Bowman Consulting Group Ltd. (NASDAQ:BWMN) (“Bowman”), a national engineering services firm supporting owners and developers of the built environment, announced today that it has publicly filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission (the “SEC”) relating to a proposed follow-on public offering of 1,776,650 shares of its common stock along with 406,100 shares of its common stock being sold by certain existing stockholders of Bowman. Bowman has granted the underwriters a 30-day option to purchase up to an additional 15% of shares of the total common stock sold in the offering at the offering price, less underwriting discounts, and commissions, to cover over-allotments, if any.
Bowman also announced that it is reaffirming the guidance for the full year 2021 included in its press release, dated November 10, 2021, as furnished in its Current Report on Form 8-K filed on November 12, 2021. Bowman currently expects to report its 2021 financial results in mid-March 2022.
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. Bowman will not receive any proceeds from the sale of shares by the selling stockholders. The proposed offering is subject to market and other conditions, and there can be no assurance as to whether or when the proposed offering may be completed, or as to the actual size or terms of the offering.
