Company: BWNB
Filing Date: 2025-06-10
Form Type: 424B5
Source: 0001104659-25-058204
Chunk: 46

Company: Babcock & Wilcox Enterprises, Inc.
Filing Date: 2025-06-10
Form: 424B5
Chunk 46
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 of all securities that such person has the right to acquire, whether such right is currently exercisable     
 or is exercisable only upon the occurrence of a subsequent condition); and                                                             |

| · | following the closing of                                                                                                              
 any transaction referred to in the bullet point above, neither we nor any acquiring or surviving entity (or if, in connection with    
 such transaction shares of our common stock are converted into or exchanged for (in whole or in part) common capital stock of another 
 entity, such other entity) has a class of common securities (or American Depositary Receipts representing such securities) (a) listed 
 on Nasdaq, the NYSE or the NYSE AMER or (b) listed or quoted on an exchange or quotation system that is a successor to Nasdaq,        
 the NYSE or the NYSE AMER.                                                                                                            |

Conversion Rights

Upon the occurrence of a
Delisting Event or a Change of Control, as applicable, each holder of Series A Preferred Stock will have the right (unless, prior
to the Delisting Event Conversion Date or Change of Control Conversion Date, as applicable, we have provided or provide notice of our
election to redeem the Series A Preferred Stock as described above under “— Optional Redemption” or “—
Special Optional Redemption”) to convert some or all of the shares of Series A Preferred Stock held by such holder (the “Delisting
Event Conversion Right” or “Change of Control Conversion Right,” as applicable) on the Delisting Event Conversion Date
or Change of Control Conversion Date, as applicable, into a number of shares of our common stock (or equivalent value of alternative
consideration) per share of Series A Preferred Stock, or the “Common Stock Conversion Consideration,” equal to the lesser
of:

| · | the quotient obtained by                                                                                                                  
 dividing (1) the sum of (x) the $25.00 liquidation preference per share of Series A Preferred Stock plus (y) the                          
 amount of any accumulated and unpaid dividends to, but not including, the Delisting Event Conversion Date or Change of Control Conversion 
 Date, as applicable (unless the Delisting Event Conversion Date or Change of Control Conversion Date, as applicable, is after a record    
 date for a Series A Preferred Stock dividend payment and prior to the corresponding Series A Preferred Stock dividend payment             
 date, in which case no additional amount relating to such record date will be included in this sum) by (2) the Common Stock               
 Price (as defined below); and