Exhibit 99.1
Bowman Announces Authorization of an Increase in its Share Repurchase Program
December 2, 2024
RESTON, Va.—(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 on November 29,
2024 its Board of Directors authorized an increase to its previously announced share repurchase program from $25 million to up to $35 million (of which approximately $16 million remains available). The share repurchase program will
terminate on July 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 2,300 employees and more than 95 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