SCHEDULE 13G/A: FIL Limited and Affiliates Disclose 11.5% Stake in Lightspeed Commerce Inc.

FIL Limited, along with its affiliates Pandanus Partners, L.P. and Pandanus Associates, Inc., has disclosed a beneficial ownership of 11.5% of Lightspeed Commerce Inc.'s Subordinate Voting Shares as of February 28, 2025.

Summary

• FIL Limited, Pandanus Partners, L.P., and Pandanus Associates, Inc. collectively beneficially own 17,550,316 Subordinate Voting Shares of Lightspeed Commerce Inc.
• This ownership represents 11.5% of the total outstanding Subordinate Voting Shares of Lightspeed Commerce Inc.
• FIL Limited holds sole voting power over 17,513,121 shares.
• All three reporting persons (FIL Limited, Pandanus Partners, L.P., and Pandanus Associates, Inc.) hold sole dispositive power over 17,550,316 shares.
• Fidelity Canadian Opportunities Fund, an entity related to FIL, is known to have an interest amounting to 9,000,000 shares, or 5.9% of the total outstanding Subordinate Voting Shares, as of February 28, 2025.

Sentiment

Score: 7

Explanation: The disclosure of a significant 11.5% stake by a major institutional investor like FIL Limited generally indicates confidence in the company's long-term prospects, especially given the certification that the stake is held in the ordinary course of business and not for control purposes.

Positives

• The disclosure of a significant 11.5% stake by a major institutional investor like FIL Limited and its affiliates indicates a strong investment interest and potential confidence in Lightspeed Commerce Inc.'s long-term prospects.
• The reporting persons certify that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer, suggesting a passive, long-term investment intent.

Future Outlook

NA

Management Comments

• "By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under §§ 240.14a-11."

Industry Context

NA

Related Party Transactions

• Pandanus Partners, L.P. owns shares of FIL Limited voting stock, which normally represents between 25% and 48.5% of the total votes.
• Pandanus Associates, Inc. acts as the general partner of Pandanus Partners, L.P.
• Pandanus is owned by trusts for the benefit of members of the Johnson family, including FIL's Chairman Abigail P. Johnson.
• Fidelity Canadian Opportunities Fund, an entity related to FIL, holds 5.9% of Lightspeed Commerce Inc.'s Subordinate Voting Shares.

Stakeholder Impact

• Shareholders: The disclosure of a significant institutional stake by FIL Limited and its affiliates may be viewed positively, signaling confidence from a major investor in the company's future.

Key Dates

Keywords

Lightspeed Commerce Inc., FIL Limited, Pandanus Partners, Pandanus Associates, Schedule 13G, Beneficial Ownership, Subordinate Voting Shares, Institutional Investor, SEC Filing, Equity Stake