Company: BWNB
Filing Date: 2025-11-04
Form Type: 8-K
Source: 0001104659-25-106447
Chunk: 3

Company: Babcock & Wilcox Enterprises, Inc.
Filing Date: 2025-11-04
Form: 8-K
Item: Item 3.02
Chunk 3
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Item 3.02 Unregistered Sales of Equity
Securities.

On November 4, 2025, in connection with the entry into the limited
notice to proceed (“ LNTP”), as described further in Item 8.01 to this Current Report on Form 8-K, the Company issued to Applied
Digital Corporate (“ Applied Digital”), in a private placement, (i) 500,000 shares of common stock, par value $0.01 per share
(the “ Common Stock”) for a purchase price of $2,057,000 and (ii) a warrant (the “ Initial Warrant”) exercisable
to purchase 2,600,000 shares of Common Stock (the “ Initial Warrant Shares”) at an exercise price of $4.11, subject to adjustment
in accordance with the terms and conditions set forth in the Initial Warrant. In addition, the Company agreed to file a resale registration
statement with the U. S. Securities and Exchange Commission to register the resale of the Common Stock and the Initial Warrant Shares pursuant
to a Registration Rights Agreement, dated November 4, 2025, between the Company and Applied Digital (the “ Registration Rights Agreement”).
The Initial Warrant and the Registration Rights Agreement were executed pursuant to a Letter Agreement, dated November 4, 2025, between
the Company and Applied Digital (the “ Letter Agreement”).

Pursuant to the Letter Agreement, upon the execution of the Definitive
Agreement and full authorization to proceed thereunder, the Company has agreed to issue an additional warrant to acquire 7,860,000 shares
of Common Stock (the “ Additional Warrant Shares” and together with the Initial Warrant Shares, the “ Warrant Shares”),
on the same terms as the Initial Warrant (the “ Additional Warrant” and, together with the Initial Warrant, the “ Warrants”).
The Warrants are subject to certain limitations in order to comply with the rules of The New York Stock Exchange. The Company has agreed
to register the resale of the Additional Warrant Shares pursuant to the Registration Rights Agreement.

The foregoing description of the Letter Agreement,
the Warrant and the Registration Rights Agreement do not purport to be complete and are qualified in their entirety by reference to the
Letter Agreement, the Form of Warrant, and the Registration Rights Agreement, which will be filed with the Company’s Annual Report
on Form 10-K for the year ending December 31, 2025.

The Common