Bowman Announces Launch of Public Offering of Common Stock
26 Marzo 2024 - 9:03PM
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 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.
BofA 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.
A 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 located at
http://www.sec.gov. When available, electronic copies of the
preliminary prospectus supplement and accompanying prospectus
relating to the proposed public offering may be obtained from BofA
Securities, Inc., Attention: Prospectus Department, NC1-022-02-25,
201 North Tryon Street, Charlotte, North Carolina 28255 or by email
at dg.prospectus_requests@bofa.com or Robert W. Baird & Co.
Incorporated, 777 E. Wisconsin Avenue, Milwaukee, Wisconsin 53202,
Attention: Syndicate Department, by telephone at (800) 792-2473, or
by email at syndicate@rwbaird.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
registration or qualification of these securities under the
securities laws of any such state or jurisdiction.
About Bowman Consulting Group Ltd.
Headquartered in Reston, Virginia, Bowman is a national
engineering services firm delivering infrastructure solutions to
customers who own, develop, and maintain the built environment.
With over 2,000 employees and more than 90 offices throughout the
United States, 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.
Bowman trades on the Nasdaq under the symbol BWMN.
Forward-Looking Statements
This press release contains forward-looking statements.
Forward-looking statements include all statements that are not
historical facts. The words “believe,” “may,” “will,” “estimate,”
“continue,” “anticipate,” “intend,” “expect” and similar
expressions are intended to identify forward-looking statements.
These forward-looking statements include any statements regarding
Bowman’s proposed offering, including the anticipated terms and
completion of the proposed offering. These forward-looking
statements are subject to a number of risks, uncertainties and
assumptions, including, without limitation, risks and uncertainties
related to market conditions, the risk that the proposed public
offering will not be consummated on the terms or in the amounts
contemplated or otherwise, and the satisfaction of customary
closing conditions related to the proposed public offering, as well
as those risks described under “Risk Factors” in the preliminary
prospectus related to the proposed offering and in Bowman’s annual
report on Form 10-K for the year ended December 31, 2023, as well
as the Company’s other subsequent filings with the SEC. Any
forward-looking statements contained in this press release speak
only as of the date hereof and, except as required by law, Bowman
specifically disclaims any obligation to update any of these
forward-looking statements to conform these statements to actual
results or revised expectations.
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version on businesswire.com: https://www.businesswire.com/news/home/20240326451099/en/
Investor Relations Contacts: Bruce Labovitz ir@bowman.com
(703) 464-1029
Betsy Patterson ir@bowman.com (310) 622-8227
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