Lightspeed Venture Partners Select, L.P. 4

What Happened

• Lightspeed Venture Partners Select, L.P. (a reported 10% holder) converted 1,650,000 Class B shares into Class A common stock (conversion for no additional consideration) and sold the resulting 1,650,000 shares in two open‑market transactions. On 2026-06-12 it sold 1,313,827 shares for a weighted average price of $9.19 (proceeds $12,074,070) and on 2026-06-15 it sold 336,173 shares at $9.00 (proceeds $3,025,557). Total disclosed cash proceeds ≈ $15,099,627.
• These transactions are dispositions (sales), not purchases — typically routine for institutional holders converting and liquidating previously held derivative/convertible positions.

Key Details

• Transaction dates/prices: 6/12/2026 — 1,313,827 shares @ $9.19 (weighted avg; sales ranged $8.71–$9.495 per footnote); 6/15/2026 — 336,173 shares @ $9.00 (weighted avg; sales ranged $8.785–$9.44 per footnote).
• Conversion: 1,650,000 Class B → 1,650,000 Class A shares (no additional consideration) per filing footnotes.
• Total shares converted and sold: 1,650,000; total proceeds ≈ $15.10M.
• Reporting structure: Shares are held via Lightspeed funds and related GP entities; the general partner entities disclaim beneficial ownership except to extent of pecuniary interest (see footnotes F10–F12 and others).
• Shares owned after the transactions: not specified in the excerpt provided; this Form 4 is the second of two filings covering all Lightspeed reporting persons (see remarks).
• Filing: Form 4 filed 2026-06-16 covering activity beginning 2026-06-12. No late‑filing flag was indicated in the information you provided.

Context

• This is institutional activity by a reported 10% owner, not an executive insider. Converting Class B to Class A and selling the shares is a neutral-to-liquidating move by the investor and doesn’t necessarily reflect management sentiment.
• The conversion was a derivative/structural event (Class B → A); the subsequent immediate sales converted those shares to cash. Footnotes provide price ranges and confirm the complex fund/GP ownership structure.