SCHEDULE: NET Power Major Holder NPEH Sells 1.29M Shares

NPEH, a significant holder in NET Power Inc., reported the sale of 1,288,653 Class A Common Stock shares between November 17 and December 9, 2025, reducing its beneficial ownership to 22.25%.

Summary

• This filing is Amendment No. 9 to the Schedule 13D for NET Power Inc.
• The reporting persons include 8 Rivers Capital, LLC, NPEH, LLC, Damian Beauchamp, and 8RCH, LLC.
• NPEH, LLC sold 1,288,653 shares of Class A Common Stock between November 17, 2025, and December 9, 2025.
• Following the sale, the aggregate beneficial ownership for each reporting person is 23,279,880 shares of Class A Common Stock.
• This represents 22.25% 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 2,550,000 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 a major beneficial owner, even if for liquidity reasons, can be perceived as a negative signal by the market, potentially indicating a lack of confidence or a shift in investment strategy by the insider. However, it is a factual report of a transaction rather than a negative operational update.

Negatives

• The sale of 1,288,653 shares of Class A Common Stock by NPEH, a significant beneficial owner, could be perceived negatively by the market, potentially signaling a reduction in conviction or a need for liquidity from a major insider.

Future Outlook

No forward-looking statements or guidance are provided in this filing.

Industry Context

This filing is a routine disclosure of a change in beneficial ownership and does not provide information related to broader industry trends or competitors.

Related Party Transactions

• The filing details the complex ownership structure and relationships between Damian Beauchamp, 8RCH, 8 Rivers Capital, and NPEH, which are all related parties involved in the beneficial ownership of NET Power Inc. securities. The reported sale of shares by NPEH is a transaction involving these related entities.

Stakeholder Impact

• Shareholders: The sale of a large block of shares by a significant holder could increase selling pressure on the stock and potentially signal reduced confidence, impacting other shareholders.

Key Dates

Recommendation

The filing reports a significant sale of shares by a major beneficial owner. While this is a factual disclosure, such a transaction can create downward pressure on the stock price or signal a potential lack of conviction from a key insider. However, without additional context on the reasons for the sale (e.g., diversification, liquidity needs, or a fundamental change in outlook), a definitive 'sell' recommendation is premature. A 'hold' position is prudent to observe market reaction and await further company-specific or industry-wide developments.

Keywords

NET Power Inc., NPEH, 8 Rivers Capital, Schedule 13D, Class A Common Stock, beneficial ownership, stock sale, insider selling, equity, SEC filing