Lightspeed Venture Partners X, L.P. has been a consistent net seller of Navitas Semiconductor (NAVN) stock, with SEC Form 4 filings showing 39 total transactions in the security and zero buy-side activity. The aggregate sell value across all reported trades reached approximately $50.4 million, with no open-market purchases or acquisitions recorded during the period. This one-sided pattern indicates a clear distribution bias, as the fund has monetized its position in the power semiconductor company rather than adding to it.
The selling activity intensified in mid-June 2026, with a cluster of open-market sales (code S) between June 12 and June 17. The largest single transaction occurred on June 12, valued at roughly $16.5 million, followed by a $11.6 million sale on June 15 and an $8.9 million disposition the same day. Additional sales on June 16 and June 17 brought in $7.6 million and $1.5 million combined, respectively. The pace slowed into July, with a $576,000 sale on July 1 and a smaller $228,000 transaction on July 8. The most recent filings also include several zero-value "J" codes on July 7, which represent non-cash adjustments such as in-kind transfers or reclassifications rather than market transactions.
Notably, the fund also reported a series of "C" conversions on October 31, 2025, each valued at zero, indicating the conversion of derivative securities into common stock without a cash outlay. These conversions do not reflect a change in investment stance but do precede the subsequent sell-down. Overall, the Form 4 data paints a picture of a venture fund systematically reducing its NAVN exposure over a roughly four-week window, with the bulk of the $50.4 million in proceeds concentrated in mid-June. No offsetting purchases or acquisitions appear in the filings, reinforcing the unidirectional nature of the activity.
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