Lightspeed Venture Partners IX, L.P. 4

What Happened

• Lightspeed Venture Partners IX, L.P., a reported 10% holder of Netskope (NTSK), completed conversions of Class B common stock into Class A shares and sold a portion of those shares in open-market transactions. On 2026-07-09 Lightspeed sold 219,075 shares at a weighted-average price of $12.23 for proceeds of $2,679,287. On 2026-07-08 it sold 10,621 shares at a weighted-average price of $11.70 for proceeds of $124,266. Combined proceeds from the reported open-market sales were approximately $2.80 million.
• The filing also shows large conversions and in-kind transfers (zero-dollar entries) between related Lightspeed entities (e.g., conversions of 3,034,693 and 219,075 Class B shares into Class A and internal distributions). Those conversion entries reflect structural moves (Class B → Class A) or intra-fund allocations, not market purchases or sales for cash.

Key Details

• Transaction dates and prices: 2026-07-08 — 10,621 shares sold at $11.70 (weighted avg); 2026-07-09 — 219,075 shares sold at $12.23 (weighted avg). Footnotes indicate sales executed in multiple trades within price ranges ($11.65–$11.73 and $12.02–$12.47).
• Proceeds: Total reported proceeds from the open-market sales ≈ $2,803,553.
• Conversions/derivatives: Multiple C-coded entries show conversion of Class B to Class A shares (see footnotes F1 and F12). Several J-coded zero-dollar entries reflect in-kind distributions or internal transfers among Lightspeed entities.
• Ownership after transaction: Not explicitly stated in this single Form 4; this filing is the first of two related Forms 4 that together report holdings for multiple Lightspeed reporting persons.
• Notable footnotes: F1/F12 — each Class B share converts into one Class A share (some conversions can occur automatically per the charter); various footnotes (F2–F18) explain which Lightspeed entities hold or disclaim beneficial ownership of specific shares.
• Timeliness: Form filed 2026-07-09 reporting transactions on 2026-07-07 through 2026-07-09; no late-filing indication in this filing.

Context

• This activity comes from an institutional 10% owner (Lightspeed-affiliated funds), not an individual executive. Conversions of Class B to Class A are structural and common; the notable market action here is the disposition (sales) of roughly 229.7K shares for ~$2.8M. Institutional sales can be routine (rebalancing, distributions to partners) and do not by themselves indicate management sentiment about the company’s prospects.