Company: BWNB
Filing Date: 2025-11-05
Form Type: 424B5
Source: 0001104659-25-106685
Chunk: 94

Company: Babcock & Wilcox Enterprises, Inc.
Filing Date: 2025-11-05
Form: 424B5
Chunk 94
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this holder at the same time a new depositary receipt evidencing the excess number of depositary shares. Holders of preferred stock thus
withdrawn may not thereafter deposit those shares under the depositary agreement or receive depositary receipts evidencing depositary
shares therefor.

Miscellaneous

The bank depositary will
forward to holders of depositary receipts all reports and communications from us that are delivered to the bank depositary and that we
are required to furnish to the holders of preferred stock.

Neither the bank depositary
nor we will be liable if we are prevented or delayed by law or any circumstance beyond our control in performing our obligations under
the depositary agreement. The obligations of the bank depositary and us under the depositary agreement will be limited to performance
in good faith of our duties thereunder, and we will not be obligated to prosecute or defend any legal proceeding in respect of any depositary
shares or shares of preferred stock unless satisfactory indemnity is furnished. We may rely upon written advice of counsel or accountants,
or upon information provided by persons presenting shares of preferred stock for deposit, holders of depositary receipts or other persons
believed to be competent and on documents believed to be genuine.

Resignation and Removal of Bank Depositary

The bank depositary may resign
at any time by delivering to us notice of its election to do so, and we may at any time remove the bank depositary. Any such resignation
or removal will take effect upon the appointment of a successor bank depositary and the successor’s acceptance of this appointment.
The successor bank depositary must be appointed within 60 days after delivery of the notice of resignation or removal and must be a bank
or trust company meeting the requirements of the depositary agreement.

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<div align='center'>Description of Warrants</div>

We may issue warrants for the purchase of common
stock, preferred stock, depositary shares or debt securities. The following description sets forth certain general terms and provisions
of the warrants that we may offer pursuant to this prospectus. The particular terms of the warrants and the extent, if any, to which
the general terms and provisions may apply to the warrants so offered will be described in the applicable prospectus supplement.

Warrants may be issued independently
or together with other securities and may be attached to or separate from any offered securities. Each series of warrants will be issued
under a separate warrant agreement to be entered into between us and a bank or trust company, as warrant agent.