NET Power insider reports sale and zero ending beneficial interest

Rhea-AI Filing Summary

NET Power Inc. (NPWR): Insider activity reported on Form 4. A reporting person, through NPEH, LLC, sold 18,116 shares of Class A Common Stock on 10/31/2025 at a weighted average price of $4.0527. After this sale, 1,847,130 Class A shares were indirectly held.

On 11/02/2025, journal transactions (code J) reflect the reporting person’s exit from indirect ownership via the sale of upstream interests tied to NPEH. Following these entries, beneficial ownership reported became 0 for Class A Common Stock and 0 for Class B Common Stock (22,729,880 previously shown), and 0 for 22,729,880 Class A Units of NET Power Operations LLC. Each Class A Unit is exchangeable, together with canceling a corresponding Class B share, into one share of Class A Common Stock or cash at the issuer’s election, and has no expiration date.

Insights

Securities law analyst

Form 4 shows open‑market sale and exit of indirect ownership.

The filing lists a small open‑market sale of 18,116 Class A at a weighted average $4.0527 on 10/31/2025, followed by journal entries on 11/02/2025 that reduce reported beneficial ownership to zero. Footnotes attribute the change to a sale of upstream equity interests tied to entities that manage and own NPEH.

The derivative table shows 22,729,880 Class A Units (paired with Class B) that are exchangeable one‑for‑one into Class A or cash at the issuer’s election; post‑entries, the reported amount is zero. Actual market impact depends on the prior holding structure; the entry here documents changes without specifying further dispositions beyond the noted sale.

Key mechanics are administrative: journal code J and entity‑level ownership changes drive the zero balance. Subsequent filings may provide additional context on holder structures if they change again.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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X

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Beauchamp Cynda

(Last) (First) (Middle)

8 THE GREEN STE B

(Street)

DOVER DE 19901

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
NET Power Inc. [ NPWR ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
10/31/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	10/31/2025		S		18,116	D	$4.0527(1)	1,847,130	I	See Footnote(2)
Class A Common Stock	11/02/2025		J(2)		1,847,130	D	(2)	0	I	See Footnotes(2)(3)
Class B Common Stock	11/02/2025		J(2)		22,729,880	D	(2)	0	I	See Footnotes(2)(3)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Class A Units of NET Power Operations LLC	(3)	11/02/2025		J(2)			22,729,880	(3)	(3)	Class A Common Stock	22,729,880	(2)	0	I	See Footnotes(2)(3)

Explanation of Responses:

1. The price reported reflects the weighted average sales price. The shares of Class A Common Stock were sold in multiple trades at prices ranging from $4.05 to $4.06. NPEH, LLC ("NPEH") will provide upon request to the SEC, the Issuer or security holder of the Issuer, full information regarding the number of shares sold at each separate price.

2. The securities reported in this Form 4 are directly held by NPEH, a limited liability company of which the Reporting Person was the indirect majority owner. On November 2, 2025, the Reporting Person sold 100% of the equity interests of 8RCH, LLC, which holds 50% of the equity interests of each of Tillandsia, Inc. ("Tillandsia"), Areca, Inc. ("Areca") and Chamaedorea, Inc. ("Chamaedoria"). Tillandsia, Areca and Chamaedorea own approximately 18.6%, 25.77% and 24.11%, respectively, of the voting units of 8 Rivers Capital, LLC ("8 Rivers"). 8 Rivers is the manager and owns approximately 91.4% of NPEH.

3. For each Class A Unit of Net Power Operations LLC, NPEH owns one corresponding share of Class B Common Stock of the Issuer. The Class A Units of NET Power Operations LLC are exchangeable (together with the cancellation of a corresponding number of shares of the Issuer's Class B Common Stock) into shares of the Issuer's Class A Common Stock on a one-for-one basis or, at the Issuer's election, cash, and have no expiration date.

	/s/ Cynda Beauchamp	11/04/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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FAQ

What insider transaction did NPWR report on Form 4?

A reporting person, via NPEH, sold 18,116 Class A shares on 10/31/2025 at a weighted average price of $4.0527.

What was the beneficial ownership after the 10/31/2025 sale?

Following that sale, the filing shows 1,847,130 Class A shares indirectly held.

What changed on 11/02/2025 for the NPWR insider’s holdings?

Journal transactions (code J) reflect an exit from indirect ownership, resulting in 0 reported beneficial ownership for Class A, Class B, and related Class A Units.

How many Class B shares and Class A Units were shown before being reduced to zero?

The filing lists 22,729,880 Class B shares and 22,729,880 Class A Units tied to NPEH before the entries reflected zero.

What do the footnotes say about the ownership change on 11/02/2025?

They state the reporting person sold 100% of upstream equity interests linked to entities that manage and own NPEH, leading to the change.

How are NPWR Class A Units exchangeable?

Each Class A Unit is exchangeable, with cancellation of a corresponding Class B share, into one Class A share or cash at the issuer’s election; no expiration.