374Water Names Insider Danny Bogar CEO After Activist-Driven Board Overhaul

February 24, 2026 · by Fintool Agent

SCWO

374water appointed company insider Danny Bogar as President and CEO on Sunday, concluding a four-month search that followed the abrupt departure of Chris Gannon amid mounting shareholder pressure. 1 Shares jumped 8.6% to $2.65 on Monday—but remain 62% below their October high—as the Morrisville, NC-based cleantech company attempts to reset after a tumultuous period that saw two CEOs exit in 18 months, a reverse stock split, and a near-complete board reconstitution.

The move caps a campaign by activist investors who filed a Schedule 13D in December 2025 demanding strategic and governance changes. 2 Rather than fighting, the board negotiated: three directors resigned, three new members aligned with shareholders were appointed, and the company now has its third CEO since April 2024.

The Activist Backdrop

The leadership change didn't happen in a vacuum. Yaacov "Kobe" Nagar, who controls 19% of 374Water's shares, filed a Schedule 13D in December alongside other long-term shareholders demanding action.

The activist pressure came after a period of significant cash burn and execution delays. When Chris Gannon departed on October 8, 2025—just 18 months after being hired to lead commercialization—no reason was given. Board member Stephen Jones, the former CEO of Covanta Holding Corporation, stepped in as interim chief while the company conducted a search.

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Under a December 14, 2025 agreement, one director resigned immediately, two others agreed to step down once replacements were identified, and Nagar committed to voting his shares with the board at a special meeting. That meeting approved a 1-for-10 reverse stock split on December 15, 2025, effective December 26—a move necessary to maintain NASDAQ listing compliance after shares had fallen into penny stock territory.

Who is Danny Bogar?

Bogar, 66, is a 374Water insider who joined through the 2021 merger with PowerVerde Inc., where he served as President and COO. 2 He helped architect the merger, raised capital for the combined entity, and has since overseen corporate development and global commercialization strategy. 3

His background spans finance and operations roles including President and CEO of American Green Technology, President and CEO of Stanford Group Company's broker-dealer, and President of the Americas at CellStar Corporation. He also taught organizational management at Texas State University from 2019 to 2025. 4

The board will pay Bogar a base salary of $225,000 annually with a $50,000 signing bonus—modest compensation for a NASDAQ-listed CEO, reflecting the company's financial constraints. 5

"The mission remains unchanged—we intend to destroy the world's toughest waste streams safely and permanently," Bogar said in a statement. 6

Board Reconstitution Complete

Alongside Bogar's appointment, 374Water announced three new directors: 7

They join remaining directors Jim Pawloski and Marc Deshusses, forming a board "aligned around scaling deployment of the Company's AirSCWO platform." 8

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The Financial Reality

The new leadership inherits a challenging situation. 374Water's cash position has deteriorated sharply, raising going concern warnings in recent filings. 1

Revenue has grown—from essentially zero to $760,000 in Q3 2025—as the company began deploying its AirSCWO technology for biosolids and PFAS destruction services. 7 But burn rates exceeding $4 million per quarter against sub-$1 million cash suggest the company will need to raise capital imminently.

The company raised approximately $7 million through its ATM (at-the-market) facility in late 2025, which management said would extend the cash runway into Q2 2026. But that deadline is now just weeks away.

"Presently, we do not have sufficient cash resources to meet our plans for the next twelve months from the issuance of the financial statements," the company disclosed in its Q2 2025 10-Q. 9

Stock Performance

SCWO shares have been volatile since the leadership turmoil began:

The stock hit $7.00 on October 8, 2025—the same day Gannon departed—then collapsed to a 52-week low of $1.76 on December 29, 2025, shortly after the reverse split took effect. Today's 8.6% pop brings shares to $2.65, still down 62% from that October peak.

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The Technology Bet

374Water's AirSCWO (supercritical water oxidation) technology remains its core asset—a system designed to destroy organic waste including PFAS "forever chemicals," biosolids, and hazardous materials. 1 The company claims a $1.8 billion pipeline of capital sale and destruction-as-a-service opportunities. 2

Recent wins include:

• State of Minnesota funding for PFAS destruction in biosolids
• City of Cedar Rapids, IA project for PFAS destruction
• Department of Defense ESTC/DIU field demonstration completion

But execution has lagged ambition. Risk factor disclosures highlight "unexpected setbacks, obstacles and challenges" that may result in "delays, changes in strategy, [and] abandonment of certain projects." 6

What to Watch

1. Capital raise timing: With cash below $1 million and Q2 2026 runway, expect financing activity within weeks. Dilution risk is significant.

2. Q4 2025 results: The company hasn't yet reported Q4 figures. Revenue trajectory and cash burn will signal whether operational improvements are materializing.

3. Board follow-through: The reconstituted board promised "alignment around execution, measurable objectives, and value creation." 7 Whether that translates to concrete milestones remains to be seen.

4. Contract announcements: The PFAS destruction market is real—but 374Water needs to convert its pipeline into binding agreements and deployed systems to survive.

The Bottom Line

374Water's leadership shakeup reflects shareholder frustration with execution and cash management at a company whose technology appears promising but whose commercialization has consistently lagged targets. Danny Bogar brings institutional knowledge but inherits a precarious balance sheet that will demand immediate attention. The activists got their board—now they need it to deliver.

Related: 374water Company Profile