Company: BWNB
Filing Date: 2025-06-10
Form Type: 424B5
Source: 0001104659-25-058204
Chunk: 41

Company: Babcock & Wilcox Enterprises, Inc.
Filing Date: 2025-06-10
Form: 424B5
Chunk 41
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umulative basis and, in the case of any holder of stock on which dividends accrue on a cumulative
basis, an amount equal to any unpaid, accrued, cumulative dividends, whether or not earned or declared, as applicable.

Holders of Series A
Preferred Stock will be entitled to written notice of any voluntary or involuntary liquidation, dissolution or winding up no fewer than
30 days and no more than 60 days prior to the payment date.

If the liquidation preference
has been paid in full to all holders of the Series A Preferred Stock and each such other class or series of capital stock ranking,
as to rights to the distribution of assets any voluntary or involuntary liquidation, dissolution or winding up, on parity with the Series A
Preferred Stock, holders of shares of the Series A Preferred Stock and each such other class or series of capital stock ranking,
as to rights to the distribution of assets upon any voluntary or involuntary liquidation, dissolution or winding up, on parity with the
Series A Preferred Stock will have no right or claim to any of our remaining assets and the holders of shares of our common stock
or any class or series of capital stock ranking, as to rights to the distribution of assets any voluntary or involuntary liquidation,
dissolution or winding up, junior to the Series A Preferred Stock, will be entitled to receive all of our remaining assets according
to their respective rights and preferences.

Our consolidation, merger
or other business combination of us with or into any other entity or the sale, lease, transfer or conveyance of all or substantially
all of our assets, property or business will not be deemed to constitute our liquidation, dissolution or winding up.

The certificate of designations
relating to the Series A Preferred Stock does not contain any provision requiring funds to be set aside to protect the liquidation
preference of the Series A Preferred Stock even though it is substantially in excess of the par value thereof. Because we are a
holding company, our rights and the rights of our creditors and our shareholders, including the holders of the Series A Preferred
Stock, to participate in the assets of any of our subsidiaries upon that subsidiary’s liquidation or recapitalization will be subject
to the prior claims of that subsidiary’s creditors, except to the extent that we are a creditor with recognized claims against
the subsidiary.

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Optional Redemption

The Series A Preferred
Stock is not redeemable prior to May 7, 2026, except under the circumstances described under “—Special Optional Redemption