Company: BWNB
Filing Date: 2025-11-05
Form Type: 424B5
Source: 0001104659-25-106685
Chunk: 91

Company: Babcock & Wilcox Enterprises, Inc.
Filing Date: 2025-11-05
Form: 424B5
Chunk 91
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, provided the notice of intention to adopt, amend or repeal the bylaws
has been included in the notice of that meeting. Our certificate of incorporation also confers on our board of directors the power to
adopt, amend or repeal our bylaws with the affirmative vote of a majority of the directors then in office.

As discussed above under
“—Preferred Stock,” our certificate of incorporation authorizes our board of directors, without the approval of our
stockholders, to provide for the issuance of all or any shares of our preferred stock in one or more series and to determine the designation,
powers, preferences and relative, participating, optional or other special rights, and the qualifications, limitations or restrictions
applicable to any of those rights, including dividend rights, voting rights, conversion or exchange rights, terms of redemption and liquidation
preferences, of each series. The issuance of shares of our preferred stock or rights to purchase shares of our preferred stock could
discourage an unsolicited acquisition proposal. In addition, under some circumstances, the issuance of preferred stock could adversely
affect the voting power of our common stockholders.

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<div align='center'>Description of Depositary Shares</div>

We may offer depositary shares representing fractional
shares of our preferred stock of any series. The following description sets forth certain general terms and provisions of the depositary
shares that we may offer pursuant to this prospectus. The particular terms of the depositary shares, including the fraction of a preferred
share that such depositary share will represent, and the extent, if any, to which the general terms and provisions may apply to the depositary
shares so offered, will be described in the applicable prospectus supplement.

The shares of preferred stock
represented by depositary shares will be deposited under a depositary agreement between us and a bank or trust company that meets certain
requirements and is selected by us, which we refer to as the bank depositary. Each owner of a depositary share will be entitled to all
the rights and preferences of the shares of preferred stock represented by the depositary share. The depositary shares will be evidenced
by depositary receipts issued pursuant to the depositary agreement. Depositary receipts will be distributed to those persons purchasing
the fractional shares of preferred stock in accordance with the terms of the offering. The deposit agreement will also contain provisions
relating to the manner in which any subscription or similar rights we offer to holders of the preferred stock will be made available
to the holders of depositary shares