Bowman Consulting Group Ltd. (NASDAQ: BWMN), a prominent player in the engineering and infrastructure services sector, has announced the pricing of its public offering at $34.00 per share.
The offering comprises 1,323,530 shares issued by Bowman, alongside 147,058 shares from key insiders: President and CEO Gary Bowman, and Executive VP and COO Michael Bruen.
The company anticipates raising gross proceeds of approximately $45.0 million, which will be directed towards corporate growth initiatives, potential acquisitions, and debt reduction.
The underwriters have also been given an option to acquire an additional 220,588 shares, augmenting the potential influx of capital.
The transaction, managed by BofA Securities and Baird as joint lead book-runners, with Roth Capital Partners, D.A. Davidson & Co., and Craig-Hallum supporting, is slated for completion by April 1, 2024, hinging on standard closing conditions.
This financial maneuver underscores Bowman’s commitment to its long-term corporate vision, ensuring the company remains at the forefront of the industry.