Netskope holder converts 3.0M Class B, sells 10K A
Rhea-AI Filing Summary
Netskope Inc (NTSK) reported that funds affiliated with Lightspeed converted 3,034,693 shares of Class B Common Stock into the same number of Class A shares on September 10, 2026 for no additional consideration, followed by a sale of 10,621 Class A shares on September 11, 2026 at a weighted average price of $14.90 per share by Lightspeed Management Company, L.L.C. The filing also details pro rata, in-kind distributions of Class A shares among Lightspeed entities and shows continuing indirect holdings of large blocks of Class B shares, each convertible into an equal number of Class A shares.
Positive
- None.
Negative
- None.
Insider Trade Summary
Exercise and sale activity reported; no spread calculated
Exercise and Sale
13 txns
Insider
Lightspeed Venture Partners IX, L.P., Lightspeed General Partner IX, L.P., Lightspeed Ultimate General Partner IX, Ltd., Lightspeed SPV II, LLC, Lightspeed SPV II-B, LLC, LS SPV Management, LLC, Lightspeed Management Company, L.L.C.
Role
10% Owner | 10% Owner | 10% Owner | 10% Owner | 10% Owner | 10% Owner | 10% Owner
Sold
10,621 shs ($158K)
Approx. gross sale proceeds
$158K
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Class A Common Stock F9, F8 | 10,621 | $14.90 | $158K |
| Conversion | Class B Common Stock F1, F10, F2 | 3,034,693 | -- | -- |
| Conversion | Class A Common Stock F1, F2 | 3,034,693 | -- | -- |
| Other | Class A Common Stock F3, F2 | 3,034,693 | $0.00 | $0.00 |
| Other | Class A Common Stock F4, F5 | 792,813 | $0.00 | $0.00 |
| Other | Class A Common Stock F6, F5 | 792,813 | $0.00 | $0.00 |
| Other | Class A Common Stock F7, F8 | 10,621 | $0.00 | $0.00 |
| holding | Class B Common Stock F10, F11 | -- | -- | -- |
| holding | Class B Common Stock F10, F12 | -- | -- | -- |
| holding | Class B Common Stock F10, F13 | -- | -- | -- |
| holding | Class B Common Stock F10, F14 | -- | -- | -- |
| holding | Class B Common Stock F10, F15 | -- | -- | -- |
| holding | Class B Common Stock F10, F16 | -- | -- | -- |
Holdings After Transaction:
Class B Common Stock — 14,161,900 contracts (Indirect, By Lightspeed Venture Partners IX, 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 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 (16)
- 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 $14.60 to $15.00 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. 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.
- F11. 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.
- F12. 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.
- F13. 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.
- F14. 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.
- F15. 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.
- F16. 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: 10,621 shares
Weighted average sale price: $14.90 per share
Class B shares converted: 3,034,693 shares
+4 more
7 metrics
Class A shares sold
10,621 shares
Sold indirectly by Lightspeed Management Company, L.L.C. on September 11, 2026
Weighted average sale price
$14.90 per share
Class A sale on September 11, 2026; individual trades from $14.60 to $15.00
Class B shares converted
3,034,693 shares
Converted into the same number of Class A shares on September 10, 2026 for no additional consideration
Class B underlying shares at Lightspeed SPV II
15,608,645 underlying shares
Indirect Class B position, each convertible into one Class A share
Class B underlying shares at Lightspeed SPV II-B
7,765,561 underlying shares
Indirect Class B position, each convertible into one Class A share
Class B underlying shares at Lightspeed Venture Partners Select
8,818,610 underlying shares
Indirect Class B position, each convertible into one Class A share
Class B underlying shares at Lightspeed Venture Partners Select II
7,508,890 underlying shares
Indirect Class B position, each convertible into one Class A share
Key Terms
Class B Common Stock, pro rata, in-kind distribution, beneficial ownership, pecuniary interest, +1 more
5 terms
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.
pro rata, in-kind distribution financial
"Represents a pro rata, in-kind distribution, and not a purchase or sale"
beneficial ownership regulatory
"disclaims beneficial ownership of these shares except to the extent"
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"
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.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What did Lightspeed entities report in the Netskope (NTSK) Form 4?
Affiliated Lightspeed funds reported conversion of 3,034,693 Class B shares into Class A for no additional consideration, several pro rata in-kind distributions of Class A shares among their entities, and a sale of 10,621 Class A shares by Lightspeed Management Company, L.L.C.
Were the Netskope (NTSK) Form 4 trades under a Rule 10b5-1 plan?
No. The filing’s Rule 10b5-1 checkbox is not marked as being pursuant to a plan, and the footnotes do not state that the reported transactions were executed under a Rule 10b5-1 trading arrangement.
What ongoing Netskope (NTSK) Class B positions do Lightspeed entities report?
Lightspeed-affiliated entities report indirect holdings of Class B shares convertible one-for-one into Class A, including 15,608,645 underlying shares at Lightspeed SPV II, 7,765,561 at Lightspeed SPV II-B, 8,818,610 at Lightspeed Venture Partners Select, and 7,508,890 at Lightspeed Venture Partners Select II.
What are the in-kind distributions mentioned in the Netskope (NTSK) Form 4?
Lightspeed entities disclosed pro rata, in-kind distributions of Netskope Class A shares, where Lightspeed Venture Partners IX and Lightspeed General Partner IX distributed shares to their general and limited partners without additional consideration, and certain entities received shares in those distributions.
AI-generated analysis. How Rhea-AI works. Not financial advice.
