Company: BWNB
Filing Date: 2025-06-10
Form Type: 424B5
Source: 0001104659-25-058204
Chunk: 45

Company: Babcock & Wilcox Enterprises, Inc.
Filing Date: 2025-06-10
Form: 424B5
Chunk 45
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ER,
and (ii) we are not subject to the reporting requirements of the Exchange Act, but any Series A Preferred Stock is still outstanding
(which we refer to collectively as a “Delisting Event”), we may, at our option, redeem the Series A Preferred Stock,
in whole or in part and within 90 days after the date of the Delisting Event (the “Delisting Event Redemption Period”), by
paying $25.00 per share of Series A Preferred Stock, plus all dividends accumulated and unpaid (whether or not declared) on the
Series A Preferred Stock up to, but not including, the date of such redemption.

In addition, during any period
of time (whether before or after May 7, 2026), upon the occurrence of a Change of Control (defined below), we may, at our option,
redeem the Series A Preferred Stock, in whole or in part and within 120 days after the first date on which such Change of Control
occurred (the “Change of Control Redemption Period”), by paying $25.00 per share of Series A Preferred Stock, plus all
dividends accumulated and unpaid (whether or not declared) on the Series A Preferred Stock up to, but not including, the date of
such redemption.

| 15 |

If, prior to the Delisting
Event Conversion Date or Change of Control Conversion Date (each as defined below), as applicable, we have provided or provide notice
of redemption with respect to the Series A Preferred Stock (whether pursuant to our optional redemption right described above under
“—Optional Redemption” or our special optional redemption described here), the holders of Series A Preferred Stock
will not be permitted to exercise the conversion right described below under “— Conversion Rights” in respect of their
shares called for redemption.

A “Change of Control”
is when, after the original issuance of the Series A Preferred Stock, the following have occurred and are continuing:

| · | the acquisition by any                                                                                                                 
 person, including any syndicate or group deemed to be a “person” under Section 13(d)(3) of the Exchange Act                            
 of beneficial ownership, directly or indirectly, through a purchase, merger or other acquisition transaction or series of purchases,   
 mergers or other acquisition transactions of shares of our company entitling that person to exercise more than 50% of the total voting 
 power of all shares of our company entitled to vote generally in elections of directors (except that such person will be deemed to     
 have beneficial ownership