Company: BWNB
Filing Date: 2025-11-05
Form Type: 424B5
Source: 0001104659-25-106685
Chunk: 9

Company: Babcock & Wilcox Enterprises, Inc.
Filing Date: 2025-11-05
Form: 424B5
Chunk 9
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 summary does not purport to
be a complete description of the Purchase Agreement, and is qualified in its entirety by reference to the complete text of the Purchase
Agreement, which will be filed with the Company’s Annual Report on Form 10-K for the year ending December 31, 2025.

Applied Digital

On November 4,
2025, The Babcock & Wilcox Company, a subsidiary of the Company (“BWC”), and Applied Digital Corporation
(“Applied Digital”) entered into a limited notice to proceed (the “LNTP”) to begin work (the
“preliminary activities”) for the delivery and installation of natural gas technology that will provide 1 gigawatt of
efficient energy for a planned AI data center project (the “Project”). BWC and Applied Digital intend to enter into a
definitive written agreement in relation to the Project (the “Definitive Agreement”), which will supersede the LNTP once
executed, provided that if a Definitive Agreement is not entered into on or before January 1, 2026, BWC may discontinue performance
of the preliminary activities.

On November 4, 2025,
in connection with the entry into the LNTP, the Company issued to Applied Digital, in a private placement, (i) 500,000 shares of common stock, par value $0.01 per share (the “Common
Stock”) for a purchase price of $2,057,000 and (ii) a warrant (the “Initial Warrant”) exercisable to purchase 2,600,000
shares of Common Stock (the “Initial Warrant Shares”) at an exercise price of $4.11, subject to adjustment in accordance with
the terms and conditions set forth in the Initial Warrant. In addition, the Company agreed to file a resale registration statement with
the U.S. Securities and Exchange Commission to register the resale of the Common Stock and the Initial Warrant Shares pursuant to a Registration
Rights Agreement, dated November 4, 2025, between the Company and Applied Digital (the “Registration Rights Agreement”). The
Initial Warrant and the Registration Rights Agreement were executed pursuant to a Letter Agreement, dated November 4, 2025, between the
Company and Applied Digital (the “Letter Agreement”).

Pursuant to the Letter
Agreement, upon the execution of the Definitive Agreement and full authorization to proceed thereunder, the Company has agreed to issue
an additional warrant