Lightspeed Venture Partners IX, L.P. 4

What Happened

• Lightspeed Venture Partners IX (reported 10% owner) converted 1,650,000 derivative securities into Class A common stock on June 12, 2026 (per footnotes regarding conversion) and sold all 1,650,000 shares in two blocks. On June 12 it sold 1,313,827 shares at a weighted-average price of $9.19 for proceeds of $12,074,070 (weighted price range $8.71–$9.495). On June 15 it sold 336,173 shares at a weighted-average price of $9.00 for proceeds of $3,025,557 (weighted price range $8.785–$9.44). Total reported proceeds ≈ $15,099,627. These were dispositions (sales), not purchases.

Key Details

• Transaction dates/prices:
  • 2026-06-12: conversion of derivative → 1,650,000 shares acquired; same day sale of 1,313,827 shares at weighted avg $9.19 (range $8.71–$9.495).
  • 2026-06-15: sale of 336,173 shares at weighted avg $9.00 (range $8.785–$9.44).
• Total sold: 1,650,000 shares for ~ $15.10M.
• Conversion notes: Footnotes indicate Class B shares/derivatives were converted into Class A shares for no additional consideration (see F1, F5).
• Price reporting: Weighted-average prices reported; footnotes F3 and F4 provide the per-transaction price ranges and commitment to provide per-price breakdown on request.
• Reporting structure: This Form 4 is one of two filings covering multiple Lightspeed-related reporting persons (split because of EDGAR limits). See the related Form 4 for complete combined holdings.
• Shares owned after transaction: Not specified in this single Form 4—check the combined filings on EDGAR for post-transaction ownership figures.
• Filing date: Form 4 filed June 16, 2026. (No late-filing flag is indicated in the summary provided.)

Context

• This activity was by a 10% institutional holder (Lightspeed Venture Partners IX), not an executive officer. Institutional conversions and subsequent sales are commonly for liquidity or portfolio management and do not necessarily signal executive-level sentiment.
• The transactions involved conversion of derivatives/convertible/Class B holdings into Class A shares and immediate sale of those shares (i.e., conversion followed by disposition), rather than a purchase or open-market accumulation.