Bowman Announces Pricing of Public Offering of Common Stock
27 Marzo 2024 - 4:35AM
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 $34.00
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 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. Gross
proceeds to Bowman from the offering are expected to be
approximately $45.0 million, before deducting underwriting
discounts and commissions and estimated offering expenses. Bowman
and the selling stockholders have granted the underwriters an
option to purchase up to an additional 220,588 shares of common
stock at the public offering price, less underwriting discounts and
commissions. 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. D.A. Davidson & Co. is acting
as lead co-manager for the offering, and Craig-Hallum is acting as
a co-manager.
A shelf registration statement relating to the shares being sold
in the offering was filed with the U.S. Securities and Exchange
Commission (the “SEC”) and became effective on December 8, 2023.
The offering is being 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 were filed with the SEC and a
final 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. Copies of
the final prospectus supplement and the accompanying prospectus,
when available, 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 risks and uncertainties
related to the satisfaction of customary closing conditions related
to the public offering, the terms of the offering, and the
Company’s anticipated use of the net proceeds from the 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
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/20240326560859/en/
Investor Relations Contacts: Bruce Labovitz ir@bowman.com
(703) 464-1029
Betsy Patterson ir@bowman.com (310) 622-8227
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