Bowman Consulting Group Authorizes an Increase in Share Repurchase Program

On November 29, 2024, Bowman Consulting Group Ltd. (NASDAQ:BWMN) disclosed in a Form 8-K filing that its Board of Directors has sanctioned an escalation in the company’s common stock repurchase initiative. The augmentation extends the repurchase program from the initial $25 million to a new cap of up to $35 million. According to the filing, this buyback program will be active until July 31, 2025. As of the specified date of the announcement, the prior authorization from August 2024 had $6 million remaining, leaving approximately $16 million available under the expanded authorization.

Bowman indicated in the disclosure that the common stock may be procured intermittently based on market conditions. The shares could be purchased through open market transactions or within one or multiple trading schemes structured to adhere to Rule 10b5-1 under the Securities Exchange Act of 1934, as revised. However, the plan does not bind the company to repurchase a specific number or value of shares and retains the discretion to suspend the repurchase at any given time.

The company additionally furnished a press release as Exhibit 99.1 in conjunction with the report to the SEC. The release, dated December 2, 2024, reiterated the expanded authorization of Bowman’s share repurchase program. Bowman expressed its intention to pursue organic and strategic growth ventures while contemplating factors such as market conditions, share price, and capital allocation priorities in determining the timing and extent of repurchases.

Bowman Consulting Group, headquartered in Reston, Virginia, is a national provider of engineering services catering to infrastructure solutions for clients involved in the built environment. With a workforce exceeding 2,300 employees and a network of over 95 offices across the United States, Bowman delivers an array of services including planning, engineering, geospatial, construction management, commissioning, and environmental consulting.

The company trades on the Nasdaq Global Market under the symbol BWMN. Additional details about Bowman Consulting Group Ltd. can be found on their website at bowman.com or investors.bowman.com.

The SEC filing also included cautionary language regarding forward-looking statements. Bowman advised that actual results could diverge from the anticipated outcomes due to various uncontrollable factors and circumstances. Factors such as alterations in demand, economic conditions, competition, legislative modifications, and risks detailed in the Company’s SEC filings could affect the accuracy of forward-looking statements.

Investor relations inquiries can be directed to Bruce Labovitz at [email protected] or by calling (703) 787-3403. Betsy Patterson can also be reached at [email protected] or (310) 622-8227.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Bowman Consulting Group’s 8K filing here.

Bowman Consulting Group Company Profile

Bowman Consulting Group Ltd. provides a range of real estate, energy, infrastructure, and environmental management solutions in the United States. It offers civil and site engineering services, such as conceptual land planning, environmental consulting and permitting, planning/zoning and entitlements, roadway and highway designs, erosion and sediment designs, stormwater management designs, construction administration, traffic studies, floodplain studies, and utility relocation designs; and commissioning and energy efficiency services comprise construction observation, direct systems functional performance testing, system development readiness checklist, post occupancy review, review of construction documents, deferred/seasonal functional testing, final commissioning report, and commissioning review of submittals.