SCHEDULE 13G/A: FIL Limited and Affiliates Disclose 9.6% Stake in Lightspeed Commerce Inc.

FIL Limited and its affiliates, including Pandanus Partners, L.P. and Pandanus Associates, Inc., have reported a beneficial ownership of 9.6% in Lightspeed Commerce Inc.'s Subordinate Voting Shares as of December 31, 2024.

Summary

• FIL Limited, Pandanus Partners, L.P., and Pandanus Associates, Inc. collectively beneficially own 14,632,244 Subordinate Voting Shares of LIGHTSPEED COMMERCE INC.
• This ownership represents 9.6% of the total outstanding Subordinate Voting Shares.
• FIL Limited holds sole voting power over 14,579,399 shares and sole dispositive power over 14,632,244 shares.
• Pandanus Partners, L.P. and Pandanus Associates, Inc. each hold sole dispositive power over 14,632,244 shares.
• Fidelity Canadian Opportunities Fund, an entity under FIL Limited, holds 7,650,000 shares, representing 5.0% of the total outstanding Subordinate Voting Shares as of December 31, 2024.
• The filing is an Amendment No. 3 to a Schedule 13G, indicating an update to previously reported ownership.

Sentiment

Score: 5

Explanation: The document is a factual regulatory filing (Schedule 13G) reporting beneficial ownership. It contains no positive or negative operational or financial news, thus a neutral sentiment score is appropriate.

Positives

• A significant institutional investor, FIL Limited, maintains a substantial stake (9.6%) in Lightspeed Commerce Inc., indicating continued confidence.
• Fidelity Canadian Opportunities Fund, a specific fund managed by FIL, holds a 5.0% stake, highlighting a dedicated investment.

Future Outlook

This Schedule 13G filing is a disclosure of beneficial ownership and does not contain forward-looking statements or guidance regarding Lightspeed Commerce Inc.'s future performance or outlook.

Management Comments

• The document does not contain direct quotes or paraphrased statements from Lightspeed Commerce Inc.'s management. It includes certifications from FIL Limited and its affiliates stating 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.

Industry Context

This filing reflects a significant passive investment by a major global asset manager in a technology company. It does not provide specific industry trends or competitive analysis, but indicates continued institutional interest in the e-commerce and point-of-sale solutions sector where Lightspeed operates.

Related Party Transactions

• Pandanus Partners, L.P. is owned by trusts for the benefit of members of the Johnson family, including FIL's Chairman Abigail P. Johnson. This indicates an internal ownership structure within the FIL group, not a transaction with Lightspeed Commerce Inc.

Stakeholder Impact

• The filing indicates continued significant institutional investment in Lightspeed Commerce Inc., which may be viewed positively by existing shareholders as a sign of investor confidence.
• No direct impact on employees, customers, suppliers, or creditors is indicated by this ownership disclosure.

Key Dates

Keywords

Lightspeed Commerce Inc., Subordinate Voting Shares, FIL Limited, Pandanus Partners, Pandanus Associates, Beneficial Ownership, Schedule 13G, Institutional Investor, Equity Stake, Fidelity Canadian Opportunities Fund