Lightspeed funds reduce Navan (NAVN) stake with 2,024,131-share sale
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Navan, Inc. insider update: Investment funds affiliated with Lightspeed reported open-market sales of Navan Class A Common Stock and non-cash internal distributions across several funds.
Lightspeed Opportunity Fund, L.P. sold a total of 2,024,131 shares in open-market transactions on June 12 and June 15 at weighted average prices reported between $18.8748 and $20.9127 per share. Following the last sale, this fund held 2,756,858 Navan shares indirectly.
The filing also records “J” code transactions for 5,733,765 shares as pro rata, in-kind distributions by Lightspeed Venture Partners X, L.P. and Lightspeed Venture Partners Select II, L.P. to their general and limited partners for no consideration, which footnotes describe as not purchases or sales. Additional indirect holdings are reported, including 6,134,518 shares by Lightspeed Venture Partners Select III, L.P., 587,965 shares by Lightspeed Strategic Partners I L.P., and 192,885 shares by Lightspeed Affiliates X, L.P. as of June 11.
Positive
- None.
Negative
- None.
Insights
Lightspeed funds disclosed sizable Navan share sales alongside internal non-cash distributions.
Affiliated Lightspeed funds, as ten percent owners of Navan, Inc., reported net open-market sales of 2,024,131 Class A shares through Lightspeed Opportunity Fund, L.P.. These trades used weighted average pricing in the high teens to low twenties per share, indicating active portfolio adjustments.
The “J” code entries covering 5,733,765 shares are described as pro rata, in-kind distributions by Lightspeed Venture Partners X and Select II to their partners for no consideration, which are internal restructurings rather than market trades. The filing also shows substantial remaining indirect positions across multiple Lightspeed vehicles, so the group continues to hold a significant stake even after the reported activity.
Insider Trade Summary
Net Seller: 2,024,131 shares ($40,862,525)
Net Sell
10 txns
Insider
Lightspeed Venture Partners X, L.P., Lightspeed Affiliates X, L.P., Lightspeed General Partner X, L.P., Lightspeed Ultimate General Partner X, Ltd., Lightspeed Opportunity Fund, L.P., Lightspeed General Partner Opportunity Fund, L.P., Lightspeed Ultimate General Partner Opportunity Fund, Ltd., Lightspeed Strategic Partners I L.P., Lightspeed Strategic Partners General Partner I L.P., Lightspeed Strategic Partners Ultimate General Partner I L.L.C.
Role
null | null | null | null | null | null | null | null | null | null
Sold
2,024,131 shs ($40.86M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Class A Common Stock | 573,572 | $20.19 | $11.58M |
| Sale | Class A Common Stock | 430,659 | $20.62 | $8.88M |
| Sale | Class A Common Stock | 197,748 | $19.77 | $3.91M |
| Sale | Class A Common Stock | 822,069 | $20.06 | $16.49M |
| Sale | Class A Common Stock | 83 | $20.91 | $2K |
| Other | Class A Common Stock | 3,504,825 | $0.00 | -- |
| Other | Class A Common Stock | 2,228,940 | $0.00 | -- |
| holding | Class A Common Stock | -- | -- | -- |
| holding | Class A Common Stock | -- | -- | -- |
| holding | Class A Common Stock | -- | -- | -- |
Holdings After Transaction:
Class A Common Stock — 3,187,517 shares (Indirect, By Lightspeed Opportunity Fund, L.P.)
Footnotes (1)
- Represents a pro rata, in-kind distribution, and not a purchase or sale of securities, by Lightspeed Venture Partners X, L.P. ("Lightspeed X") to its general partner and limited partners without additional consideration. The general partner further distributed the shares received in this distribution to its limited partners on a pro rata basis for no consideration. Shares are held by Lightspeed X. Lightspeed General Partner X, L.P. ("LGP X") is the general partner of Lightspeed X. Lightspeed Ultimate General Partner X, Ltd. ("LUGP X") is the general partner of LGP X. Each of LGP X and LUGP X disclaims beneficial ownership of these shares except to the extent of its respective pecuniary interest therein. Represents a pro rata, in-kind distribution, and not a purchase or sale of securities, by Lightspeed Venture Partners Select II, L.P. ("Lightspeed Select II") to its general partner and limited partners without additional consideration. The general partner further distributed the shares received in this distribution to its limited partners on a pro rata basis for no consideration. Shares are held by Lightspeed Select II. Lightspeed General Partner Select II, L.P. ("LGP Select II") is the general partner of Lightspeed Select II. Lightspeed Ultimate General Partner Select II, Ltd. ("LUGP Select II") is the general partner of LGP Select II. Each of LGP Select II and LUGP Select II disclaims beneficial ownership of these shares except to the extent of its respective pecuniary interest therein. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $18.8748 to $19.8741 inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote. Shares are held by Lightspeed Opportunity Fund, L.P. ("Opportunity"). Lightspeed General Partner Opportunity Fund, L.P. ("LGP Opportunity") is the general partner of Opportunity. Lightspeed Ultimate General Partner Opportunity Fund, Ltd. ("LUGP Opportunity") is the general partner of LGP Opportunity. Each of LGP Opportunity and LUGP Opportunity disclaims beneficial ownership of these shares except to the extent of its respective pecuniary interest therein. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $19.8752 to $20.8701 inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $20.90 to $20.9127 inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $19.385 to $20.3849 inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $20.3856 to $20.89 inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote. Shares are held by Lightspeed Affiliates X, L.P. ("Affiliates X"). LGP X is the general partner of Affiliates X. LUGP X is the general partner of LGP X. Each of LGP X and LUGP X disclaims beneficial ownership of these shares except to the extent of its respective pecuniary interest therein. Shares are held by Lightspeed Strategic Partners I L.P. ("Strategic"). Lightspeed Strategic Partners General Partner I L.P. ("LGP Strategic") is the general partner of Strategic. Lightspeed Strategic Partners Ultimate General Partner I L.L.C. ("LUGP Strategic") is the general partner of LGP Strategic. Each of LGP Strategic and LUGP Strategic disclaims beneficial ownership of these shares except to the extent of its respective pecuniary interest therein. Shares are held by Lightspeed Venture Partners Select III, L.P. ("Lightspeed Select III"). Lightspeed General Partner Select III, L.P. ("LGP Select III") is the general partner of Lightspeed Select III. Lightspeed Ultimate General Partner Select III, Ltd. ("LUGP Select III") is the general partner of LGP Select III. Each of LGP Select III and LUGP Select III disclaims beneficial ownership of these shares except to the extent of its respective pecuniary interest therein.
Key Figures
Total shares sold: 2,024,131 shares
Restructuring distributions: 5,733,765 shares
Sample sale price: $20.62 per share
+3 more
6 metrics
Total shares sold
2,024,131 shares
Aggregate open-market sales by Lightspeed Opportunity Fund, L.P.
Restructuring distributions
5,733,765 shares
Pro rata, in-kind J-code distributions by Lightspeed X and Select II
Sample sale price
$20.62 per share
Open-market sale of 430,659 shares on June 15, 2026
Highest price range
$20.9127 per share
Upper end of weighted-average range disclosed in footnote F8
Opportunity Fund holdings
2,756,858 shares
Class A shares held after last reported sale on June 15, 2026
Select III holdings
6,134,518 shares
Indirect holdings by Lightspeed Venture Partners Select III as of June 11, 2026
Key Terms
pro rata, in-kind distribution, weighted average price, open-market sale, beneficial ownership, +1 more
5 terms
pro rata, in-kind distribution financial
"Represents a pro rata, in-kind distribution, and not a purchase or sale of securities"
weighted average price financial
"The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions"
Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.
open-market sale financial
"transaction_action": "open-market sale", "transaction_code_description": "Sale in open market or private transaction""
An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.
beneficial ownership financial
"disclaims beneficial ownership of these shares except to the extent of its respective pecuniary interest therein"
Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.
ten percent owner financial
""is_ten_percent_owner": 1"
