SCHEDULE: Major Shareholder Reduces Stake in Power Technology Firm

A key reporting entity, Tillandsia, Inc., has sold 2.5 million shares of Class A Common Stock in NET Power Inc. through a block trade, reducing its beneficial ownership.

Summary

• Tillandsia, Inc., a reporting person indirectly controlled by SK Inc., sold 2,500,000 shares of Class A Common Stock of NET Power Inc.
• The sale was executed on July 15, 2025, via a block trade through its placement manager, Citigroup Global Markets Inc.
• The shares were sold at a price of $2.61 per share, totaling $6,525,000 in proceeds.
• Following the transaction, the aggregate beneficial ownership of the reporting persons (8 Rivers Capital, LLC, NPEH, LLC, and SK Inc.) is 26,729,880 shares.
• This represents 25.6% of the Class A Common Stock, calculated based on 77,726,852 shares outstanding as of May 9, 2025, and the 26,729,880 exchangeable Opco Units.
• The beneficial ownership percentage for the reporting group decreased from approximately 27.33% before the sale to 25.6% after the sale.

Sentiment

Score: 5

Explanation: The document reports a significant block sale by a major shareholder, which can be viewed neutrally as a portfolio adjustment or slightly negatively due to reduced stake and potential short-term price pressure. It does not contain operational or financial performance data to indicate positive or negative company trajectory.

Positives

• The transaction provides liquidity for the selling entity, Tillandsia, Inc.

Negatives

• The sale of a significant block of shares by a major reporting entity could be perceived as a reduction in confidence or a strategic divestment by the investor group.

Risks

• A large block sale could put downward pressure on the stock price in the short term due to increased supply.
• Reduced ownership by a key strategic investor (SK Inc. via its subsidiaries) might be interpreted negatively by the market, potentially impacting investor sentiment.

Future Outlook

NA

Industry Context

This filing primarily details a change in beneficial ownership by a significant investor group, rather than providing insights into broader industry trends or competitive dynamics. The transaction reflects a specific portfolio adjustment by the reporting entities.

Related Party Transactions

• Tillandsia, Inc., the selling entity, is directly owned 100% by SK Inc., which is one of the reporting persons. This transaction represents a divestment by a subsidiary of a major beneficial owner within the reporting group.

Stakeholder Impact

• Shareholders: The sale of a large block of shares could lead to increased supply in the market, potentially exerting downward pressure on the stock price in the short term. It also signifies a reduction in the stake held by a significant investor group.

Key Dates

Keywords

NET Power Inc., Class A Common Stock, Schedule 13D, beneficial ownership, block trade, share sale, institutional investor, SK Inc., 8 Rivers Capital, NPEH, Tillandsia Inc.