TPG and Summit Launch 45M-Share Secondary; LifeStance to Buy Back 2M
LFST has more than doubled off its 52-week low of $5.1.
Summary
TPG and Summit Partners are selling 45 million LifeStance shares in a secondary offering, with the company repurchasing 2 million shares from the underwriters. LifeStance receives no proceeds, and TPG's stake falls from 21.0% to 11.2%.
Key Events · Ownership and Investor Activity · LFST
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45M-Share Secondary by TPG, Summit
Selling stockholders are offering 45,000,000 shares; the company is selling none and receives no proceeds. TPG offers 37,233,110 shares and Summit entities 7,766,890 shares.
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Company to Repurchase 2M Shares
Subject to the offering closing, LifeStance will buy 2,000,000 shares from the underwriters at the offering price, funded with cash on hand, and retire them — leaving 378,190,724 shares outstanding versus 380,190,724 before.
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Stakes Cut Roughly in Half
TPG's ownership falls from 79,691,702 shares (21.0%) to 42,458,592 shares (11.2%); Summit's falls from 16,623,824 shares (4.4%) to 8,856,934 shares (2.3%).
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75-Day Lock-Up With Burdick Carve-Out
The company, directors, officers and selling stockholders are locked up for 75 days, except director Kenneth Burdick may sell up to 1,000,000 shares in open-market transactions.
Analysis · LFST · Industrial Applications And Services
LifeStance's two largest investors are cashing out a large block again — 45 million shares, about double the 22.25 million they sold in September. The company gets no proceeds; the only offset is a 2 million-share repurchase from the underwriters using cash on hand, which retires those shares. TPG's stake drops from 21.0% to 11.2% and Summit's from 4.4% to 2.3%, so the overhang from these two holders shrinks materially. The 75-day lock-up, with a carve-out letting director Kenneth Burdick sell up to 1 million shares, limits further near-term supply from insiders.
How filings like this one have moved
In the 30 days to Nov 10, 2026, 36.4% of the 3168 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was 0.00%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, LFST was trading at $12.99 on NASDAQ in the Industrial Applications And Services sector, with a market capitalization of approximately $5.3B. The 52-week trading range was $5.10 to $15.66. This filing was assessed with negative market sentiment and an importance score of 7 out of 10.