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Lightspeed Commerce Inc.'s subordinate voting shares were directly owned by Pale Fire Capital SICAV a.s. in a block of 6,654,851 shares, approximately 5.1% of the class. Pale Fire Capital investicni spolecnost a.s., as investment manager, and Pale Fire Capital SE, as controlling person and sole shareholder of both entities, may each be deemed to beneficially own the same block. Dusan Senkypl, a control person and chairman of Pale Fire Capital SE's board, and Jan Barta, a control person, chairman of its supervisory board and chief investment officer of Pale Fire Capital investicni spolecnost a.s., may also be deemed beneficial owners. The percentage is based on 129,299,592 shares outstanding as of July 28, 2026. Each reporting person lists shared voting and shared dispositive power over the same block and disclaims beneficial ownership of securities not directly owned.
Directly owned subordinate voting shares6,654,851 sharesDirectly owned by Pale Fire Capital SICAV a.s.; the other reporting persons may be deemed beneficial owners of the same block
Beneficial ownershipapproximately 5.1%Percentage of Lightspeed Commerce Inc. shares outstanding attributed to each reporting person
Shares outstanding129,299,592 sharesAs of July 28, 2026; basis for the reported ownership percentage
Key Terms
beneficial owner, shared voting power, shared dispositive power
3 terms
beneficial ownerfinancial
"may be deemed the beneficial owner of the 6,654,851 Shares"
A beneficial owner is the person who ultimately owns or controls a financial asset or property, even if their name isn't directly on official documents. Think of it like someone who secretly holds the keys to a safe deposit box—others may appear to have access, but the true owner is the one who benefits from what's inside. Identifying beneficial owners helps ensure transparency and prevent illegal activities like money laundering or fraud.
shared voting powerfinancial
"Shared Voting Power 6,654,851.00"
Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.
shared dispositive powerfinancial
"Shared Dispositive Power 6,654,851.00"
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How many LSPD shares did Pale Fire Capital SICAV own?
Pale Fire Capital SICAV a.s. directly owned 6,654,851 subordinate voting shares, approximately 5.1% of Lightspeed Commerce Inc.'s class.
Which other parties may be deemed to own LSPD shares?
Pale Fire Capital investicni spolecnost a.s., as investment manager, and Pale Fire Capital SE, as controlling person and sole shareholder of the direct holder and manager, may be deemed to beneficially own the same 6,654,851 shares. Dusan Senkypl and Jan Barta may also be deemed beneficial owners through their stated control and board roles.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
Lightspeed Commerce Inc.
(Name of Issuer)
Subordinate Voting Shares
(Title of Class of Securities)
53229C107
(CUSIP Number)
09/24/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
53229C107
1
Names of Reporting Persons
Pale Fire Capital SICAV a.s.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CZECH REPUBLIC
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
6,654,851.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
6,654,851.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
6,654,851.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.1 %
12
Type of Reporting Person (See Instructions)
CO
SCHEDULE 13G
CUSIP Number(s):
53229C107
1
Names of Reporting Persons
Pale Fire Capital investicni spolecnost a.s.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CZECH REPUBLIC
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
6,654,851.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
6,654,851.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
6,654,851.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.1 %
12
Type of Reporting Person (See Instructions)
CO
SCHEDULE 13G
CUSIP Number(s):
53229C107
1
Names of Reporting Persons
PALE FIRE CAPITAL SE
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CZECH REPUBLIC
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
6,654,851.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
6,654,851.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
6,654,851.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.1 %
12
Type of Reporting Person (See Instructions)
HC, OO
SCHEDULE 13G
CUSIP Number(s):
53229C107
1
Names of Reporting Persons
Senkypl Dusan
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CZECH REPUBLIC
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
6,654,851.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
6,654,851.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
6,654,851.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.1 %
12
Type of Reporting Person (See Instructions)
HC, IN
SCHEDULE 13G
CUSIP Number(s):
53229C107
1
Names of Reporting Persons
Barta Jan
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CZECH REPUBLIC
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
6,654,851.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
6,654,851.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
6,654,851.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.1 %
12
Type of Reporting Person (See Instructions)
HC, IN
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Lightspeed Commerce Inc.
(b)
Address of issuer's principal executive offices:
700 SAINT-ANTOINE STREET EAST, SUITE 300, MONTREAL, CANADA (FEDERAL LEVEL) H2Y 1A6
Item 2.
(a)
Name of person filing:
This statement is filed by Pale Fire Capital SICAV a.s., a Joint Stock Company organized under the laws of the Czech Republic ("PFC SICAV"), Pale Fire Capital investicni spolecnost a.s., a Joint Stock Company organized under the laws of the Czech Republic ("PFC IS"), Pale Fire Capital SE, a Societas Europaea organized under the laws of the Czech Republic ("Pale Fire Capital"), Dusan Senkypl and Jan Barta. Each of the foregoing is referred to as a "Reporting Person" and collectively as the "Reporting Persons."
PFC IS is the investment manager of PFC SICAV and may be deemed to beneficially own the Subordinate Voting Shares of the Issuer (the "Shares") owned directly by PFC SICAV. Pale Fire Capital is the controlling person and sole shareholder of each of PFC SICAV and PFC IS and may be deemed to beneficially own the Shares owned directly by PFC SICAV. Mr. Senkypl is a control person and Chairman of the board of Pale Fire Capital and may be deemed to beneficially own the Shares owned directly by PFC SICAV. Mr. Barta is a control person and Chairman of the supervisory board of Pale Fire Capital and Chief Investment Officer of PFC IS and may be deemed to beneficially own the Shares owned directly by PFC SICAV.
(b)
Address or principal business office or, if none, residence:
The address of the principal office of each of PFC SICAV, PFC IS, and Pale Fire Capital is Zatecka 55/14, Josefov, 110 00 Prague 1, Czech Republic. The address of the principal office of Mr. Senkypl is Jestrabi 493, Osnice, 252 42 Jesenice, Czech Republic. The address of the principal office of Mr. Barta is Na bateriich 104/35, Brevnov, 162 00 Prague 6, Czech Republic.
(c)
Citizenship:
Each of PFC SICAV, PFC IS and Pale Fire Capital is organized under the laws of the Czech Republic. Each of Messrs. Senkypl and Barta are citizens of the Czech Republic.
(d)
Title of class of securities:
Subordinate Voting Shares
(e)
CUSIP Number(s):
53229C107
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
As of the close of business on the date hereof:
(i) PFC SICAV directly owned 6,654,851 Shares;
(ii) PFC IS, as the investment manager of PFC SICAV, may be deemed the beneficial owner of the 6,654,851 Shares directly owned by PFC SICAV;
(iii) Pale Fire Capital, as the controlling person and sole shareholder of each of PFC SICAV and PFC IS, may be deemed the beneficial owner of the 6,654,851 Shares directly owned by PFC SICAV;
(iv) Mr. Senkypl, as a control person of Pale Fire Capital and Chairman of its board, may be deemed the beneficial owner of the 6,654,851 Shares directly owned by PFC SICAV; and
(v) Mr. Barta, as a control person of Pale Fire Capital and Chairman of its supervisory board and Chief Investment Officer of PFC IS, may be deemed the beneficial owner of the 6,654,851 Shares directly owned by PFC SICAV.
The filing of this Schedule 13G shall not be deemed an admission that the Reporting Persons are, for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, the beneficial owners of any securities of the Issuer that such Reporting Person does not directly own. Each of the Reporting Persons specifically disclaims beneficial ownership of the securities reported herein that he or it does not directly own.
(b)
Percent of class:
The following percentages are based on 129,299,592 Shares outstanding as of July 28, 2026, which is the total number of Shares outstanding as disclosed in Exhibit 99.2 to the Issuer's Form 6-K filed with the Securities and Exchange Commission on July 30, 2026.
As of the close of business on the date hereof, (i) PFC SICAV beneficially owned approximately 5.1% of the outstanding Shares and (ii) each of PFC IS, Pale Fire Capital and Messrs. Senkypl and Barta may be deemed to beneficially own approximately 5.1% of the outstanding Shares.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
See Cover Pages Items 5-9.
(ii) Shared power to vote or to direct the vote:
See Cover Pages Items 5-9.
(iii) Sole power to dispose or to direct the disposition of:
See Cover Pages Items 5-9.
(iv) Shared power to dispose or to direct the disposition of:
See Cover Pages Items 5-9.
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(K), so indicate under Item 3(k) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group.
See Exhibit 99.1.
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Pale Fire Capital SICAV a.s.
Signature:
/s/ Dusan Senkypl
Name/Title:
Dusan Senkypl, Authorized Representative
Date:
10/01/2026
Pale Fire Capital investicni spolecnost a.s.
Signature:
/s/ Dusan Senkypl
Name/Title:
Dusan Senkypl, Board Member
Date:
10/01/2026
PALE FIRE CAPITAL SE
Signature:
/s/ Jan Barta
Name/Title:
Jan Barta, Chairman of the Supervisory Board
Date:
10/01/2026
Senkypl Dusan
Signature:
/s/ Dusan Senkypl
Name/Title:
Dusan Senkypl
Date:
10/01/2026
Barta Jan
Signature:
/s/ Jan Barta
Name/Title:
Jan Barta
Date:
10/01/2026
Exhibit Information
99.1 - Joint Filing Agreement, dated October 1, 2026.
