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

What Happened

• Lightspeed Venture Partners Select, L.P. (a reported 10% institutional owner) reported a large conversion of Class B common stock into Class A common stock on 2026-09-10 (3,034,693 shares converted for no additional consideration) and several internal transfers between affiliated Lightspeed entities. Following those reclassifications, Lightspeed sold 10,621 shares in the open market on 2026-09-11 at a weighted average price of $14.90 per share, generating proceeds of approximately $158,253. The conversions and internal transfers were coded as non‑cash (no proceeds) transactions.

Key Details

• Transaction dates: conversions and internal transfers on 2026-09-10; open‑market sale on 2026-09-11; Form 4 filed 2026-09-14.
• Sale: 10,621 shares disposed in the open market at a weighted average price of $14.90; total proceeds reported $158,253. (Footnote: sale prices ranged from $14.60–$15.00; seller can provide per‑trade details on request.)
• Conversions/transfers: 3,034,693 shares converted from Class B to Class A (no cash paid); additional J‑code acquisitions/dispositions of 792,813 and 10,621 shares at $0.00 reflect in‑kind/internal transfers among Lightspeed entities.
• Shares owned after the transactions: not disclosed in the provided filing excerpt.
• Reporting structure: this Form 4 is the second of two filings covering multiple Lightspeed reporting persons (split because the SEC EDGAR limit is 10 reporting persons per Form 4). Several footnotes note that various Lightspeed entities hold/disclaim beneficial ownership except to the extent of pecuniary interest.

Context

• These filings reflect institutional reorganization and a small open‑market sale by a venture investor, not an individual executive trade. Conversions of Class B into Class A were non‑cash and routine per the issuer’s charter (each Class B converts into one Class A, and Class B is convertible by the holder or automatically on a future date). Institutional transfers (J code) and in‑kind distributions are common for fund-level bookkeeping and do not necessarily signal a change in conviction.