Company: DLO
Filing Date: 2025-09-03
Form Type: 424B3
Source: 0000950103-25-011193
Chunk: 116

Company: dLocal Ltd
Filing Date: 2025-09-03
Form: 424B3
Chunk 116
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 of control proposal, or to engage in a proxy contest for the election of directors.
As a result, the fact that dLocal has two classes of common shares may have the effect of depriving holders of Class A common shares of
an opportunity to sell their Class A common shares at a premium over prevailing market prices and make it more difficult to replace the
directors and management of dLocal.

Preferred Shares

dLocal’s board of directors is given wide
powers to issue one or more classes or series of shares with preferred rights. Such preferences may include, for example, dividend rights,
conversion rights, redemption privileges, enhanced voting powers and liquidation preferences.

Despite the anti-takeover provisions described
above, under Cayman Islands law, dLocal’s board of directors may only exercise the rights and powers granted to them under the Articles
of Association, for what they believe in good faith to be in the best interests of dLocal.

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Protection of Non-Controlling Shareholders

The Grand Court of the Cayman Islands may, on
the application of shareholders holding not less than one fifth of the shares of dLocal in issue, appoint an inspector to examine the
Company’s affairs and report thereon in a manner as the Grand Court shall direct.

Subject to the provisions of the Companies Act,
any shareholder may petition the Grand Court of the Cayman Islands, which may make a winding up order, if the court is of the opinion
that this winding up is just and equitable.

Notwithstanding the U.S. securities laws and regulations
that are applicable to dLocal, general corporate claims against dLocal by its shareholders must, as a general rule, be based on the general
laws of contract or tort applicable in the Cayman Islands or their individual rights as shareholders as established by dLocal’s
Articles of Association.

The Grand Court of the Cayman Islands ordinarily
would be expected to follow English case law precedents, which permit a minority shareholder to commence a representative action against
dLocal, or derivative actions in dLocal’s name, to challenge (1) an act which is ultra vires or illegal; (2) an act which
constitutes a fraud against the minority and the wrongdoers themselves control dLocal; and (3) an irregularity in the passing of a resolution
that requires a qualified (or special) majority.

Registration Rights and Restricted Shares

The shareholders of dLocal or entities controlled
by them or their permitted transferees will be