@Am043198... As far as I know....When you give up your US Citizenship, you automatically gain your Nepalese Citizenship status. I do not think you will have to re-apply for Nepalese Citizenship.

To give up your US Citizenship, you will have to go Kathmandu and contact US Consulate Officer through US Embassy. They will set up an appointment and you will have to pay the application fee, sign the necessary documents and you are free. I wish you all the best!