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Bowman Announces Authorization of Share Repurchase Program
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Neutral)
Tags
buyback
Rhea-AI Summary
Bowman Consulting Group Ltd. (BWMN) announced a $10 million share repurchase program, authorized by its Board of Directors on November 10, 2022. The program aims to enhance shareholder value while supporting the company’s strategic focus on organic and acquisitive growth. Repurchases will be based on various factors such as share price and market conditions. The program is flexible and may be modified or suspended at any time, emphasizing the company’s commitment to prudent capital allocation.
Positive
Authorization of a $10 million share repurchase program indicates confidence in the company's financial health.
Repurchase program aims to enhance shareholder value through potential EPS improvement.
Negative
None.
RESTON, Va.--(BUSINESS WIRE)--
Bowman Consulting Group Ltd. (Nasdaq: BWMN) (“Bowman” or the “Company”), a national engineering services firm supporting owners and developers of the built environment, today announced the authorization by its Board of Directors of a $10 million share repurchase program.
On November 10, 2022, the Company’s Board of Directors authorized a share repurchase program under which the Company may repurchase up to $10 million of Bowman’s common stock. The execution of the repurchase program will be consistent with the Company’s strategic initiatives which prioritizes investments in organic and acquisitive growth. The timing and amount of any share repurchases will be determined by management at its discretion based on several factors including share price, market conditions and capital allocation priorities. Shares may be repurchased from time to time through open market purchases, in privately negotiated transactions or by other means, including through the use of trading plans intended to qualify under Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, in accordance with applicable securities laws and other restrictions. The share repurchase program does not obligate Bowman to acquire a specific number of shares of common stock and may be suspended, modified, or discontinued at any time without notice.
About Bowman Consulting Group Ltd.
Headquartered in Reston, Virginia, Bowman is an established professional services firm delivering innovative engineering solutions to customers who own, develop, and maintain the built environment. With over 1,700 employees in 68 offices throughout the United States, Bowman provides a variety of planning, engineering, construction management, commissioning, environmental consulting, geomatics, survey, land procurement and other technical services to customers operating in a diverse set of regulated end markets. For more information, visit bowman.com or investors.bowman.com.
Forward-Looking Statements
This press release may contain “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. All statements contained in this press release other than statements of historical fact, including statements regarding our future results of operations and financial position, business strategy and plans and objectives for future operations, are forward-looking statements and represent our views as of the date of this press release. The words “anticipate”, “believe”, “continue”, “estimate”, “expect”, “intend”, “may”, “will”, “goal” and similar expressions are intended to identify forward-looking statements. We have based these forward-looking statements on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives and financial needs, These forward-looking statements are subject to several assumptions and risks and uncertainties, many of which involve factors or circumstances that are beyond our control that could affect our financial results. The Company cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward-looking statements contained in this news release. Such factors include: (a) changes in demand from the local and state government and private clients that we serve; (b) general economic conditions, nationally and globally, and their effect on the market for our services; (c) competitive pressures and trends in our industry and our ability to successfully compete with our competitors; (d) changes in laws, regulations, or policies; and (e) the “Risk Factors” set forth in the Company’s most recent SEC filings. Considering these risks, uncertainties and assumptions, the future events and trends discussed in this press release may not occur and actual results could differ materially and adversely from those anticipated or implied in any forward-looking statements. Except as required by law, we are under no obligation to update these forward-looking statements after the date of this press release, or to update the reasons if actual results differ materially from those anticipated in the forward-looking statements.
What is the purpose of Bowman's $10 million share repurchase program?
The $10 million share repurchase program aims to enhance shareholder value and supports the company's strategic focus on growth.
When was the share repurchase program authorized for Bowman Consulting Group Ltd.?
The share repurchase program was authorized on November 10, 2022.
How will the share repurchase be executed for BWMN stock?
The share repurchase may be executed through open market purchases, privately negotiated transactions, or other means based on management's discretion.
Can Bowman modify or suspend its share repurchase program?
Yes, the share repurchase program can be suspended, modified, or discontinued at any time without notice.
What factors will influence Bowman's share repurchase decisions?
Factors influencing repurchase decisions include share price, market conditions, and capital allocation priorities.
