Company: BWMN
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001628280-25-023232
Chunk: 26

Company: Bowman Consulting Group Ltd.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 1
Chunk 26
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 shares of common stock at the option of the holders, at any time, at a predetermined conversion price. Subject to conversion, the convertible notes are payable through quarterly installments of principal, interest or both from October 2022 through November 2028. At any time, upon ten (10) business days’ notice to the Company, the holders may request that a prepayment of the principal or all or part of a regularly scheduled quarterly payment of the principal be made in the form of common stock of the Company, with the number of shares of common stock equal to the amount of the requested prepayment divided by the stock conversion price. If the request is made with respect to a regularly scheduled quarterly payment of principal, then the accrued interest shall be paid in cash. As of March 31, 2025, the holders of the Project Design Consultants, LLC convertible note had converted a total of $3.8 million into 271,014 shares of common stock at $14.00 per share. The remaining balance of the note, consisting of $0.2 million in principal, was settled in cash along with all the accrued interest, resulting in the full repayment of the note with no outstanding obligations. No additional elections or conversions had been made as of March 31, 2025.The following table summarizes the convertible notes as of March 31, 2025 (in thousands, except conversion price):Convertible Notes:Date IssuedPrincipal AmountInterest RateConversion PriceRemaining Balance1Project Design Consultants, LLC07/22$4,000 4.75%$14.00 $– Anchor Consultants, LLC08/22$1,100 5.50%$18.00 $788 H2H Geoscience Engineering, PLLC12/22$1,600 7.00%$18.00 $1,354 Exeltech Consulting, Inc.11/24$2,200 5.00%$32.32 $2,080 UP Engineering, LLC02/25$1,200 5.00%$32.50 $1,270 1Includes discounts, and reflects the net remaining balance on convertible notes.

13. Related Party Transactions

Bowman Lansdowne Development, LLC (“BLD”) is an entity in which Mr. Bowman has an ownership interest. On each of March 31, 2025 and December 31, 2024, the Company’s notes receivable included $0.5 million from