Material Agreement - Form 8-K

Item 1.01 Entry into a Material Definitive Agreement

On April 10, 2024, Babcock & Wilcox Enterprises, Inc. (the "Company") entered into a sales agreement (the "Sales Agreement") with B. Riley Securities, Inc., Seaport Global Securities LLC, Craig-Hallum Capital Group LLC and Lake Street Capital Markets, LLC (the "Agents"), in connection with the offer and sale from time to time by the Company of shares of the Company's common stock, having an aggregate offering price of up to $50,000,000 (the "Shares") through the Agents. Any Shares to be offered and sold under the Sales Agreement will be issued and sold pursuant to the Company's previously filed and currently effective registration statement on Form S-3 (File No. 333-260854) initially filed with the Securities and Exchange Commission (the "Commission") on November 8, 2021 and declared effective by the Commission on November 22, 2021. A prospectus supplement relating to the offering of the Shares was filed with the Commission on April 10, 2024.

The Shares may be offered and sold through the 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 of 1933, as amended (the "Securities Act"). The Agents are not required to sell any specific aggregate principal amount of the Shares but will act as the Company's sales agents using commercially reasonable efforts consistent with their normal trading and sales practices, on mutually agreed terms between the Agents and the Company. Under the Sales Agreement, the designated Agent will be entitled to compensation equal to 3.0% of the gross proceeds from each sale of the Shares sold through it as the designated Agent. The amount of net proceeds the Company will receive from this offering, if any, will depend upon the actual aggregate principal amount of the Shares sold, after deduction of the Agents' commission and any transaction fees. Because there is no minimum offering amount required as a condition to close this offering, the actual total public offering amount, commissions and net proceeds to us, if any, are not determinable at this time.

The Sales Agreement contains customary representations, warranties and covenants of the Company, indemnification obligations of the Company and the Agents, including for liabilities under the Securities Act, other obligations of the parties and termination provisions.

The provisions of the Sales Agreement, including the representations and warranties contained therein, are not for the benefit of any party other than the parties to such agreement and are not intended as documents for investors and the public to obtain factual information about the current state of affairs of the parties to those documents and agreements. Rather, investors and the public should look to other disclosures contained in the Company's filings with the Commission.

The foregoing description of the material terms of the Sales Agreement is subject to, and qualified in its entirety by reference to, the full text of the Sales Agreement, a copy of which is attached hereto as Exhibit 1.1 and is incorporated herein by reference.