Company: PGYWW
Filing Date: 2025-12-05
Form Type: S-3ASR
Source: 0000950103-25-015781
Chunk: 14

Company: Pagaya Technologies Ltd.
Filing Date: 2025-12-05
Form: S-3ASR
Chunk 14
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 is a part. Each of the risk factors could adversely affect our business,
operating results and financial condition, as well as adversely affect the value of an investment in our securities, and the occurrence
of any of these risks might cause you to lose all or part of your investment. Additional risks not presently known to us or that we currently
believe are immaterial may also significantly impair our business operations. Please also read carefully the section below entitled “Special Note Regarding Forward-Looking Statements.”

<div align='center'>8

USE OF PROCEEDS</div>

We are not offering or selling any securities
under this prospectus. All of the securities offered by the Selling Securityholders pursuant to this prospectus will be sold by the Selling
Securityholders for their respective accounts. We will not receive any of the proceeds from these sales. We also will not receive any
proceeds from the issuance of the Warrant Shares by us pursuant to this prospectus, except with respect to amounts received by us upon
exercise of the Warrants previously issued in connection with the EJFA Merger to the extent such Warrants are exercised for cash. If all
such Warrants are exercised for cash, we will receive up to an aggregate of approximately $169.6 million from such exercise. Unless we
inform you otherwise in a prospectus supplement or free writing prospectus, we intend to use the net proceeds from the exercise of such
Warrants for general corporate purposes which may include acquisitions or other strategic investments or repayment of outstanding indebtedness.
We believe the likelihood that Warrant holders will exercise their Warrants, and therefore the amount of cash proceeds that we would receive,
is dependent upon the trading price of our Class A Ordinary Shares. If the trading price for our Class A Ordinary Shares is less than
$138 per share, we believe holders of our public warrants and private placement warrants will be unlikely to exercise their Warrants on
a cash basis.

The Selling Securityholders will pay any underwriting
commissions and discounts, and expenses incurred by the Selling Securityholders for brokerage, marketing costs, or legal services (other
than those detailed below). We will bear the costs, fees and expenses incurred in effecting the registration of the securities covered
by this prospectus, including all registration and filing fees, securities or blue sky law compliance fees, fees and expenses of our counsel
and our independent registered public accounting firm, and fees and expenses of one legal counsel for the Selling Securityholders (not
to exceed $120,