An email has been sent to your address with instructions for changing your password.
There is no user registered with this email.
Sign Up
To create a free account, please fill out the form below.
Thank you for signing up!
A confirmation email has been sent to your email address. Please check your email and follow the instructions in the message to complete the registration process. If you do not receive the email, please check your spam folder or contact us for assistance.
Welcome to our platform!
Oops!
Something went wrong while trying to create your new account. Please try again and if the problem persist, Email Us to receive support.
Bowman Consulting Group Ltd. (BWMN) announced that underwriters exercised their option to purchase an additional 157,500 shares at $16.00 per share from its recent public offering, raising gross proceeds by approximately $2.5 million. The total shares sold increased to 1,057,500, totaling gross proceeds of about $16.9 million as of March 2, 2022. These proceeds will be utilized for general corporate purposes and potential acquisitions, supporting Bowman's growth and investment strategies.
Positive
Total gross proceeds from the follow-on offering increased to approximately $16.9 million.
Significant funds are intended for investment in organic growth and potential acquisitions, supporting future expansion.
Negative
None.
RESTON, Va.--(BUSINESS WIRE)--
Bowman Consulting Group Ltd. (Nasdaq: BWMN) (“Bowman”), a national engineering services firm supporting owners and developers of the built environment, announced today that the underwriters of its previously announced follow-on public offering of common stock have exercised their option to purchase an additional 157,500 shares from Bowman at the public offering price of $16.00 per share, resulting in additional gross proceeds to Bowman of approximately $2.5 million. After giving effect to the full exercise and close of the overallotment option, the total number of shares sold by Bowman in the follow-on offering increased to 1,057,500 shares and gross proceeds increased to approximately $16.9 million. The exercise of the overallotment option closed on March 2, 2022 and Bowman received additional net proceeds of approximately $2.4 million, after underwriting discounts and commissions.
Bowman intends to use the net proceeds from the sale of its shares in the offering for general corporate purposes, investment in organic growth, and the funding of potential acquisitions.
D.A. Davidson & Co. and B. Riley Securities acted as joint book-running managers for the offering. Greenberg Traurig, LLP served as legal counsel to Bowman and Akerman LLP served as legal counsel to the underwriters.
The offering of these securities was made only by means of a prospectus. Copies of the prospectus relating to this offering may be obtained from: D.A. Davidson & Co., Attention: Syndicate Department, 8 Third Street North, Great Falls, MT 59401, by telephone at (800) 332-5915 and by e-mail: ProspectusRequest@dadco.com; or B. Riley Securities, Inc., Attention: Prospectus Department, 1300 17th Street N., Suite 1300, Arlington, VA 22209, by telephone at (703) 312-9580 and by e-mail: Prospectuses@brileyfin.com.
A registration statement on Form S-1, as amended, relating to the sale of these securities was filed with, and declared effective by, the Securities and Exchange Commission. 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 under the securities laws of any such state or jurisdiction.
About Bowman Consulting Group Ltd.
Headquartered in Reston, Virginia, Bowman is an established professional services firm delivering innovative infrastructure engineering solutions to customers who own, develop, and maintain the built environment. With over 1,100 employees in 40 offices throughout the United States, Bowman provides a variety of infrastructure 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.
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 intended use of proceeds from the offering. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those described under “Risk Factors” in Bowman’s registration statement relating to the offering. 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.
What is the purpose of Bowman Consulting's recent public offering of stock (BWMN)?
Bowman Consulting intends to use the net proceeds from its stock offering for general corporate purposes, investment in organic growth, and funding potential acquisitions.
How much did Bowman Consulting raise from their follow-on public offering?
Bowman Consulting raised total gross proceeds of approximately $16.9 million from their follow-on public offering.
When did Bowman Consulting's underwriters exercise their option for additional shares?
The underwriters exercised their option to purchase additional shares on March 2, 2022.
