Lightspeed funds trade Netskope Class A and B shares
Lightspeed-affiliated investment entities, each a ten percent owner of Netskope, reported a series of transactions involving Netskope Class A and Class B Common Stock.
Rhea-AI Filing Summary
Lightspeed-affiliated investment entities, each a ten percent owner of Netskope, reported a series of transactions involving Netskope Class A and Class B Common Stock. On July 9, 2026, Lightspeed Venture Partners XII, L.P. indirectly converted and then sold 219,075 shares of Class A Common Stock in open-market trades, and on July 8, 2026 Lightspeed Management Company, L.L.C. indirectly sold 10,621 Class A shares, all at weighted-average prices disclosed in the footnotes. Several internal, pro rata in-kind distributions and derivative conversions between Lightspeed funds shifted holdings among related entities, while Class B shares remain convertible into Class A shares on a one-for-one basis.
Positive
- None.
Negative
- None.
Insider Trade Summary
Exercise and sale activity reported; no spread calculated
Exercise and Sale
16 txns
Insider
Lightspeed Venture Partners Select, L.P., Lightspeed General Partner Select, L.P., Lightspeed Ultimate General Partner Select, Ltd., Lightspeed Venture Partners Select II, L.P., Lightspeed General Partner Select II, L.P., Lightspeed Ultimate General Partner Select II, Ltd., Lightspeed Opportunity Fund, L.P., Lightspeed General Partner Opportunity Fund, L.P., Lightspeed Ultimate General Partner Opportunity Fund, Ltd.
Role
10% Owner | 10% Owner | 10% Owner | 10% Owner | 10% Owner | 10% Owner | 10% Owner | 10% Owner | 10% Owner
Sold
229,696 shs ($2.80M)
Approx. gross sale proceeds
$2.80M
Approx. exercise cost
$0.00
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Conversion | Class B Common Stock | 219,075 | $0.00 | $0.00 |
| Conversion | Class A Common Stock | 219,075 | $0.00 | $0.00 |
| Sale | Class A Common Stock | 219,075 | $12.23 | $2.68M |
| Sale | Class A Common Stock | 10,621 | $11.70 | $124K |
| Conversion | Class B Common Stock | 3,034,693 | $0.00 | $0.00 |
| Conversion | Class A Common Stock | 3,034,693 | $0.00 | $0.00 |
| Other | Class A Common Stock | 3,034,693 | $0.00 | $0.00 |
| Other | Class A Common Stock | 792,813 | $0.00 | $0.00 |
| Other | Class A Common Stock | 792,813 | $0.00 | $0.00 |
| Other | Class A Common Stock | 10,621 | $0.00 | $0.00 |
| holding | Class B Common Stock | -- | -- | -- |
| holding | Class B Common Stock | -- | -- | -- |
| holding | Class B Common Stock | -- | -- | -- |
| holding | Class B Common Stock | -- | -- | -- |
| holding | Class B Common Stock | -- | -- | -- |
| holding | Class B Common Stock | -- | -- | -- |
Holdings After Transaction:
Class B Common Stock — 17,196,593 contracts (Indirect, By Lightspeed Venture Partners IX, L.P.);
Class B Common Stock — 0 contracts (Indirect, By Lightspeed Venture Partners XII, L.P.);
Class A Common Stock — 0 shares (Indirect, By Lightspeed Venture Partners IX, L.P.);
Class A Common Stock — 0 shares (Indirect, By Lightspeed General Partner IX, L.P.);
Class A Common Stock — 0 shares (Indirect, By Lightspeed Management Company, L.L.C.);
Class A Common Stock — 0 shares (Indirect, By Lightspeed Venture Partners XII, L.P.);
Class B Common Stock — 15,608,645 contracts (Indirect, By Lightspeed SPV II, LLC);
Class B Common Stock — 7,765,561 contracts (Indirect, By Lightspeed SPV II-B, LLC);
Class B Common Stock — 8,818,610 contracts (Indirect, By Lightspeed Venture Partners Select, L.P.);
Class B Common Stock — 7,508,890 contracts (Indirect, By Lightspeed Venture Partners Select II, L.P.);
Class B Common Stock — 2,690,640 contracts (Indirect, By Lightspeed Opportunity Fund, L.P.);
Class B Common Stock — 500 contracts (Indirect, By LSS Fund II, LLC)
Footnotes (18)
- F1. Each share of Class B common stock was converted into one share of Class A Common Stock for no additional consideration.
- F2. Shares are held by Lightspeed Venture Partners IX, L.P. ("Lightspeed IX"). Lightspeed General Partner IX, L.P. ("LGP IX") is the general partner of Lightspeed IX. Lightspeed Ultimate General Partner IX, Ltd. ("LUGP IX") is the general partner of LGP IX. Each of LGP IX and LUGP IX disclaims beneficial ownership of these shares except to the extent of its respective pecuniary interest therein.
- F3. Represents a pro rata, in-kind distribution, and not a purchase or sale of securities, by Lightspeed IX to its general partner and limited partners without additional consideration.
- F4. Represents receipt of shares in the distribution in kind described in footnote (3).
- F5. Shares are held by LGP IX. LUGP IX is the general partner of LGP IX. LUGP IX disclaims beneficial ownership of these shares except to the extent of its pecuniary interest therein.
- F6. Represents a pro rata, in-kind distribution, and not a purchase or sale of securities, by LGP IX to its limited partners without additional consideration.
- F7. Represents receipt of shares in the distribution in kind described in footnote (6).
- F8. Shares are held by Lightspeed Management Company, L.L.C.
- F9. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $11.65 to $11.73 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.
- F10. Shares are held by Lightspeed Venture Partners XII, L.P. ("Lightspeed XII"). Lightspeed General Partner XII, L.P. ("LGP XII") is the general partner of Lightspeed XII. Lightspeed Ultimate General Partner XII, Ltd. ("LUGP XII") is the general partner of LGP XII. Each of LGP XII and LUGP XII disclaims beneficial ownership of these shares except to the extent of its respective pecuniary interest therein.
- F11. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $12.02 to $12.47 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.
- F12. Each share of Class B Common Stock is convertible into one share of Class A Common Stock (A) at any time at the option of the holder or (B) automatically on September 19, 2035 as set forth in the Issuer's amended and restated certificate of incorporation.
- F13. Shares are held by Lightspeed SPV II, LLC ("Lightspeed SPV II"). LS SPV Management, LLC ("LS SPV") is the manager of Lightspeed SPV II. LS SPV disclaims beneficial ownership of these shares except to the extent of its pecuniary interest therein.
- F14. Shares are held by Lightspeed SPV II-B, LLC ("Lightspeed SPV II-B"). LS SPV is the manager of Lightspeed SPV II-B. LS SPV disclaims beneficial ownership of these shares except to the extent of its pecuniary interest therein.
- F15. Shares are held by Lightspeed Venture Partners Select, L.P. ("Lightspeed Select"). Lightspeed General Partner Select, L.P. ("LGP Select") is the general partner of Lightspeed Select. Lightspeed Ultimate General Partner Select, Ltd. ("LUGP Select") is the general partner of LGP Select. Each of LGP Select and LUGP Select disclaims beneficial ownership of these shares except to the extent of its respective pecuniary interest therein.
- F16. Shares are held by Lightspeed Venture Partners Select II, L.P. ("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.
- F17. 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.
- F18. Shares are held by LSS Fund II, LLC ("LSS Fund II"). Lightspeed Scout Management, LLC ("Scout Mgmt") is the manager of LSS Fund II. Each of the Reporting Persons disclaims beneficial ownership of these shares except to the extent of its respective pecuniary interest therein.
Key Figures
Class A shares sold (Lightspeed XII): 219,075 shares at $12.2300
Class A shares sold (Lightspeed Management): 10,621 shares at $11.7000
Class B to Class A conversion: 219,075 shares
+4 more
7 metrics
Class A shares sold (Lightspeed XII)
219,075 shares at $12.2300
Open-market sale of Class A Common Stock on July 9, 2026, held indirectly by Lightspeed Venture Partners XII, L.P.
Class A shares sold (Lightspeed Management)
10,621 shares at $11.7000
Open-market sale of Class A Common Stock on July 8, 2026, held indirectly by Lightspeed Management Company, L.L.C.
Class B to Class A conversion
219,075 shares
Conversion of Class B Common Stock into Class A Common Stock on July 9, 2026 at no additional consideration
Class B to Class A conversion
3,034,693 shares
Conversion of Class B Common Stock into Class A Common Stock on July 7, 2026 at no additional consideration
Indirect Class A holding after conversion
3,034,693 shares
Class A Common Stock held indirectly by Lightspeed Venture Partners IX, L.P. following July 7, 2026 conversion
Class B derivative position (Lightspeed SPV II, LLC)
15,608,645 underlying shares
Class B Common Stock indirectly representing 15,608,645 underlying Class A shares with $0.0000 exercise price
Net buy/sell direction
-229,696 shares
Net of reported buy and sell transactions across all entities in this Form 4
Key Terms
pro rata, in-kind distribution, weighted average price, beneficial ownership, pecuniary interest, +2 more
6 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"
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.
beneficial ownership financial
"disclaims beneficial ownership of these shares except to the extent of its pecuniary interest"
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.
pecuniary interest financial
"disclaims beneficial ownership of these shares except to the extent of its pecuniary interest"
Class B Common Stock financial
"Each share of Class B Common Stock is convertible into one share of Class A"
A class B common stock is one of multiple types of a company’s ordinary shares that carries specific rights—often different voting power or dividend priority—compared with other classes. For investors it matters because those differences affect how much influence you have over company decisions, the income you might receive, and how freely the shares trade; think of it like owning a car with different keys: some keys let you start the engine and open the trunk, others only unlock the door.
conversion of derivative security financial
"transaction_code_description": "Conversion of derivative security"
FAQ
What did Lightspeed entities report in the Netskope (NTSK) Form 4?
Lightspeed-affiliated funds reported open-market sales of Netskope Class A Common Stock and several conversions and in-kind distributions involving Class B shares that are convertible into Class A stock.
What happened to Netskope (NTSK) Class B Common Stock in this Form 4?
Certain Lightspeed entities reported conversions of Class B into Class A Common Stock, including transactions involving 219,075 and 3,034,693 Class B shares, consistent with the one-for-one conversion feature described in the footnotes.
Are the Lightspeed Netskope (NTSK) transactions personal or through funds?
The reported Netskope transactions are indirect holdings through Lightspeed funds and related entities, such as Lightspeed Venture Partners XII, L.P. and Lightspeed Venture Partners IX, L.P., with beneficial ownership often disclaimed except for pecuniary interests.
What are the in-kind distributions mentioned in the Netskope (NTSK) Form 4?
The filing describes pro rata, in-kind distributions of Netskope shares by certain Lightspeed funds to their general and limited partners, characterized as not purchases or sales and made without additional consideration.
How is Netskope (NTSK) Class B Common Stock convertible according to the filing?
Each share of Netskope Class B Common Stock is convertible into one share of Class A Common Stock at the holder’s option at any time, or automatically on September 19, 2035, as set out in the company’s charter.
AI-generated analysis. How Rhea-AI works. Not financial advice.
