Company: BWNB
Filing Date: 2025-11-05
Form Type: 424B5
Source: 0001104659-25-106685
Chunk: 51

Company: Babcock & Wilcox Enterprises, Inc.
Filing Date: 2025-11-05
Form: 424B5
Chunk 51
---
 York, NY 10171 and Lake Street, 121 S. 8th Street, Suite 1000, Minneapolis,
MN 55402.

Conflict of Interest

B. Riley will act as a sales agent in connection with the offering of the shares of Common Stock. B. Riley is an affiliate of B Riley Financial, who controls approximately 24.7% of our outstanding Common Stock. In addition, B. Riley Financial is a guarantor of certain of our indebtedness. Therefore, B. Riley has a “conflict of interest” in this offering within the meaning of Rule 5121 of the Financial Industry Regulatory Authority (“FINRA”), and this offering will be conducted in accordance with FINRA Rule 5121. B. Riley may not make sales of shares of Common Stock in this offering to any of its discretionary accounts without the prior written approval of the account holder. FINRA Rule 5121 requires that a “qualified independent underwriter” meeting certain standards participate in the preparation of this Prospectus Supplement and exercise the usual standards of due diligence with respect thereto.Lake Street has assumed the responsibilities of acting as a “qualified independent underwriter” within the
meaning of Rule 5121 in connection with this offering. We have agreed to indemnify Lake Street for acting as a qualified independent
underwriter against certain liabilities, including liabilities under the Securities Act and to contribute to payments that may be required
to be made for such liabilities.

<div align='center'>S-32

LEGAL MATTERS</div>

Certain legal matters will
be passed upon for us by O’Melveny & Myers LLP, and for the Agents by Faegre Drinker Biddle & Reath LLP.

<div align='center'>EXPERTS</div>

The financial statements
of Babcock & Wilcox Enterprises, Inc. as of December 31, 2024 and 2023, and for each of the three years in the period
ended December 31, 2024, incorporated by reference into this prospectus supplement, and the effectiveness of Babcock & Wilcox
Enterprises, Inc.’s internal control over financial reporting have been audited by Deloitte & Touche LLP, an independent
registered public accounting firm, as stated in their reports, which express an adverse opinion on the effectiveness of Babcock &
Wilcox Enterprises, Inc.’s internal control over financial reporting. The report on the financial statements also contains
an explanatory paragraph regarding the Company’s ability to continue as a going concern.