Company: BWNB
Filing Date: 2025-06-10
Form Type: 424B5
Source: 0001104659-25-058204
Chunk: 17

Company: Babcock & Wilcox Enterprises, Inc.
Filing Date: 2025-06-10
Form: 424B5
Chunk 17
---
 our Common Stock immediately after this offering.

Our historical net tangible
book value as of March 31, 2025 was $(403.4) million, or $(4.10) per share of Common Stock. Historical net tangible book value per share
represents the amount of our total tangible assets less total liabilities, divided by the number of shares of our Common Stock outstanding
on March 31, 2025.

After giving effect to the
sale by us of 42,735,042 shares of our Common Stock in the aggregate amount of $50 million in this offering at an assumed public offering
price of $1.17 per share (the last reported sale price of our Common Stock on NYSE on June 9, 2025), and after deducting estimated
offering commissions payable by us, our as adjusted net tangible book value as of March 31, 2025 would have been $(355.2) million, or
$(2.52) per share of Common Stock. This represents an immediate increase in net tangible book value of $1.58 per share to our existing
stockholders and an immediate dilution in net tangible book value of $(3.69) per share to new investors in this offering.

The following table illustrates this dilution
on a per share basis:

| Assumed public offering price per share                                           
 Net tangible book value per share as of March 31, 2025                            |     |   | (4.10 | ) |     |   | 1.17  |   |
|:----------------------------------------------------------------------------------|:----|:--|------:|:--|:----|:--|:------|:--|
| Increase in net tangible book value per share attributable to the offering        |     | $ |  1.58 |   |     |   |       |   |
| As adjusted net tangible book value per share after giving effect to the offering |     |   |       |   |     | $ | (2.52 | ) |
| Dilution in net tangible book value per share to new investors                    |     |   |       |   |     | $ | (3.69 | ) |

The number of shares of our
Common Stock to be outstanding immediately after this offering on a pro forma basis is based on 98,404,024 shares of our Common Stock
outstanding as of March 31, 2025 and excludes:

| · | 1,109,431 shares of