Company: NPWR-WT
Filing Date: 2025-03-10
Form Type: 10-K
Source: 0001845437-25-000008
Chunk: 27

Company: NET Power Inc.
Filing Date: 2025-03-10
Form: 10-K
Item: Item 16
Chunk 27
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 2026 and for subsequent interim periods. Early adoption is permitted and the amendments should be applied on a prospective basis. Retrospective application is permitted. The Company is currently evaluating the impact the new accounting standard will have on its expense disclosures in the notes to the consolidated financial statements. 

NOTE 3 — Business CombinationThe Company consummated the Business Combination with RONI on June 8, 2023. Refer to Note 1 for additional information. In connection with the consummation of the Business Combination:•The Company recognized $122 million of expenses, including $16.0 million of acquirer expenses recorded “on-the-line” because they would not have been incurred had the Business Combination not closed.•The Company modified certain outstanding profits interests awards, a portion of which vested during the pre-combination period. The Company included $325 thousand of previously vested, modified profits interests issued to the award recipient as consideration transferred to the sellers.•Certain outstanding profits interests, which were not modified in contemplation of the Business Combination, that vested during the pre-combination period and that were issued to recipients as part of the Business Combination were included in consideration transferred to sellers. The total fair value of previously vested, unmodified profits interests included in consideration transferred to sellers equaled $651 thousand.•All outstanding NET Power, LLC member interests converted into 136,073,365 vested Class A OpCo Units and a corresponding number of vested shares of Class B Common Stock, 1,119,198 unvested Class A OpCo Units and 1,119,198 unvested shares of Class B Common Stock upon completion of the Business Combination.•The Company registered and issued 67,352,271 shares of Class A Common Stock on the New York Stock Exchange (“NYSE”).•The Company issued 8,624,974 Public Warrants exercisable into 8,624,974 shares of Class A Common Stock at a price of $11.50 per share (the “Public Warrants”) and 10,900,000 Private Placement Warrants, which are exercisable for 10,900,000 shares of Class A Common Stock at a price of $11.50 per share (the “Private Placement Warrants,” and collectively with the Public Warrants, the “Warrants”). Refer to Note 6 for additional information.

F-16

Audited Financial Statements of NET Power Inc. - Table of Contents

•The Company received $662 million of cash net of certain expenses paid on the Closing Date.The