Lightspeed Venture Partners Select II, L.P. has been a consistent net seller of Navitas Semiconductor (NAVN) stock, with Form 4 filings showing 39 transactions across the single holding and zero open-market purchases. The fund has realized approximately $50.4 million in total sales, all executed through open-market "S" trades concentrated in a two-week window from June 12 through July 8, 2026. The largest dispositions occurred on June 12, when three separate sales totaled roughly $20.4 million, followed by two June 15 transactions worth $11.6 million and $8.9 million, and a $7.6 million sale on June 16. Smaller follow-on sales of $897,780, $576,217, and $260,525 continued through late June and early July, with the most recent open-market sale of $227,808 recorded on July 8.
The pattern reflects a deliberate reduction of the fund’s NAVN position rather than routine portfolio maintenance. Notably, the filings also include a series of zero-value "J" and "C" codes—transactions involving conversions or other non-cash events—clustered around June 11-12 and July 7, alongside the October 31, 2025 conversions. These mechanical entries carry no dollar value and do not alter the fundamental selling bias. With no "P" purchases, no acquisitions, and no option exercises or grants in the recent window, the fund’s activity is unambiguously one-directional: a rapid, high-value liquidation of its Navitas stake over roughly a month. The absence of any buying activity, even at lower price points, underscores that Lightspeed is exiting rather than rebalancing, though the filings themselves offer no insight into the strategic rationale behind the timing or scale of the sales.
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