Netskope (NTSK) 10% Owner Lightspeed Sells 10,621 Shares

What Happened

• Lightspeed Venture Partners IX, L.P. (a 10% institutional owner) reported a conversion of Class B into Class A common stock on 2026-09-10 and related internal distributions among affiliated entities, then sold 10,621 Class A shares in the open market on 2026-09-11 for an aggregate ~ $158,253.
• The filing shows a large conversion of 3,034,693 shares (Class B → Class A) and several in-kind internal transfers/distributions (entries at $0.00), plus the single open-market sale of 10,621 shares at a weighted-average price of $14.90.

Key Details

• Transaction dates: conversion and internal transfers on 2026-09-10; open-market sale on 2026-09-11 (filed 2026-09-14 — timely).
• Sale: 10,621 shares sold at a weighted-average price of $14.90 for proceeds of $158,253 (price range reported $14.60–$15.00).
• Large conversion: 3,034,693 shares converted from Class B to Class A per filing footnotes (no cash exchanged).
• Internal transfers: multiple $0.00 “other acquisition/disposition” entries reflect in-kind distributions/transfers among Lightspeed entities (see footnotes F3–F7, F11–F16).
• Shares owned after the transactions are not fully shown on this single Form 4; the filing is one of two split filings covering multiple Lightspeed reporting persons.

Context

• This is institutional activity by a 10% holder (Lightspeed), not trading by an individual executive. The conversion entries reflect corporate mechanics (convertible Class B → Class A and in‑kind distributions), not market purchases or sales.
• The only market sale reported here is the small block of 10,621 shares; the larger conversion and transfers were non‑cash internal actions and don’t necessarily signal management sentiment.