NET Power Inc. 13D/A Filing Updates Ownership Details

TL;DR

8 Rivers Capital & affiliates updated their NET Power ownership filing - significant stake confirmed.

AI Summary

On October 21, 2024, NET Power Inc. filed an amendment to its Schedule 13D, reporting changes in beneficial ownership. The filing indicates that 8 Rivers Capital, LLC, along with its group members ARECA, INC., CHAMAEDOREA, INC., NPEH, LLC, SK INC., and TILLANDSIA, INC., collectively hold a significant stake in NET Power Inc. The filing details changes in the reporting persons' control and beneficial ownership of the Class A Common Stock.

Why It Matters

This filing provides crucial information for investors regarding the control and beneficial ownership of NET Power Inc., impacting market perception and potential strategic decisions.

Risk Assessment

Risk Level: medium — Schedule 13D filings often indicate significant ownership changes or activist intentions, which can introduce volatility and uncertainty for investors.

Key Players & Entities

• NET Power Inc. (company) — Subject Company
• 8 Rivers Capital, LLC (company) — Reporting Person
• ARECA, INC. (company) — Group Member
• CHAMAEDOREA, INC. (company) — Group Member
• NPEH, LLC (company) — Group Member
• SK INC. (company) — Group Member
• TILLANDSIA, INC. (company) — Group Member
• Asheley Kinsey (person) — Chief Financial Officer

FAQ

Key Financial Figures

• $0.0001 — suer) Class A Common Stock, par value $0.0001 (Title of Class of Securities) 6410

Filing Documents

• tm2426581d1_sc13da.htm (SC 13D/A) — 110KB
• 0001104659-24-110314.txt ( ) — 112KB

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: Between September 20, 2024 and October 7, 2024, 8 Rivers sold all 100,000 shares of Class A Common Stock held by it. On September 25, 2024, NPEH exchanged 1,015,000 Opco Units for 1,015,000 shares of Class A Common Stock. Upon such exchange, an equal number of shares of Class B Common Stock held by NPEH, which have no economic value, were cancelled. Between October 7, 2024 and October 17, 2024, NPEH sold all 1,015,000 shares of Class A Common Stock held by it.

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. 3 are calculated based upon (i) 75,201,047 shares of Class A Common Stock issued and outstanding comprised of (a) 73,186,047 shares of Class A Common Stock issued and outstanding as of August 6, 2024, as reported in the Issuer Form 10-Q, and (b) 2,015,000 shares of Class A Common Stock that were sold by NPEH between September 4, 2024 and October 17, 2024 following 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 and are now issued and outstanding , and (ii) 27,990,300 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. 3 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. 3, 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. 3, 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 A

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 October 21, 2024 8 RIVERS CAPITAL, LLC By: /s/ Asheley Kinsey Asheley Kinsey, Chief Financial Officer NPEH, LLC By: 8 Rivers Capital, LLC, its Manager By: /s/ Asheley Kinsey Asheley Kinsey, Chief Financial 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