SCHEDULE: 8 Rivers Capital Reduces Stake in NET Power Inc.

8 Rivers Capital and associated entities have disclosed the sale of 1,289,780 shares of NET Power Inc. Class A common stock.

Summary

• Reporting persons 8 Rivers Capital, LLC, NPEH, LLC, Damian Beauchamp, and 8RCH, LLC filed Amendment No. 11 to their Schedule 13D.
• The filing discloses the sale of 1,289,780 shares of NET Power Inc. Class A common stock between January 29, 2026, and May 13, 2026.
• The reporting group maintains beneficial ownership of 20,694,880 shares, representing approximately 19.50% of the issuer's outstanding Class A common stock.
• Beneficial ownership includes 2,965,000 shares held directly and 17,729,880 shares issuable upon the exchange of Opco Units.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral disclosure; while a major shareholder reduced their position, the remaining 19.50% stake suggests continued commitment to the company.

Positives

• The reporting group continues to hold a significant 19.50% stake in the company, indicating ongoing alignment with the issuer's long-term interests.

Negatives

• The sale of 1,289,780 shares represents a reduction in the equity position held by a major stakeholder.

Risks

• Future sales of large blocks of stock by major shareholders could exert downward pressure on the share price.
• The complexity of the ownership structure involving exchangeable Opco Units and Class B common stock may create volatility during conversion events.

Future Outlook

The filing does not provide specific forward-looking guidance regarding future business operations, focusing instead on the disclosure of changes in beneficial ownership.

Industry Context

StockSavvy.ai notes that this filing reflects standard portfolio rebalancing by a major institutional stakeholder in the clean energy technology sector, which is common as companies transition from development to commercialization phases.

Comparison to Industry Standards

• The 19.50% ownership stake remains substantial compared to typical institutional holdings in similar clean energy infrastructure firms.
• The use of Opco Units and dual-class share structures is consistent with post-SPAC corporate governance models in the energy sector.

Stakeholder Impact

• Shareholders should note the reduction in the reporting group's position as a potential indicator of liquidity events or portfolio rebalancing.

Next Steps

• Continued monitoring of future Form 4 or Schedule 13D filings for further changes in the reporting group's position.

Key Dates

Recommendation

The sale of shares by a major insider/stakeholder warrants a hold position until further clarity on the motivation for the sale and the company's upcoming operational milestones is provided.

Keywords

NET Power, 8 Rivers Capital, Schedule 13D, Shareholder Disclosure, Damian Beauchamp, Equity Sale