Entity tied to 8 Rivers sells 435K NPWR shares

NET Power Inc. reported insider activity involving an entity associated with major holder 8 Rivers Capital, LLC and Damian R. Beauchamp.

Rhea-AI Filing Summary

NET Power Inc. reported insider activity involving an entity associated with major holder 8 Rivers Capital, LLC and Damian R. Beauchamp. NPEH, LLC sold a total of 435,000 shares of Class A Common Stock in open-market transactions at weighted average prices of $2.4329 and $2.4389 per share across two days. After these sales, 2,965,000 shares of Class A Common Stock remain indirectly held through NPEH, LLC. 8 Rivers and Mr. Beauchamp each state they may be deemed beneficial owners only to the extent of their pecuniary interests and expressly disclaim broader beneficial ownership.

Insider Trade Summary

Net Seller: 435,000 shares

Net Sell 2 txns

Insider 8 Rivers Capital, LLC, BEAUCHAMP DAMIAN R.

Role 10% Owner | 10% Owner

Sold 435,000 shs ($1.06M)

Type	Security	Shares	Price	Value
Sale	Class A Common Stock	35,000	$2.4329	$85K
Sale	Class A Common Stock	400,000	$2.4389	$976K

Holdings After Transaction: Class A Common Stock — 2,965,000 shares (Indirect, By: NPEH, LLC)

Footnotes (4)

1. F1. 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 $2.35 to $2.51. 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. F2. 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 $2.405 to $2.46. 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.
3. F3. As manager and holder of approximately 90.9% of the outstanding equity in NPEH, 8 Rivers Capital, LLC ("8 Rivers") may be deemed to be a beneficial owner of the securities directly owned by NPEH. 8 Rivers disclaims beneficial ownership of any such securities, except to the extent of its pecuniary interest therein, if any, and this report shall not be deemed an admission that 8 Rivers is the beneficial owner of such securities for purposes of Section 16 or otherwise.
4. F4. Damian R. Beauchamp ("Mr. Beauchamp") independently indirectly owns approximately 63.70% of 8 Rivers, and Mr. Beauchamp directly owns approximately 3.83% of 8 Rivers. Accordingly, Mr. Beauchamp may be deemed the indirect beneficial owner of the securities owned by NPEH to the extent of his pecuniary interest therein. Mr. Beauchamp disclaims beneficial ownership of any such securities, except to the extent of his or her pecuniary interest therein, if any, and this report shall not be deemed an admission that Mr. Beauchamp is the beneficial owner of such securities for purposes of Section 16 or otherwise.

Key Figures

Shares sold total: 435,000 shares Weighted average price (35,000-share sale): $2.4329/share Weighted average price (400,000-share sale): $2.4389/share +5 more

8 metrics

Shares sold total 435,000 shares Aggregate open-market sales reported in Form 4

Weighted average price (35,000-share sale) $2.4329/share Sale of 35,000 Class A shares

Weighted average price (400,000-share sale) $2.4389/share Sale of 400,000 Class A shares

Shares remaining after transactions 2,965,000 shares Class A Common Stock indirectly held via NPEH, LLC

Price range first sale day $2.35–$2.51 Multiple trades underlying weighted average $2.4329

Price range second sale day $2.405–$2.46 Multiple trades underlying weighted average $2.4389

8 Rivers equity stake in NPEH 90.9% Outstanding equity interest in NPEH, LLC

Beauchamp indirect ownership of 8 Rivers 63.70% Indirect stake in 8 Rivers Capital, LLC

Key Terms

weighted average sales price, beneficial owner, pecuniary interest, indirect beneficial owner, +1 more

5 terms

weighted average sales price financial

"The price reported reflects the weighted average sales price."

beneficial owner financial

"8 Rivers may be deemed to be a beneficial owner of the securities directly owned by NPEH."

A beneficial owner is the person who ultimately owns or controls a financial asset or property, even if their name isn't directly on official documents. Think of it like someone who secretly holds the keys to a safe deposit box—others may appear to have access, but the true owner is the one who benefits from what's inside. Identifying beneficial owners helps ensure transparency and prevent illegal activities like money laundering or fraud.

pecuniary interest financial

"8 Rivers disclaims beneficial ownership of any such securities, except to the extent of its pecuniary interest therein."

indirect beneficial owner financial

"Mr. Beauchamp may be deemed the indirect beneficial owner of the securities owned by NPEH to the extent of his pecuniary interest therein."

ten percent owner financial

"Reporting persons are indicated as ten percent owner."

FAQ

What insider transaction did NET Power (NPWR) report in this Form 4?

NET Power reported that NPEH, LLC, an entity associated with major holder 8 Rivers Capital, sold 435,000 shares of Class A Common Stock in open-market transactions. These trades occurred over two days at weighted average prices around the mid-$2 range.

How many NET Power (NPWR) shares were sold and at what prices?

A total of 435,000 NET Power Class A Common shares were sold. One 35,000‑share sale used a weighted average price of $2.4329, and a 400,000‑share sale used $2.4389, with actual trade prices ranging between roughly $2.35 and $2.51.

How many NET Power (NPWR) shares does the insider entity hold after the sales?

Following these transactions, 2,965,000 shares of NET Power Class A Common Stock remain indirectly owned through NPEH, LLC. This figure reflects the position after the reported sales and indicates the entity still holds a substantial stake in the company.

Who is behind NPEH, LLC in the NET Power (NPWR) insider filing?

NPEH, LLC is linked to 8 Rivers Capital, LLC and Damian R. Beauchamp. 8 Rivers manages and owns about 90.9% of NPEH’s equity, while Mr. Beauchamp indirectly and directly owns significant portions of 8 Rivers, tying them economically to NPEH’s holdings.

Do 8 Rivers Capital and Damian Beauchamp claim full beneficial ownership of NET Power (NPWR) shares?

No. Both 8 Rivers Capital and Damian R. Beauchamp state they may be deemed beneficial owners only to the extent of their pecuniary interests. They formally disclaim beneficial ownership of NPEH’s NET Power shares beyond those economic stakes.

Were the NET Power (NPWR) insider sales single-price trades or ranges?

The sales were executed across multiple trades within price ranges on each day. One day’s trades occurred between $2.35 and $2.51, and the other between $2.405 and $2.46, with the Form 4 reporting weighted average sale prices.

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Accepted by SEC EDGAR 05/14/2026 - 06:00 PM Learn about SEC filing dates

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

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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^*

8 Rivers Capital, LLC

(Last) (First) (Middle)

406 BLACKWELL STREET, 4TH FLOOR

(Street)

DURHAM NORTH CAROLINA 27701

(City) (State) (Zip)

UNITED STATES

(Country)

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)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/12/2026

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

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

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

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	05/12/2026		S		400,000	D	$2.4389(1)	3,000,000	I	By: NPEH, LLC(3)(4)
Class A Common Stock	05/13/2026		S		35,000	D	$2.4329(2)	2,965,000	I	By: NPEH, LLC(3)(4)

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

1. Name and Address of Reporting Person^*

8 Rivers Capital, LLC

(Last) (First) (Middle)

406 BLACKWELL STREET, 4TH FLOOR

(Street)

DURHAM NORTH CAROLINA 27701

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

BEAUCHAMP DAMIAN R.

(Last) (First) (Middle)

406 BLACKWELL STREET, 4TH FLOOR

(Street)

DURHAM NORTH CAROLINA 27701

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

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

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 $2.35 to $2.51. 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 price reported reflects the weighted average sales price. The shares of Class A Common Stock were sold in multiple trades at prices ranging from $2.405 to $2.46. 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.

3. As manager and holder of approximately 90.9% of the outstanding equity in NPEH, 8 Rivers Capital, LLC ("8 Rivers") may be deemed to be a beneficial owner of the securities directly owned by NPEH. 8 Rivers disclaims beneficial ownership of any such securities, except to the extent of its pecuniary interest therein, if any, and this report shall not be deemed an admission that 8 Rivers is the beneficial owner of such securities for purposes of Section 16 or otherwise.

4. Damian R. Beauchamp ("Mr. Beauchamp") independently indirectly owns approximately 63.70% of 8 Rivers, and Mr. Beauchamp directly owns approximately 3.83% of 8 Rivers. Accordingly, Mr. Beauchamp may be deemed the indirect beneficial owner of the securities owned by NPEH to the extent of his pecuniary interest therein. Mr. Beauchamp disclaims beneficial ownership of any such securities, except to the extent of his or her pecuniary interest therein, if any, and this report shall not be deemed an admission that Mr. Beauchamp is the beneficial owner of such securities for purposes of Section 16 or otherwise.

	By: /s/ Min Lee, General Counsel of 8 Rivers Capital, LLC	05/14/2026
	By: /s/ Damian R. Beauchamp	05/14/2026
	** 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.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)