SEC Info - B. Riley Financial, Inc., et al. - ‘4’ for 6/30/20 re: Babcock & Wilcox Enterprises, Inc.

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

B. Riley Financial, Inc.

(Last)

(First)

(Middle)

21255 BURBANK BOULEVARD, SUITE 400

(Street)

WOODLAND HILLS

91367

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
Babcock & Wilcox Enterprises, Inc. [ BW ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
6/30/20

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock, $0.01 par value per share	6/30/20		M ⁽¹⁾		971,839 ⁽¹⁾	A	$2.2774 ⁽¹⁾	5,875,614 ⁽¹⁾	D
Common Stock, $0.01 par value per share	6/30/20		M ⁽¹⁾		144,463 ⁽¹⁾	A	$2.2774 ⁽¹⁾	2,003,886 ⁽¹⁾	I ⁽²⁾ ⁽³⁾	By B. Riley FBR, Inc. ⁽²⁾ ⁽³⁾
Common Stock, $0.01 par value per share	6/30/20		M ⁽¹⁾		76,069 ⁽¹⁾	A	$2.2774 ⁽¹⁾	1,936,958 ⁽¹⁾	I ⁽²⁾ ⁽³⁾	By BRC Partners Opportunity Fund, L.P. ⁽²⁾ ⁽³⁾
Common Stock, $0.01 par value per share								176,424	D ⁽²⁾ ⁽³⁾ ⁽⁴⁾
Common Stock, $0.01 par value per share								37,353	I ⁽²⁾ ⁽³⁾	Held in Bryant R. Riley's 401(k) account ⁽²⁾ ⁽³⁾
Common Stock, $0.01 par value per share								33,402	I ⁽²⁾ ⁽³⁾	By Bryant R. Riley, as UTMA custodian for Charlie Riley ⁽²⁾ ⁽³⁾
Common Stock, $0.01 par value per share								31,416	I ⁽²⁾ ⁽³⁾	By Bryant R. Riley, as UTMA custodian for Susan Riley ⁽²⁾ ⁽³⁾
Common Stock, $0.01 par value per share								33,402	I ⁽²⁾ ⁽³⁾	By Bryant R. Riley, as UTMA custodian for Abigail Riley ⁽²⁾ ⁽³⁾
Common Stock, $0.01 par value per share								33,404	I ⁽²⁾ ⁽³⁾	By Bryant R. Riley, as UTMA custodian for Eloise Riley ⁽²⁾ ⁽³⁾

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Conversion of Interest Payable in Stock	$2.2774 ⁽¹⁾	6/30/20		M ⁽¹⁾			$2,213,265.27	⁽¹⁾	⁽¹⁾	Common Stock, $0.01 par value per share	971,839 ⁽¹⁾	⁽¹⁾	$8,742,976.11	D
Conversion of Interest Payable in Stock	$2.2774 ⁽¹⁾	6/30/20		M ⁽¹⁾			$329,000	⁽¹⁾	⁽¹⁾	Common Stock, $0.01 par value per share	144,463 ⁽¹⁾	⁽¹⁾	$1,288,000	I ⁽²⁾ ⁽³⁾	By B. Riley FBR, Inc. ⁽²⁾ ⁽³⁾
Conversion of Interest Payable in Stock	$2.2774 ⁽¹⁾	6/30/20		M ⁽¹⁾			$173,240.46	⁽¹⁾	⁽¹⁾	Common Stock, $0.01 par value per share	76,069 ⁽¹⁾	⁽¹⁾	$703,273.28	I ⁽²⁾ ⁽³⁾	By BRC Partners Opportunity Fund, L.P. ⁽²⁾ ⁽³⁾

1. Name and Address of Reporting Person^*

B. Riley Financial, Inc.

(Last)

(First)

(Middle)

21255 BURBANK BOULEVARD, SUITE 400

(Street)

WOODLAND HILLS

91367

(City)

(State)

(Zip)

1. Name and Address of Reporting Person^*

BRC Partners Opportunity Fund, LP

(Last)

(First)

(Middle)

11100 SANTA MONICA BLVD., SUITE 800

(Street)

LOS ANGELES,

90025

(City)

(State)

(Zip)

1. Name and Address of Reporting Person^*

BRC Partners Management GP, LLC

(Last)

(First)

(Middle)

11100 SANTA MONICA BLVD., SUITE 800

(Street)

LOS ANGELES,

90025

(City)

(State)

(Zip)

1. Name and Address of Reporting Person^*

B. RILEY CAPITAL MANAGEMENT, LLC

(Last)

(First)

(Middle)

11100 SANTA MONICA BLVD., SUITE 800

(Street)

LOS ANGELES,

90025

(City)

(State)

(Zip)

1. Name and Address of Reporting Person^*

B. Riley FBR, Inc.

(Last)

(First)

(Middle)

11100 SANTA MONICA BLVD., SUITE 800

(Street)

LOS ANGELES,

90025

(City)

(State)

(Zip)

1. Name and Address of Reporting Person^*

RILEY BRYANT R

(Last)

(First)

(Middle)

21255 BURBANK BOULEVARD, SUITE 400

(Street)

WOODLAND HILLS,

91367

(City)

(State)

(Zip)

Explanation of Responses:

(1) Pursuant to the Fee and Interest Equitization Agreement (the "Equitization Agreement"), dated as of May 14, 2020, by and among Babcock & Wilcox Enterprises, Inc. (the "Issuer"), B. Riley Financial, Inc., a Delaware corporation ("BRF") and, solely for limited purposes, B. Riley FBR, Inc., a Delaware corporation ("BRFBR"), on June 30, 2020, the Issuer issued 971,839 shares of its common stock, par value $0.01 (the "Common Stock") to BRF, 144,463 shares of Common Stock to BRFBR and 76,069 shares of Common Stock to BRC Partners Opportunity Fund, LP, a Delaware limited partnership ("BRPLP"), in each case in satisfaction of payment of Interest Payments (as defined in the Equitization Agreement) for the period from May 14, 2020 to June 30, 2020, representing a price of $2.2774 per share of Common Stock.

(2) This Form 4 is being filed jointly by BRF, BRFBR, BRPLP, BRC Partners Management GP, LLC, a Delaware limited liability company ("BRPGP"), B. Riley Capital Management, LLC, a New York limited liability company, a registered investment advisor ("BRCM"), and Bryant R. Riley. BRPGP is a subsidiary of BRCM and is the general partner of BRPLP. BRF is the parent company of BRCM. As a result, BRF may be deemed to indirectly beneficially own the shares held by BRPLP. BRF is the parent company of BRFBR. As a result, BRF may be deemed to indirectly beneficially own the shares held by BRFBR.

(3) Bryant R. Riley is the Co-Chief Executive Officer and Chairman of the Board of Directors of BRF. As a result, Bryant R. Riley may be deemed to indirectly beneficially own the shares of Common Stock directly held by BRF, BRFBR and BRPLP. Each of BRF, BRFBR, BRPGP, BRCM and BRPLP (collectively, the "B. Riley Entities") and Bryant R Riley disclaims beneficial ownership of the outstanding shares of Common Stock reported herein, except to the extent of its/his respective pecuniary interest therein.

(4) Represents shares held directly by Bryant R. Riley.

	B. Riley Financial, Inc., by: /s/ Bryant R. Riley, Co-Chief Executive Officer	7/2/20
	BRC Partners Opportunity Fund, L.P., by: /s/ Bryant R. Riley, Chief Investment Officer	7/2/20
	BRC Partners Management GP, LLC, by B. Riley Capital Management, LLC, its sole member, by: /s/ Bryant R. Riley, Chief Executive Officer	7/2/20
	B. Riley Capital Management, LLC, by: /s/ Bryant R. Riley, Chief Investment Officer	7/2/20
	B. Riley FBR, Inc., by: /s/ Andrew Moore, Chief Executive Officer	7/2/20
	Bryant R. Riley	7/2/20
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

____________ Transaction Code:
M	Exercise or conversion of derivative security exempted pursuant to Rule 16b-3.

B. Riley Financial, Inc., et al. – ‘4’ for 6/30/20 re: Babcock & Wilcox Enterprises, Inc.

On: Thursday, 7/2/20, at 4:05pm ET · For: 6/30/20 · Accession #: 1213900-20-16563 · File #: 1-36876

Previous ‘4’: ‘4’ on 6/30/20 for 6/26/20 · Next: ‘4’ on 8/24/20 for 8/21/20 · Latest: ‘4’ on 3/26/24 for 3/7/24

Statement of Changes in Beneficial Ownership of Securities by an Insider — Form 4 — SEA’34
Filing Table of Contents

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B. Riley Financial, Inc., et al. – ‘4’ for 6/30/20 re: Babcock & Wilcox Enterprises, Inc.

On: Thursday, 7/2/20, at 4:05pm ET · For: 6/30/20 · Accession #: 1213900-20-16563 · File #: 1-36876

Previous ‘4’: ‘4’ on 6/30/20 for 6/26/20 · Next: ‘4’ on 8/24/20 for 8/21/20 · Latest: ‘4’ on 3/26/24 for 3/7/24

Statement of Changes in Beneficial Ownership of Securities by an Insider — Form 4 — SEA’34Filing Table of Contents

This ‘4’ Document is an XML Data File that may be rendered in various formats:

Statement of Changes in Beneficial Ownership of Securities by an Insider — Form 4 — SEA’34
Filing Table of Contents