Bowman Announces Authorization of an Increase in its Share Repurchase Program
August 16 2024 - 6:00AM
Business Wire
Bowman Consulting Group Ltd. (NASDAQ:BWMN) (“Bowman” or the
“Company”), a national engineering services firm supporting owners
and developers of the built environment, today announced that its
Board of Directors authorized an increase to its previously
announced share repurchase program from $10 million to up to $25
million (of which $20.8 million remains available) and extended the
termination date of the share repurchase program from November 16,
2024 to August 31, 2025.
The Company intends to continue to invest in organic and
strategic acquisitive growth initiatives. The timing and amount of
any share repurchases will be determined by management at its
discretion based on several factors including share price, market
conditions and capital allocation priorities. Shares may be
repurchased from time to time through open market purchases, in
privately negotiated transactions or by other means, including the
use of trading plans intended to qualify under Rule 10b5-1 under
the Securities Exchange Act of 1934, as amended, in accordance with
applicable securities laws and other restrictions. The share
repurchase program does not obligate Bowman to acquire a specific
number of shares of common stock and may be suspended, modified, or
discontinued at any time without notice.
About Bowman Consulting Group Ltd.
Headquartered in Reston, Virginia, Bowman is a national
engineering services firm delivering infrastructure solutions to
customers who own, develop, and maintain the built environment.
With over 2,200 employees and more than 90 offices throughout the
United States, Bowman provides a variety of planning, engineering,
geospatial, construction management, commissioning, environmental
consulting, land procurement and other technical services to
customers operating in a diverse set of regulated end markets.
Bowman trades on the Nasdaq under the symbol BWMN. For more
information, visit bowman.com or investors.bowman.com.
Forward-Looking Statements
This press release may contain “forward-looking statements”
within the meaning of the safe harbor provisions of the U.S.
Private Securities Litigation Reform Act of 1995. All statements
contained in this press release other than statements of historical
fact, including statements regarding the date of commencement and
expiry of the share repurchase program, the amount of shares to be
repurchased, the methods of such repurchases, if any, pursuant to
the share repurchase program and the anticipated execution of the
repurchase program consistent with the Company’s strategic
initiatives described above are forward-looking statements and
represent our views as of the date of this press release. The words
“anticipate”, “believe”, “continue”, “estimate”, “expect”,
“intend”, “may”, “will”, “goal” and similar expressions are
intended to identify forward-looking statements. We have based
these forward-looking statements on our current expectations and
projections about future events and financial trends that we
believe may affect our financial condition, results of operations,
business strategy, short-term and long-term business operations and
objectives and financial needs, These forward-looking statements
are subject to several assumptions and risks and uncertainties,
many of which involve factors or circumstances that are beyond our
control that could affect our financial results. The Company
cautions that these statements are qualified by important factors
that could cause actual results to differ materially from those
reflected by the forward-looking statements contained in this news
release. Such factors include: (a) changes in demand from the local
and state government and private clients that we serve; (b) general
economic conditions, nationally and globally, and their effect on
the market for our services; (c) competitive pressures and trends
in our industry and our ability to successfully compete with our
competitors; (d) changes in laws, regulations, or policies; and (e)
the “Risk Factors” set forth in the Company’s most recent SEC
filings. Considering these risks, uncertainties and assumptions,
the future events and trends discussed in this press release may
not occur and actual results could differ materially and adversely
from those anticipates or implied in any forward-looking
statements. Except as required by law, we are under no obligation
to update these forward-looking statements after the date of this
press release, or to update the reasons if actual results differ
materially from those anticipated in the forward-looking
statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20240815770931/en/
Investor Relations Contacts: Bruce Labovitz ir@bowman.com
(703) 787-3403
Betsy Patterson ir@bowman.com (310) 622-8227
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