8 Rivers Capital Amends NET Power Stake Filing

TL;DR

8 Rivers Capital just updated their NET Power filing, watch for ownership shifts.

AI Summary

On May 28, 2024, 8 Rivers Capital, LLC filed an amendment to its Schedule 13D for NET Power Inc. The filing indicates a change in beneficial ownership, with 8 Rivers Capital, LLC now holding a significant stake in the company. This amendment is a routine update following recent corporate actions or changes in holdings.

Why It Matters

This filing provides insight into the ownership structure of NET Power Inc. and the intentions of major shareholders like 8 Rivers Capital, LLC.

Risk Assessment

Risk Level: medium — Changes in beneficial ownership filings can signal shifts in control or strategy, potentially impacting stock price.

Key Players & Entities

• 8 Rivers Capital, LLC (company) — Filing entity
• NET Power Inc. (company) — Subject company
• Chris Richardson (person) — CEO of NET Power Inc.
• Rice Acquisition Corp. II (company) — Former company name of NET Power Inc.

FAQ

Key Financial Figures

• $0.0001 — suer) Class A Common Stock, par value $0.0001 (Title of Class of Securities) 6410
• $10.04 — d (“ Citi ”), at a price of $10.04 per share (the “ Block Trade &rdq

Filing Documents

• tm2415415d1_sc13da.htm (SC 13D/A) — 111KB
• 0001104659-24-065506.txt ( ) — 113KB

Purpose of Transaction

Item 4. Purpose of Transaction. The information contained in Item 4 of the Schedule 13D is hereby amended and supplemented by adding the following information: On May 23, 2024, Tillandsia sold 2,500,000 shares of Class A Common Stock pursuant to a block trade through its placement manager, Citigroup Global Markets Limited (“ Citi ”), at a price of $10.04 per share (the “ Block Trade ”).

Interest in Securities of the Issuer

Item 5. Interest in Securities of the Issuer. The information contained in Item 5 of the Schedule 13D is hereby amended and restated in its entirety as follows: (a) and (b) The information contained in rows 7, 8, 9, 10, 11 and 13 of the cover pages for each Reporting Person is hereby incorporated by reference in its entirety into this Item 5. The percentages reported in this Amendment No. 1 are calculated based upon (i) 72,162,898 shares of Class A Common Stock issued and outstanding as of May 8, 2024 , as reported in the Issuer Form 10-Q, and (ii) 30,005,300 shares of Class A Common Stock issuable to NPEH upon the redemption and exchange of an equal number of Opco Units (and the cancellation of an equal number of shares of Class B Common Stock) held by NPEH. Neither the filing of this Amendment No. 1 nor any of its contents shall be deemed to constitute an admission by NPEH that it is the beneficial owner of any shares directly owned by 8 Rivers referred to herein for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, or for any other purpose, and such beneficial ownership is expressly disclaimed. (c) Except as described in this Amendment No. 1, no transactions in the class of securities reported have been effected during the past sixty (60) days by the Reporting Persons. (d) Other than as described in this Amendment No. 1, to the knowledge of the Reporting Persons, no other person has the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities of Issuer covered by this Amendment No. 1. (e) Not applicable.

Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer

Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer. The information contained in Item 6 of the Schedule 13D is hereby amended and supplemented by adding the following information: In connection with the Block Trade, on May 23, 2024, Tillandsia agreed over email with Citi that it will not during the period commencing on May 23, 2024 and ending 30 days thereafter offer or sell any additional shares of Class A Common Stock it beneficially owns. CUSIP No. 64107A105 13D Page 8 of 8

SIGNATURES

SIGNATURES After reasonable inquiry and to the best of his knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct. Dated May 28, 2024 8 RIVERS CAPITAL, LLC By: /s/ Chris Richardson Chris Richardson, Chief Executive Officer NPEH, LLC By: 8 Rivers Capital, LLC, its Manager By: /s/ Chris Richardson Chris Richardson, Chief Executive Officer SK INC. By: /s/ Munhyuk Jang Munhyuk Jang, Head of Corporate Management Department TILLANDSIA, INC. By: /s/ Kiseon Park Kiseon Park, President ARECA, INC. By: /s/ Jaehun Jang Jaehun Jang, President CHAMAEDOREA, INC. By: /s/ Manjae Han Manjae Han, President

View Full Filing

View this SC 13D/A filing on SEC EDGAR