Company: BWNB
Filing Date: 2025-11-05
Form Type: 424B5
Source: 0001104659-25-106685
Chunk: 12

Company: Babcock & Wilcox Enterprises, Inc.
Filing Date: 2025-11-05
Form: 424B5
Chunk 12
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 with respect thereto. Lake Street has assumed the responsibilities of acting as a “qualified independent underwriter”                                                                                                                                                                                                                                                                                                                                                                                                                       
 within the meaning of Rule 5121 in connection with this offering. We have agreed to indemnify Lake Street for acting as a qualified                                                                                                                                                                                                                                                                                                                                                                                                         
 independent underwriter against certain liabilities, including liabilities under the Securities Act and to contribute to payments                                                                                                                                                                                                                                                                                                                                                                                                           
 that may be required to be made for such liabilities.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |

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The number of shares of our Common Stock to be outstanding immediately after this offering on a pro forma basis, using an assumed share count based on the last available closing price, is based on 111,099,765 shares of our Common Stock outstanding as of September 30, 2025 and excludes:

| · | 2,192,052  shares of Common Stock available for award under the Company’s Amended and Restated 2021 Long-Term Incentive Plan; |

| · | 34,692  shares issuable upon the exercise of outstanding options as of September 30, 2025 with a weighted average exercise price of $63.66; |

| · | 2,108,029 shares issuable upon the vesting of outstanding restricted stock units as of September 30, 2025; and |

| · | 520,000 shares issuable upon the vesting of outstanding performance restricted stock units as of September 30, 2025. |

The number of shares of Common Stock to be outstanding immediately following this offering does not include (x) up to approximately $7.0 million of our Common Stock that remain available for sale as of September 30, 2025 under our “at-the-market” offering with Lake Street and Craig-Hallum, as sales agents and (y) the following shares issued to, or issuable upon exercise of warrants by, Applied Digital pursuant to the Letter Agreement dated November 4, 2025: (i) 500,000 shares of Common Stock, (ii) 2,600,000 shares of Common Stock issuable upon the exercise of the Initial Warrant and (iii) 7,860,000 shares of Common Stock issuable upon exercise of the Additional Warrant, upon the issuance of such warrant.

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RISK FACTORS</div>

An investment in our Common Stock involves a high degree of risk, including the risks described