Company: BWNB
Filing Date: 2025-11-05
Form Type: 424B5
Source: 0001104659-25-106685
Chunk: 47

Company: Babcock & Wilcox Enterprises, Inc.
Filing Date: 2025-11-05
Form: 424B5
Chunk 47
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UTION</div>

If you invest in our Common
Stock, your interest will be diluted to the extent of the difference between the price per share you pay in this offering and the net
tangible book value per share of our Common Stock immediately after this offering.

Our historical net tangible
book value as of September 30, 2025 was $(301.6) million, or $(2.71) per share of Common Stock. Historical net tangible book value per
share represents the amount of our total tangible assets less total liabilities, divided by the number of shares of our Common Stock outstanding
on September 30, 2025.

After giving effect to the
sale by us of 51,020,408 shares of our Common Stock in the aggregate amount of $200.0 million in this offering at an assumed public offering
price of $3.92 per share (the last reported sale price of our Common Stock on NYSE on November 3, 2025), and after deducting estimated
offering commissions payable by us, our as adjusted net tangible book value as of September 30, 2025 would have been $(108.1) million,
or $(0.67) per share of Common Stock. This represents an immediate increase in net tangible book value of $2.05 per share to our existing
stockholders and an immediate dilution in net tangible book value of $(4.59) per share to new investors in this offering.

The following table illustrates this dilution
on a per share basis:

| Assumed public offering price per share                                           
 Net tangible book value per share as of September 30, 2025                        |     |   | (2.71 | ) |     |   | 3.92  |   |
|:----------------------------------------------------------------------------------|:----|:--|------:|:--|:----|:--|:------|:--|
| Increase in net tangible book value per share attributable to the offering        |     | $ |  2.05 |   |     |   |       |   |
| As adjusted net tangible book value per share after giving effect to the offering |     |   |       |   |     | $ | (0.67 | ) |
| Dilution in net tangible book value per share to new investors                    |     |   |       |   |     | $ | (4.59 | ) |

The number of shares
of our Common Stock to be outstanding immediately after this offering