ICONIQ funds tied to Netskope (NTSK) convert Class B into Class A
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Netskope Inc director-affiliated ICONIQ funds converted Class B shares into Class A shares. On March 13, several ICONIQ Strategic Partners entities reported code C transactions, reflecting derivative conversions rather than open-market buying or selling.
The conversions were on a 1:1 basis, moving holdings from Class B Common Stock into Class A Common Stock. Examples include 8,127,540 shares converted by ICONIQ Strategic Partners VI, L.P. and 11,976,293 shares by ICONIQ Strategic Partners VI-B, L.P. The reporting person disclaims beneficial ownership except for any pecuniary interest.
Positive
- None.
Negative
- None.
Insider Trade Summary
42,769,954 shares exercised/converted
Mixed
12 txns
Insider
Griffith William J.G.
Role
Director
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Conversion | Class B Common Stock | 8,127,540 | $0.00 | -- |
| Conversion | Class B Common Stock | 11,976,293 | $0.00 | -- |
| Conversion | Class B Common Stock | 18,872,434 | $0.00 | -- |
| Conversion | Class B Common Stock | 1,931,110 | $0.00 | -- |
| Conversion | Class B Common Stock | 1,511,670 | $0.00 | -- |
| Conversion | Class B Common Stock | 350,907 | $0.00 | -- |
| Conversion | Class A Common Stock | 8,127,540 | $0.00 | -- |
| Conversion | Class A Common Stock | 11,976,293 | $0.00 | -- |
| Conversion | Class A Common Stock | 18,872,434 | $0.00 | -- |
| Conversion | Class A Common Stock | 1,931,110 | $0.00 | -- |
| Conversion | Class A Common Stock | 1,511,670 | $0.00 | -- |
| Conversion | Class A Common Stock | 350,907 | $0.00 | -- |
Holdings After Transaction:
Class B Common Stock — 0 shares (Indirect, ICONIQ Strategic Partners VI, L.P.);
Class A Common Stock — 8,723,318 shares (Indirect, ICONIQ Strategic Partners VI, L.P.)
Footnotes (1)
- On March 13, 2025, ICONIQ Strategic Partners VI, L.P. converted in the aggregate 8,127,540 shares of the Issuer's Class B Common Stock into an equal number of shares of the Issuer's Class A Common Stock. Each share of Class B Common Stock is convertible into one share of Class A Common Stock at the option of the holder. ICONIQ Strategic Partners II GP, L.P. ("ICONIQ GP II") is the sole general partner of ICONIQ Strategic Partners II, L.P., ICONIQ Strategic Partners II-B, L.P., and ICONIQ Strategic Partners II Co-Invest, L.P. (Series NS). ICONIQ Strategic Partners II TT GP, Ltd. ("ICONIQ Parent GP II") is the sole general partner of ICONIQ GP II. ICONIQ Strategic Partners VI GP, L.P. ("ICONIQ GP VI") is the sole general partner of ICONIQ Strategic Partners VI, L.P., ICONIQ Strategic Partners VI-B, L.P. and ICONIQ Strategic Partners VI Co-Invest, L.P. (Series NS). ICONIQ Strategic Partners VI TT GP, Ltd. ("ICONIQ Parent GP VI") is the sole general partner of ICONIQ GP VI. (continued) Divesh Makan and the Reporting Person are the sole equity holders of ICONIQ Parent GP II and Divesh Makan, the Reporting Person and Matthew Jacobson are the sole equity holders of ICONIQ Parent GP VI. The Reporting Person disclaims beneficial ownership of the securities reported herein for purposes of Section 16 of the Exchange Act, except to the extent of his pecuniary interest therein, if any. This report shall not be deemed an admission that the Reporting Person is a beneficial owner of such securities for the purpose of Section 16 of the Exchange Act, or for any other purpose. On March 13, 2025, ICONIQ Strategic Partners VI-B, L.P. converted in the aggregate 11,976,293 shares of the Issuer's Class B Common Stock into an equal number of shares of the Issuer's Class A Common Stock. On March 13, 2025, ICONIQ Strategic Partners VI Co-Invest, L.P. (Series NS) converted in the aggregate 18,872,434 shares of the Issuer's Class B Common Stock into an equal number of shares of the Issuer's Class A Common Stock. On March 13, 2025, ICONIQ Strategic Partners II, L.P. converted in the aggregate 1,931,110 shares of the Issuer's Class B Common Stock into an equal number of shares of the Issuer's Class A Common Stock. On March 13, 2025, ICONIQ Strategic Partners II-B, L.P. converted in the aggregate 1,511,670 shares of the Issuer's Class B Common Stock into an equal number of shares of the Issuer's Class A Common Stock. On March 13, 2025, ICONIQ Strategic Partners II Co-Invest, L.P. (Series NS) converted in the aggregate 350,907 shares of the Issuer's Class B Common Stock into an equal number of shares of the Issuer's Class A Common Stock. The shares of Class B Common Stock automatically convert to shares of Class A common stock on a 1:1 basis on or prior to September 19, 2035 as set forth in the Issuer's amended and restated certificate of incorporation.
FAQ
What insider activity did Netskope (NTSK) report in this Form 4?
The filing shows ICONIQ Strategic Partners funds converting Netskope Class B Common Stock into Class A Common Stock. These are code C derivative conversions, meaning structural share class changes, not open-market purchases or sales of new shares.
What does a code C ‘Conversion of derivative security’ mean for Netskope (NTSK)?
Code C indicates a conversion of one security into another, here Class B into Class A shares. It reflects a change in share class, not a market trade, so it does not represent traditional buying or selling activity in Netskope stock.
Which entities affiliated with Netskope’s reporting person were involved in these conversions?
Entities include ICONIQ Strategic Partners VI, L.P., ICONIQ Strategic Partners VI-B, L.P., ICONIQ Strategic Partners VI Co-Invest, L.P. (Series NS), ICONIQ Strategic Partners II, L.P., II-B, L.P. and II Co-Invest, L.P. (Series NS), all converting Class B into Class A shares.