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Eunkyung Sung has resigned from the board of directors of NET Power Inc. (NYSE:NPWR), according to a statement made in a filing with the Securities and Exchange Commission. The resignation was effective immediately as of Thursday. The news comes as the company’s stock has declined nearly 70% over the past year, though it maintains a strong cash position with more cash than debt on its balance sheet.
The company reported that Ms. Sung’s decision to step down was not due to any disagreement with NET Power’s management or board. No further details regarding the circumstances of the resignation were provided in the filing.
NET Power Inc., based in Durham, North Carolina, is listed on the New York Stock Exchange under the ticker NPWR. The company disclosed the board change in its Form 8-K filing, which was signed by Chief Executive Officer Daniel J. Rice IV.
This article is based on a press release statement filed with the SEC.
In other recent news, NET Power Inc. reported its first-quarter 2025 earnings, revealing a significant miss on earnings per share (EPS) expectations. The company posted an EPS of -$1.55, which was substantially below the forecasted -$0.15. Despite this earnings shortfall, NET Power maintains a robust cash position with $500 million in cash and cash equivalents. The company is advancing its clean energy technology and cost reduction initiatives, aiming to improve project economics for its utility-scale plants. Strategic investors hold a notable 85% equity stake in the company, reflecting strong institutional confidence. NET Power has set its sights on completing cost reduction initiatives within 2025, focusing on its SN1 project. The company is also exploring modular plant configurations to enhance economic viability. CEO Danny Rice emphasized plans to exit 2025 with nearly $350 million in cash on hand, while COO Mark Horstman highlighted the transformative potential of the company’s technology.
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