Bowman Consulting Group Announces Partial Exercise of Underwriters’ Overallotment Option

Rhea-AI Summary

Bowman Consulting Group Ltd. (BWMN) announced the underwriters of its IPO have purchased an additional 115,925 shares at $14.00 each, generating approximately $1.6 million in gross proceeds. This increases the total shares sold to 3,805,925, raising total gross proceeds to around $53.3 million. The overallotment option is set to close on June 8, 2021, with net proceeds expected to be about $1.5 million after discounts. D.A. Davidson & Co. and B. Riley Securities served as joint bookrunners, while legal counsel was provided by Nelson Mullins and Akerman LLP.

Positive

• Additional gross proceeds of approximately $1.6 million from the sale of 115,925 shares.
• Total gross proceeds from the IPO increased to about $53.3 million.

Negative

• None.

Bowman Consulting Group Ltd. (the “Company” or “Bowman”) (Nasdaq: BWMN) today announced that the underwriters of its previously announced initial public offering of common stock have exercised their option to purchase an additional 115,925 shares at the public offering price of $14.00 per share, resulting in additional gross proceeds of approximately $1.6 million. After giving effect to the partial exercise of the overallotment option, the total number of shares sold by Bowman in the public offering increased to 3,805,925 shares and gross proceeds increased to approximately $53.3 million. The exercise of the overallotment option is expected to close on June 8, 2021, subject to customary closing conditions, at which time the Company expects to receive net proceeds of approximately $1.5 million after underwriting discounts and commissions.

D.A. Davidson & Co. and B. Riley Securities were joint bookrunners for the offering. Nelson Mullins Riley & Scarborough LLP served as legal counsel to Bowman and Akerman LLP served as legal counsel to the underwriters.

The offering of these securities is being 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 relating to these securities has been 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 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

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 750 employees and more than 30 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. On May 11, 2021, Bowman completed its $51.7 million initial public offering and began trading on the Nasdaq under the symbol BWMN. For more information, visit bowman.com.

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FAQ

What is the significance of the additional shares purchased by Bowman Consulting Group Ltd. (BWMN)?

The underwriters exercised their option, purchasing 115,925 additional shares, increasing gross proceeds to approximately $53.3 million.

When is the closing date for the additional share purchase by Bowman (BWMN)?

The closing date for the exercise of the overallotment option is expected to be June 8, 2021.

How much net proceeds is Bowman Consulting Group Ltd. (BWMN) expected to receive after the share offering?

Bowman expects to receive net proceeds of approximately $1.5 million after underwriting discounts and commissions.

Who were the joint bookrunners for Bowman's IPO (BWMN)?

D.A. Davidson & Co. and B. Riley Securities were the joint bookrunners for the initial public offering.