Company: BWNB
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001630805-25-000090
Chunk: 153

Company: Babcock & Wilcox Enterprises, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 8
Chunk 153
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 through certain wholly-owned subsidiaries, have signed sales representative agreements under which we will continue to market ASH and Diamond Power products and services to customers in the utility power sectors.Applied DigitalOn November 4, 2025, we entered into a limited notice to proceed ("LNTP") with Applied Digital Corporation (“Applied Digital”) for a project valued at over $1.5 billion to deliver 1 gigawatt of power for an Applied Digital artificial intelligence factory. We and Applied Digital intend to enter into a definitive written agreement in relation to the project in the first quarter of 2026 (the "Definitive Agreement"). We plan to design and install the plant's four 300-megawatt natural gas-fired power plants consisting of boilers and associated steam turbines. The plant is targeted to begin operation in 2028. In connection with the entry into the LNTP, we issued to Applied Digital, in a private placement, (i) 0.5 million shares of common stock, par value $0.01 per share for a purchase price of $2 million and (ii) a warrant (the “Initial Warrant”) exercisable to purchase 2.6 million shares of our common stock at an exercise price of $4.11, subject to registration rights. Upon the future execution of the Definitive Agreement and full authorization to proceed, we have agreed to issue an additional warrant to purchase up to 7.86 million shares of our common stock, on the same terms as the Initial Warrant.2025 Common Stock Sales AgreementOn November 4, 2025, we entered into a sales agreement (the “2025 Sales Agreement”) with B. Riley and Lake Street Capital Markets, LLC Group LLC (collectively, the “2025 Agents”), in connection with the offer and sale from time to time by us of shares of our common stock, having an aggregate offering price of up to $200.0 million (the “Shares”) through the 2025 Agents. The Shares may be offered and sold through the 2025 Agents over a period of time and from time to time by any method that is deemed to be an “at-the-market offering” as defined in Rule 415 promulgated under the Securities Act. The 2025 Agents are not required to sell any specific aggregate principal amount of the Shares but will act as our sales agents using commercially reasonable efforts consistent with their normal trading and sales practices, on mutually agreed terms between the 2025 Agents