Bowman Consulting raises ~$47.3M net in public offering; CEO and COO sell shares

Bowman Consulting Group Ltd.

Company sold 1,502,942 shares at $34.00, net proceeds ~$47.3M after underwriting costs.
Selling stockholders (CEO Gary Bowman and COO Michael Bruen) sold 188,234 shares total; company received no proceeds.
Over-allotment option of 220,588 shares was exercised in full.
Net proceeds earmarked for organic expansion, potential acquisitions, and possible repayment of revolving credit facility.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Bowman Consulting Group Ltd. entered into Underwriting Agreement with BofA Securities, Inc. and Robert W. Baird & Co. Incorporated, as representatives of the underwriters valued at $34.00 per share (effective 2024-03-26).

Action: entry
Agreement: underwriting
Counterparty: BofA Securities, Inc. and Robert W. Baird & Co. Incorporated, as representatives of the underwriters
Value: $34.00 per share
Effective: 2024-03-26

Exact text from the filing

On March 26, 2024, Bowman Consulting Group Ltd. (the “Company”) entered into an underwriting agreement (the “Underwriting Agreement”) with BofA Securities, Inc. and Robert W. Baird & Co. Incorporated, as representatives of the underwriters named in the Underwriting Agreement (the “Underwriters”), and the attorney-in-fact on behalf of the selling stockholders, including 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, named in the Underwriting Agreement (the “Selling Stockholders”), relating to an underwritten public offering (the “Offering”) of its common stock, par value $0.01 per share (the “Common Stock”).

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395 material agreements filed in the last 30 days. Browse all material agreements →

Bowman Consulting Group Ltd. filing history →

Source: SEC EDGAR

accession 0001193125-24-083425

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