Bowman slides on pricing $50 mln stock offering

Bowman Consulting

27/03/2024 12:30

** Shares of Bowman Consulting Group  BWMN.O  down 10.1% at
$35.50 premarket after engineering services firm's overnight
stock offering priced
    ** Co late Tues announced ~1.47 mln shares at $34, 13.9%
discount to last sale, for $50 mln total deal size
    ** Co offered ~1.3 mln shares, while founder/CEO Gary Bowman
and COO Michael Bruen offloaded the balance
    ** CEO Bowman is largest shareholder with ~2.6 mln shares,
or 17% stake
    ** Co intends to use net proceeds it receives for general
purposes, including organic expansion, potential acquisitions
and potential debt repayment
    ** BofA and Baird are jt lead bookrunners for offering,
joined by Roth Capital
    ** Through Tues, BWMN up 11% YTD following ~63% gain in 2023

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))