Lightspeed Funds Convert Class B Shares, Distribute to Partners, and Sell $2.8M of Netskope Stock

summarizeSummary

Lightspeed Venture Partners converted 3.25 million Class B shares to Class A, distributed shares to partners, and sold $2.8 million worth of Netskope stock. The sales continue a 90-day trend of distribution by the 10% owner.

check_boxKey Events · Ownership and Investor Activity · NTSK

• Lightspeed Sells $2.8M in Open Market

  Open market sales totaled $2.8 million, with Lightspeed Management Company selling 10,621 shares at $11.70 and Lightspeed Venture Partners XII selling 219,075 shares at $12.23.

• Class B to Class A Conversions

  To facilitate the sales and distributions, Lightspeed IX converted 3,034,693 Class B shares and Lightspeed XII converted 219,075 Class B shares to Class A.

• In-Kind Distributions to Partners

  Lightspeed IX distributed 3,034,693 shares pro-rata to its general partner and limited partners, who then further distributed shares, moving stock into hands that may sell.

• Continuing Distribution Trend

  Over the past 90 days, Lightspeed entities have sold more than $48 million in Netskope stock, with multiple Form 144 and Form 4 filings indicating an ongoing reduction of their position.

auto_awesomeAnalysis · NTSK · Technology

A series of transactions across multiple Lightspeed Venture Partners funds has added to the overhang on Netskope shares: 3.25 million Class B shares were converted to Class A, shares were distributed to partners, and 229,696 shares were sold for $2.8 million. This continues a pattern of position reduction by Lightspeed, which has now sold over $48 million in Netskope stock in the past 90 days. While the sales are modest relative to the company's $5 billion market cap, the persistent selling by a major pre-IPO investor weighs on the stock, especially after the 20% post-earnings drop in June.