B. Riley Files 13D/A Amendment for Babcock & Wilcox

TL;DR

B. Riley updated their stake in B&W (BW), filing an amendment to their 13D.

AI Summary

B. Riley Securities, Inc. and its affiliates, including BRF Investments, LLC and Bryant R. Riley, filed an amendment (No. 16) to their Schedule 13D on April 17, 2024, regarding their holdings in Babcock & Wilcox Enterprises, Inc. The filing indicates a change in their beneficial ownership of the company's common stock.

Why It Matters

This filing signals potential shifts in significant shareholder positions and could influence market perception and trading activity for Babcock & Wilcox Enterprises, Inc.

Risk Assessment

Risk Level: medium — Schedule 13D filings often indicate significant investor activity, which can lead to increased volatility.

Key Players & Entities

• B. Riley Securities, Inc. (company) — Filing entity
• BRF Investments, LLC (company) — Affiliated entity
• Bryant R. Riley (person) — Key individual associated with filing entities
• Babcock & Wilcox Enterprises, Inc. (company) — Subject company
• 0001213900-24-033866 (filing_id) — SEC Accession Number

FAQ

Key Financial Figures

• $0.01 — ame of Issuer) Common Stock, par value $0.01 (Title of Class of Securities) 05614
• $50,000,000 — ng an aggregate offering price of up to $50,000,000 (the “Shares”) through the
• $940,253 — in with personal funds is approximately $940,253. Robert L. Antin has the sole power to

Filing Documents

• ea0204032-13da16briley_bab.htm (SC 13D/A) — 79KB
• 0001213900-24-033866.txt ( ) — 80KB

Purpose of the Transaction

Item 4. Purpose of the Transaction

is amended to add the following

Item 4 is amended to add the following: As stated in the Issuer’s Form 8-K filed with the SEC on April 10, 2024, Babcock & Wilcox Enterprises, Inc. entered into a sales agreement (the “Sales Agreement”) on April 10, 2024 with B. Riley Securities, Inc. listed as an agent, in connection with the offer and sale from time to time by the Issuer of shares of the Issuer’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 Issuer’s previously filed and currently effective registration statement on Form S-3 (File No. 333-260854) initially filed with the SEC on November 8, 2021 and declared effective by the SEC on November 22, 2021. A prospectus supplement relating to the offering of the Shares was filed with the SEC 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.

Interest in Securities of the Issuer

Item 5. Interest in Securities of the Issuer Paragraphs (a) and (b) of Item 5 are amended and restated in their entirety as follows: (a) - (b) 1. As of the date hereof, (i) B. Riley Securities, Inc. (“BRS”) beneficially owned directly 15,573,362 shares of Common Stock, representing 17.4% of the Issuer’s Common Stock, and (ii) BRFI beneficially owned directly 11,873,160 shares of Common Stock, representing 13.3% of the Issuer’s Common Stock. 2. BRF is the parent company of BRS and BRFI. As a result, BRF may be deemed to indirectly beneficially own the Shares held by BRS and BRFI. 3. Bryant R. Riley may beneficially own 1,373,213 shares of Common Stock representing 1.5% of the Issuer’s Common Stock, of which (i) 1,155,382 shares are held jointly with his wife, Carleen Riley, (ii) 45,436 shares are held as sole custodian for the benefit of Abigail Riley, (iii) 45,801 shares are held as sole custodian for the benefit of Charlie Riley, (iv) 45,431 shares are held as sole custodian for the benefit of Eloise Riley, (v) 43,810 shares are held as sole custodian for the benefit of Susan Riley, and (vi) 37,353 shares are held in Bryant R. Riley’s 401(k) account. The shares of Common Stock previously reported as being held by the Robert Antin Children Irrevocable Trust were transferred to a different entity and as such, Bryant R. Riley is no longer deemed to have voting or dispositive power over the shares. Bryant R. Riley may also beneficially own 27,446,522 shares of Common Stock, representing 30.7% of the Issuer’s Common Stock, outstanding and held directly by BRFI or BRS in the manner specified in paragraph (1) above. Bryant R. Riley disclaims beneficial ownership of the shares held by BRFI and BRS in each case except to the extent of his pecuniary interest therein. 7 Each of the Reporting Persons, as a member of a “group” with the other Reporting Persons for purposes of Rule 13d-5(b)(1) of the Exchange Act,

Contracts, Arrangements, Understandings or Relationships

Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer

of the Schedule 13D is hereby amended and supplemented by

Item 6 of the Schedule 13D is hereby amended and supplemented by adding the following: The disclosures set forth in Item 4 are hereby incorporated by reference.

Material to Be Filed as Exhibits

Item 7. Material to Be Filed as Exhibits The following documents are filed as exhibits: Exhibit Number Description 4 Sales Agreement, among Babcock & Wilcox Enterprises, Inc., B. Riley Securities, Inc., Seaport Global Securities LLC, Craig-Hallum Capital Group LLC and Lake Street Capital Markets, LLC, dated April 10, 2024. (incorporated by reference to Exhibit 1.1 to Babcock & Wilcox Enterprises, Inc.’s Current Report on Form 8-K, filed with the SEC on April 10, 2024) 8 SIGNATURE After reasonable inquiry and to the best of my knowledge and belief, the undersigned certifies that the information set forth in this statement is true, complete and correct. Date: April 17, 2024 B. RILEY FINANCIAL, INC. By: /s/ Bryant R. Riley Name: Bryant R. Riley Title: Co-Chief Executive Officer B. RILEY SECURITIES, INC. By: /s/ Andrew Moore Name: Andrew Moore Title: Chief Executive Officer BRF INVESTMENTS, LLC. By: /s/ Phillip Ahn Name: Phillip Ahn Title: Authorized Signatory /s/ Bryant R. Riley Bryant R. Riley The original statement shall be signed by each person on whose behalf the statement is filed or his authorized representative. If the statement is signed on behalf of a person by his authorized representative (other than an executive officer or general partner of this filing person), evidence of the representative’s authority to sign on behalf of such person shall be filed with the statement, provided, however, that a power of attorney for this purpose which is already on file with the Commission may be incorporated by reference. The name and any title of each person who signs the statement shall be typed or printed beneath his signature. Attention: Intentional misstatements or omissions of fact constitute Federal criminal violations ( see 18 U.S.C. 1001). 9 SCHEDULE A Executive Officers and Directors of B. Riley Financial, Inc. Name and Position Present Principal Occupation

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