Bowman Consulting Group Ltd. (NASDAQ: BWMN) has announced an increase in its share repurchase program, with the board of directors authorizing the program to be raised from $10 million to up to $25 million. As of now, $20.8 million remains available under this program. The termination date of the share repurchase program has been extended from November 16, 2024, to August 31, 2025.
Bowman intends to focus on organic and strategic acquisitive growth initiatives, and the timing and amount of any share repurchases will be determined by management based on factors such as share price, market conditions, and capital allocation priorities. The company may repurchase shares through various means, including open market purchases, privately negotiated transactions, or by using trading plans intended to qualify under rule 10b5-1 under the securities exchange act of 1934.
Headquartered in Reston, Virginia, Bowman is a national engineering services firm with over 2,200 employees and more than 90 offices throughout the United States. The company provides a variety of infrastructure solutions, planning, engineering, geospatial, construction management, commissioning, environmental consulting, and land procurement services to customers operating in regulated end markets. Bowman trades on the NASDAQ under the symbol BWMN. As a result of these announcements, the company's shares have moved -0.2% on the market, and are now trading at a price of $23.24. Check out the company's full 8-K submission here.
