Company: PGYWW
Filing Date: 2025-12-05
Form Type: S-3ASR
Source: 0000950103-25-015781
Chunk: 29

Company: Pagaya Technologies Ltd.
Filing Date: 2025-12-05
Form: S-3ASR
Chunk 29
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% of the consideration receivable by the holders of Class A Ordinary Shares in such a transaction is payable in the form of shares
in the successor entity that is listed for trading on a national securities exchange or is quoted in an established over-the-counter market,
or is to be so listed for trading or quoted immediately following such event, and if the registered holder of the public warrant properly
exercises the warrant within 30 days following public disclosure of such transaction, the public warrant exercise price will be reduced
as specified in the Warrant Agreement based on the Black-Scholes Warrant Value (as defined in the Warrant Agreement) of the warrant. The
purpose of such exercise price reduction is to provide additional value to holders of the public warrants when an extraordinary transaction
occurs during the exercise period of the public warrants pursuant to which the holders of the public warrants otherwise do not receive
the full potential value of the public warrants.

The public warrants were
issued in registered form under the Warrant Agreement. The Warrant Agreement provides that the terms of the warrants may be amended without
the consent of any holder to cure any ambiguity or correct any defective provision, and that all other modifications or amendments will
require the vote or written consent of the holders of at least 50% of the then outstanding public warrants, and, solely with respect to
any amendment to the terms of the private placement warrants, at least 50% of the then outstanding private placement warrants. You should
review a copy of the EJFA Warrant Agreement and the Assignment, Assumption and Amendment Agreement, each of which is filed as an exhibit
to the registration statement on Form S-3 to which this prospectus forms a part for a complete description of the terms and conditions
applicable to the public warrants.

<div align='center'>17</div>

The public warrants may be
exercised upon surrender of the warrant certificate on or prior to the expiration date at the offices of the transfer agent, with the
exercise form on the reverse side of the warrant certificate completed and executed as indicated, accompanied by full payment of the exercise
price (or on a cashless basis, if applicable), by certified or official bank check payable to Pagaya, for the number of public warrants
being exercised. The warrant holders will not have the rights or privileges of holders of Class A Ordinary Shares or any voting rights
until they exercise their public warrants and receive Class A Ordinary Shares. After the issuance of Class A Ordinary Shares upon exercise
of the public warrants