Company: PGYWW
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001883085-25-000050
Chunk: 64

Company: Pagaya Technologies Ltd.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 16
Chunk 64
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 per share. Shares of Class B Ordinary Share may be converted at any time at the option of the stockholder and automatically convert upon sale or transfer to Class A Ordinary Share.  Reverse Share Split Upon the approvals granted at the special general meeting of shareholders held on February 15, 2024, the Board has determined to implement a reverse share split of all of the Company’s ordinary and preferred shares, without par value, at a ratio of 1-for-12 with effective date of March 8, 2024. All references made to share or per share amounts in the accompanying consolidated financial statements and applicable disclosures have been retroactively adjusted to reflect the effects of the reverse share split. As of December 31, 2024 and 2023, the Company had reserved ordinary shares for future issuance as follows: December 31, 2024December 31, 2023Share options4,042,9014,250,988Options to restricted shares19,948,40820,046,080RSUs3,009,9183,034,203Ordinary share warrants2,372,8582,076,014Redeemable convertible preferred shares5,000,0005,000,000Exchangeable notes11,434,704—Shares available for future grant of equity awards(1)8,121,4385,231,186Shares reserved for issuance under the ESPP832,713— Total shares of ordinary share reserved54,762,940 39,638,471 (1) Reflects the application of the automatic increase of shares reserved under the Company's 2022 Share Incentive Plan (the "2022 Plan") on January 1 of 2023 and 2024 pursuant to the terms of the 2022 Plan.Ordinary Share Warrants 

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The Company has accounted for the ordinary share warrants as equity-classified warrants as they met the requirements for equity classification under ASC 815, including whether the ordinary share warrants are indexed to the Company’s own ordinary shares. For warrants that do not meet all the criteria for equity classification, the warrants are recorded at their initial fair value on the date of issuance and remeasured each balance sheet date thereafter. Changes in the estimated fair value of the liability-classified warrants are recognized as a non-cash other income or expense in the accompanying consolidated statements of operations.As of December 31, 2024, there were 433,942 warrants expiring in March 203