8 Rivers Capital, LLC

8 Rivers Capital (10% owner) sold 435,000 NPWR shares at $2.44 blended; stock now $2.22, -57.3% from highs; prior 5 same-ticker sells all declined 90d.

8 Rivers Capital sold 435,000 shares over two days at a blended average of $2.44, reducing its stake from 3,400,000 to 2,965,000 shares. The sales occurred as the stock trades 57.3% below its 52-week high and the company faces severe financial headwinds: zero revenue in the latest quarter and a $-9.9M net loss with -100.0% annual revenue decline. Most significantly, 8 Rivers has executed five consecutive sales at this ticker prior to this filing, and all five prior trades showed negative 90-day returns, demonstrating a 100% well-timed sell rate at NPWR. This pattern—paired with the company's deteriorating fundamentals and the insider's persistent selling activity—suggests 8 Rivers has anticipated downside in an unprofitable, zero-revenue company. The current stock price of $2.22 is already below the $2.44 blended sale price, consistent with the insider's historical timing acumen at this ticker.

8 Rivers Capital sells 500,000 NPWR shares (24.4% of holdings) in 3 tranches for $1.3M as stock trades -73.6% from 52-week high.

8 Rivers Capital, a 10% owner, executed 3 separate sales totaling 500,000 shares for $1,322,284.50 over three consecutive trading days (Jan 14–16, 2026) at prices between $2.57 and $2.74, reducing its position from 2,050,000 shares to 1,550,000 shares. The blended average price of $2.64 reflects sales during significant downward momentum: the stock is currently trading -73.6% from its 52-week high of $10.00 and has declined -26.3% over the past 90 days despite a recent 12.8% bounce in the last 30 days. The company's fundamentals are severely distressed—the latest quarter showed $0.00 revenue, a net loss of $411,498,000, and annual revenue has contracted -56.9%. Critically, 8 Rivers' recent transaction history at NPWR shows a consistent pattern: five prior sales in October and November 2025, all of which posted negative 30-day returns ranging from -9.7% to -29.6%, with none yet measurable at the 90-day horizon. This latest filing represents a continuation of the firm's liquidation activity in a deeply troubled asset trading near its cycle lows, warranting attention to whether further insider sales signal ongoing distress or represent a complete exit from the position.

10% owner 8 Rivers Capital sells 588,653 shares for $1,593,479.47 as NPWR trades 81% below 52-week high

8 Rivers Capital, LLC, a 10% owner of NET Power Inc., executed 2 separate sales totaling 588,653 shares (588.7K shares) for $1,593,479.47 ($1.6M) on 2025-11-17 and 2025-11-19 at blended average price of $2.71. The sales reduced holdings by -15.3% from 3.84M to 3.25M shares. This activity occurs amid severe stock underperformance: the stock trades at $2.53, down 81.0% from its 52-week high of $13.29 and down 28.1% over the prior 30 days, while the company reports zero revenue in its latest quarter, a net loss of $-411.5M, and negative 56.9% annual revenue growth. The timing of substantial insider reduction of a major stakeholder position coincides with documented financial deterioration and extended equity weakness, presenting material information for investors assessing company trajectory and insider conviction.

10% owner 8 Rivers Capital sells 902,171 shares (32.6% of holdings) across 3 days for $3.7M as NPWR stock trades 70% below 52-week high

8 Rivers Capital executed three separate sales totaling 902,171 shares for $3,702,731.82 between October 28–30, 2025, reducing its stake from 2,767,417 shares to 1,865,246 shares. The sales occurred at prices ranging from $3.77 to $4.12 (blended $4.10), while the stock now trades at $3.97—off 70.1% from its 52-week high of $13.29 and down 56.9% in annual revenue. NET Power is unprofitable (net income of -$28,142,000.00 in the latest period) with zero quarterly revenue, signaling operational distress. The concentrated three-day selling pattern during a period of prior rapid declines (30-day: +31.9%, but 90-day: +51.0% gain before this dump) alongside the company's financial deterioration raises questions about the timing and sustainability of the recent price recovery. Investors should note this represents a material 32.6% reduction in a major shareholder's position under stressed fundamentals.

10% owner 8 Rivers Capital sells 516,683 shares across 3 days (Oct 23–27) for $1.9M at $3.72 avg; stock down 72.2% from high

8 Rivers Capital, a 10% owner of NET Power Inc., executed 3 separate sales totaling 516,683 shares for $1,922,281.58 over a three-day window (Oct 23–27, 2025) at a blended average price of $3.72, reducing its stake by -15.7% to 2.77M shares post-transaction. The company is unprofitable with annual revenue growth of -56.9%, a market cap of $13.9M, and negative full-year net income of $-28.1M, presenting a fundamentally distressed profile. The insider's prior sales across all tickers show a 90-day well-timed rate of 21.43%, but at this specific ticker NPWR the insider has 5 prior sells with 0 prior well-timed outcomes at the 90-day mark, suggesting either poor historical timing or insufficient observation periods at this particular holding.

8 Rivers Capital sold 479,300 shares (12.7% of holdings) for $1,681,951.81 across Oct 20–22 at $3.51 avg; stock down 74.8% from 52-week high.

8 Rivers Capital, a 10% owner, executed 3 separate sales totaling 479,300 shares for $1,681,951.81 over three days (Oct 20–22), reducing holdings from 3,763,400 to 3,284,100 shares at a blended average price of $3.51. The transaction occurred as NPWR trades at $3.35, down 74.8% from its 52-week high of $13.29, and the company faces severe operational distress: revenue collapsed to $0.00 in the latest quarter, net income stands at -$28,142,000, and annual revenue declined 56.9% year-over-year. On the insider's same-ticker history at NPWR, the two prior measurable sales (Nov 2024) both generated negative 90-day returns (-24.8% and -24.5% at 30 days; -36.0% and -37.1% at 90 days), establishing a pattern of well-timed sells at this ticker. The current sale follows an additional recent cluster of three sales at this ticker on Oct 15–16 (outcomes not yet measurable). This multi-day liquidation by a major shareholder, combined with the company's acute financial stress and the insider's established track record of selling before further NPWR declines, signals material shareholder exit activity during a critical operational downturn.

8 Rivers Capital sells 236,600 NPWR shares for $1.1M (blended avg $4.85) across 3 trades; current price $4.07, down 69.4% from 52-week high.

8 Rivers Capital, a 10% owner, executed 3 separate sales totaling 236,600 shares for $1,147,218.83 at blended average price $4.85 on October 15–16, 2025, reducing holdings from 4,000,000 to 3,763,400 shares (-5.9%). The sales occurred when the stock was already significantly depressed: current price of $4.07 is 69.4% below the 52-week high of $13.29, though the stock has rebounded 85.8% over the past 30 days and 45.9% over 90 days from its lows. Fundamentals remain deeply challenged, with the company reporting zero latest-quarter revenue, a net loss of $28,142,000, annual revenue decline of -56.9%, and a market cap of only $15,316,321.68. At the same ticker, 8 Rivers' prior 5 trades show mixed timing: three sells in late November 2024 were well-timed (followed by 23.8%–38.8% declines), while two earlier October 2024 sells were poorly timed (followed by gains of 72.9% and 77.9%). The current transaction occurred near the stock's 30-day peak after a recent sharp recovery, yet without the apparent execution urgency that characterized the November 2024 liquidation activity. This filing contains a derivative-conversion component; the insider's full position is not fully captured in the shares reported here.

8 Rivers Capital exits full position: sells 431.0K NPWR shares for $5.5M, ending all holdings

8 Rivers Capital, a 10% owner, completely liquidated its entire 431,009 share position in NET Power Inc., selling at $12.76 on 2024-11-22 for a total value of $5,499,243.83. This represents a full exit leaving 0 shares post-transaction, distinct from the smaller preceding sales on 2024-11-21 and 2024-11-20. The timing context is notable: the stock has risen 37.9% over the prior 30 days and 59.6% over 90 days, placing the sale at -6.3% from the 52-week high of $13.29. Across 8 Rivers Capital's prior NET Power trades at this ticker, same-ticker history shows measurable 30-day returns of +72.9%, +77.9%, and +31.4% on three earlier October sales, indicating the insider has consistently sold into strength, with the stock continuing to climb afterward. The complete liquidation of a 10% stake warrants scrutiny given the company's thin fundamentals (quarterly revenue of $12,000.00 and market cap of $46,852,138.80), raising questions about insider conviction at current valuation levels.

8 Rivers Capital sold 829,411 shares at $12.67 average price, reducing NPWR stake by 65.8% to 431,009 shares

8 Rivers Capital, a 10% owner, executed 2 separate sales totaling 829,411 shares for $10,508,754.76 on November 20–21, 2024, at a blended average price of $12.67. The transaction reduced its holdings from 1,260,420 shares to 431,009 shares, representing a 65.8% reduction in its NPWR position. The current price of $12.55 is within recent trading context (+43.3% over 30 days, +48.9% over 90 days from earlier lows). Notably, the insider's prior trades at this ticker show strong short-term gains (30-day returns of +72.9%, +77.9%, +31.4%, +30.8%, and +15.6% on five recent sells), though outcome data for those trades beyond 30 days is not yet available. The filing contains a derivative-conversion component flagged in Table II, meaning the disclosed 431,009 share position does not represent the insider's total economic position.

10% owner 8 Rivers Capital exits NPWR entirely: 2 sales of 716,987 shares for $5,146,332.24 (Oct 16-17)

8 Rivers Capital, LLC, a 10% shareholder of NET Power Inc., executed two separate sales totaling 716,987 shares for $5,146,332.24 on October 16-17, 2024, completely liquidating its position at a blended average price of $7.18. This full exit is significant because it represents the elimination of a major stakeholder's entire equity stake in the company at a price approximately 12% below the current market level of $8.16. The timing is notable given that NET Power is a sub-$31M market cap company with $238.0K in quarterly revenue and a $-4.3M net loss, and the sales occurred amid a volatile recent period (stock up 21.4% over 30 days but down 13.3% over 90 days from a 52-week high of $14.55). The complete liquidation by a 10% owner during a period of financial losses and micro-cap volatility warrants investor scrutiny of whether this reflects a shift in the ownership structure or capital dynamics at the company.