WIRE)-- Bowman Consulting Group Ltd. (the “Company” or “Bowman”) (NASDAQ: BWMN), a national engineering and infrastructure services
About this update from Bowman Consulting Group Ltd.
[{"type":"text","content":" RESTON, Va.--(BUSINESS WIRE)--\nBowman Consulting Group Ltd. (the “Company” or “Bowman”) (NASDAQ: BWMN), a national engineering and infrastructure services firm supporting owners and developers of the built environment, announced today the commencement of an underwritten public offering of up to $50.0 million of shares of its common stock. The Company proposes to sell up to $45.0 million of shares of its common stock in the proposed offering, and the selling stockholders, Gary Bowman, the Company’s President, Chief Executive Officer and Chair of the board of directors (the “Board”) and Michael Bruen, the Company’s Executive Vice President and Chief Operating Officer and a director of the Board, are proposing to sell up to an aggregate of $5.0 million of shares of the Company’s common stock in the proposed offering. In addition, Bowman and the selling stockholders intend to grant the underwriters a 30-day option to purchase up to an aggregate of an additional $7.5 million of shares of the Company’s common stock at the price to the public, less underwriting discounts and commissions. The proposed offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed or as to the actual size or terms of the proposed offering. Bowman currently intends to use the net proceeds from the sale of its shares in the offering for general corporate purposes, including organic expansion, the funding of potential acquisitions and the potential repayment of borrowings outstanding under its revolving credit facility. The Company will not receive any proceeds from the sale of the shares by the selling stockholders.\n\n\nBofA Securities and Baird are acting as joint lead book-running managers for the proposed offering, and Roth Capital Partners is also acting as a joint book-running manager.\n\n\nA shelf registration statement relating to the shares being sold in this offering was filed with the U.S. Securities and Exchange Commission (the “SEC”) and became effective on December 8, 2023. The offering will be made only by means of a prospectus supplement and accompanying prospectus that form a part of the registration statement. A preliminary prospectus supplement and accompanying prospectus relating to the offering will be filed with the SEC and will be available for free on the SEC’s website l...