SCHEDULE: NET Power Insider Group Trims Stake to 21.01%

An insider group, including 8 Rivers Capital and NPEH, LLC, has reduced its beneficial ownership in NET Power Inc. to 21.01% after selling 1,295,220 Class A Common Stock shares.

Summary

• This is Amendment No. 10 to the Schedule 13D filing for NET Power Inc.
• The reporting persons are 8 Rivers Capital, LLC, NPEH, LLC, Damian Beauchamp, and 8RCH, LLC.
• Between December 19, 2025, and January 28, 2026, NPEH, LLC sold 1,295,220 shares of Class A Common Stock.
• Following the sale, the aggregate beneficial ownership for the reporting group is 21,984,660 shares of Class A Common Stock.
• This represents 21.01% of NET Power Inc.'s Class A Common Stock, calculated based on 83,919,757 shares outstanding as of November 11, 2025.
• The beneficial ownership includes 1,254,780 directly held Class A Common Stock shares and 20,729,880 Opco Units exchangeable for Class A Common Stock on a one-for-one basis.

Sentiment

Score: 4

Explanation: The sale of a significant number of shares by an insider group, even if it's a small percentage of their overall holding, can be viewed negatively by the market as it might signal a lack of conviction or a belief that the stock is fully valued. However, it's a routine disclosure for a Schedule 13D/A and doesn't necessarily imply fundamental issues.

Negatives

• NPEH, LLC, a key entity within the reporting group, sold 1,295,220 shares of Class A Common Stock.
• Insider selling can sometimes be interpreted as a lack of confidence in the company's near-term prospects or a signal that the stock is fully valued.

Future Outlook

NA

Industry Context

NA

Related Party Transactions

• The filing details the complex ownership structure linking Damian Beauchamp, 8RCH, LLC, Tillandsia, Inc., Areca, Inc., Chamaedorea, Inc., 8 Rivers Capital, LLC, and NPEH, LLC, all of whom are considered reporting persons and related parties.
• NPEH, LLC, which sold shares, is managed by 8 Rivers Capital, LLC, and its equity is 90.8% owned by 8 Rivers Capital, LLC.
• Damian Beauchamp and 8RCH, LLC are deemed to beneficially own shares through their indirect interests in 8 Rivers Capital, LLC and NPEH, LLC.

Stakeholder Impact

• Shareholders: The sale of shares by an insider group could lead to concerns about management's confidence in the company's future, potentially impacting investor sentiment and share price.

Key Dates

Recommendation

The filing indicates a reduction in beneficial ownership by a key insider group through the sale of over 1.2 million shares. While this is a notable transaction, it represents a relatively small portion of their total holding (21.01% remaining). Without further context on the reasons for the sale (e.g., diversification, liquidity needs, or a change in outlook), it's difficult to interpret definitively. Investors should monitor future insider activity and company performance, but this single event, while a negative signal, does not warrant an immediate 'sell' recommendation given the substantial remaining stake. A 'hold' stance is prudent, awaiting more comprehensive financial or operational updates.

Keywords

NET Power Inc., Schedule 13D/A, Insider Selling, Beneficial Ownership, 8 Rivers Capital, NPEH LLC, Damian Beauchamp, Class A Common Stock, SEC Filing, Equity Stake