Lightspeed Venture Partners Select, L.P. 4

What Happened

• Lightspeed Venture Partners Select, L.P. (a reporting 10% owner) converted Class B common stock into Class A shares and sold a total of 229,696 shares in two open-market transactions for approximately $2,803,553. The main cash sales were 10,621 shares on 2026-07-08 at $11.70 ($124,266) and 219,075 shares on 2026-07-09 at a weighted-average $12.23 ($2,679,287).
• The filings also show large conversion entries (derivative code C) on 2026-07-07 and 2026-07-09 of Class B into Class A (3,034,693 and 219,075 shares respectively) and several zero-dollar (J) acquisition/disposition entries, which reflect internal transfers/distributions rather than purchases or market sales.

Key Details

• Transaction dates and prices:
  • 2026-07-07: conversion of 3,034,693 Class B → Class A (no cash exchanged).
  • 2026-07-08: open-market sale of 10,621 shares @ $11.70 = $124,266.
  • 2026-07-09: conversion of 219,075 Class B → Class A; open-market sale of 219,075 shares @ weighted avg $12.23 = $2,679,287 (sales occurred across $12.02–$12.47 per footnote).
• Total cash proceeds reported from open-market sales: ~$2.80 million.
• Shares owned after the transactions are not specified in the excerpt provided.
• Footnotes: Class B converts one-for-one to Class A (F1/F12). Several zero-dollar (J) entries and holdings are attributed to various Lightspeed entities and reflect internal allocations; reporting persons disclaim beneficial ownership except to the extent of pecuniary interest (F10–F18).
• Filing notes: This is the second of two related Form 4s covering multiple Lightspeed reporting persons (filing split because of EDGAR limits). No indication in the provided data that the filing was late.

Context

• These actions appear to be institutional conversions and partial monetizations by a large venture investor, not trades by an individual executive. Conversions (derivative code C) reflect a one-for-one class conversion of shares; the immediate open-market sales indicate a partial liquidity event rather than an option exercise or tax withholding. Retail investors should view this as routine institutional selling/liquidity from a major shareholder, not necessarily a signal about company fundamentals.