Bowman Announces Full Exercise and Closing of Underwriters’ Overallotment Option in Follow-On Public Offering
March 02 2022 - 4:03PM
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20220302006041/en/
Investor Relations Bruce Labovitz ir@bowman.com (703)
787-3403
Megan McGrath mmcgrath@finprofiles.com (310) 622-8248
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