Company: BWNB
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001630805-25-000090
Chunk: 72

Company: Babcock & Wilcox Enterprises, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 1
Chunk 72
---
-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 and us. Under the 2025 Sales Agreement, the designated agent will be entitled to compensation equal to 3.0% of the gross proceeds from each sale of the Shares. The amount of net proceeds we will receive from this offering, if any, will depend upon the actual aggregate principal amount of the Shares sold, after deduction of the 2025 Agents’ commission and any transaction fees. Through November 7, 2025, we raised $67.5 million through our at-the-market offering pursuant to the 2025 Sales Agreement.

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

The following discussion of our financial position and results of operations should be read in conjunction with