Bowman Announces Pricing of Public Offering of Common Stock
Summary
--(BUSINESS WIRE)-- Bowman 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 pricing of its previously announced underwritten public offering at a public offering price of per share. A total of 1,323,530 shares of common stock are being sold by Bowman and 147,058 shares of common stock are being sold by the selling stockholders, Gary Bowman, the Companys President, Chief Executive Officer and Chair of the board of directors (the Board) and Michael Bruen, the Companys Executive Vice President and Chief Operating Officer and a director of the Board. The offering is expected to close on April 1, 2024, subject to customary closing conditions.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. Bowman will not receive any proceeds from the sale of shares of common stock by the selling stockholders.BofA Securities and Baird are acting as joint lead book-running managers for the offering, and Roth Capital Partners is also acting as a joint book-running manager. With over 2,000 employees and more than 90 offices throughout , Bowman provides a variety of planning, engineering, geospatial, construction management, commissioning, environmental consulting, land procurement and other technical services to customers operating in a diverse set of regulated end markets.
Funding
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