04:57 PM EDT, 03/26/2024 (MT Newswires) -- Bowman Consulting Group ( BWMN ) said Tuesday it launched an underwritten public offering of up to $50 million of its common shares.

The company said it is offering $45 million of its shares in the proposed offering while the selling shareholders, Chief Executive Gary Bowman, and Chief Operating Officer Michael Bruen are offering the remaining $5 million.

Bowman and the selling stockholders intend to grant the underwriters a 30-day option to purchase up to an additional $7.5 million in shares.

It intends to use the proceeds for general corporate purposes, including organic expansion, the funding of potential acquisitions, and the potential repayment of borrowings under its revolving credit facility.

The company's shares slumped more than 11% in after-hours activity.

Price: 35.01, Change: -4.47, Percent Change: -11.32