Bowman Consulting announces $50M common stock offering

Bowman Consulting Group announced the commencement of an underwritten public offering of up to $50M of shares of its common stock. The company proposes to sell up to $45M of shares of its common stock in the proposed offering, and the selling stockholders, Gary Bowman, the company’s president, CEO and chair of the board and Michael Bruen, the company’s executive VP and COO and a director of the board, are proposing to sell up to an aggregate of $5M of shares of the company’s common stock in the proposed offering. Bowman currently intends to use the net proceeds from the sale of its shares in the offering for general corporate purposes, including organic expansion, the funding of potential acquisitions and the potential repayment of borrowings outstanding under its revolving credit facility. The company will not receive any proceeds from the sale of the shares by the selling stockholders. BofA Securities and Baird are acting as joint lead book-running managers for the proposed offering, and Roth Capital Partners is also acting as a joint book-running manager.