Company: BWNB
Filing Date: 2025-06-10
Form Type: 424B5
Source: 0001104659-25-058204
Chunk: 47

Company: Babcock & Wilcox Enterprises, Inc.
Filing Date: 2025-06-10
Form: 424B5
Chunk 47
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| · | 5.65611 (the “Share                                                                                                         
 Cap”), which is the quotient obtained by dividing (i) the $25.00 liquidation preference per share of Series A Preferred     
 Stock by (ii) one-half of the closing price of our common shares on the NYSE on May 3, 2021, subject to certain adjustments 
 described below.                                                                                                            |

The Share Cap is subject
to pro rata adjustments for any share splits (including those effected pursuant to a distribution of shares of our common stock to existing
holders of common stock), subdivisions or combinations (in each case, a “Share Split”) with respect to our common stock as
follows: the adjusted Share Cap as the result of a Share Split will be the number of shares of our common stock that is equivalent to
the product obtained by multiplying (1) the Share Cap in effect immediately prior to such Share Split by (2) a fraction, the
numerator of which is the number of shares of our common stock outstanding after giving effect to such Share Split and the denominator
of which is the number of shares of our common stock outstanding immediately prior to such Share Split.

| 16 |

In the case of a Delisting
Event or Change of Control, as applicable, pursuant to, or in connection with, which our common stock will be converted into cash, securities
or other property or assets (including any combination thereof) (the “Alternative Form Consideration”), a holder of
Series A Preferred Stock electing to exercise its Delisting Event Conversion Right or Change of Control Conversion Right, as applicable,
will receive upon conversion of such Series A Preferred Stock the kind and amount of Alternative Form Consideration which such
holder would have owned or been entitled to receive upon the Delisting Event or Change of Control, as applicable, had such holder held
a number of shares of our common stock equal to the Common Stock Conversion Consideration immediately prior to the effective time of
the Delisting Event or Change of Control, as applicable (the “Alternative Conversion Consideration,” and the Common Stock
Conversion Consideration or the Alternative Conversion Consideration, as may be applicable to a Delisting Event or Change of Control,
as applicable, is referred to as the “Conversion Consideration”).

If the holders of our common
stock have the opportunity to elect the form of consideration to be received in the Delisting Event or Change of Control, as applicable,
the Conversion Consideration that the holders of Series A Preferred Stock will receive will