Company: DLO
Filing Date: 2025-09-03
Form Type: 424B3
Source: 0000950103-25-011193
Chunk: 103

Company: dLocal Ltd
Filing Date: 2025-09-03
Form: 424B3
Chunk 103
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) an issuance of Class A common shares, whereby holders of
the Class B common shares are entitled to purchase a number of Class B common shares that would allow them to maintain their proportional
ownership interests in dLocal (following an offer by dLocal to each holder of Class B common shares to issue to such holder, upon the
same economic terms and at the same price, such number of Class B common shares as would ensure such holder may maintain a proportional
ownership interest in dLocal pursuant to dLocal’s Articles of Association). In light of: (a) the above provisions; (b) the fact
that future transfers by holders of Class B common shares will generally result in those shares converting to Class A common shares, subject
to limited exceptions as provided in the Articles of Association; and (c) the five-to-one voting ratio between our Class B common shares
and Class A common shares, holders of our Class B common shares will in many situations continue to maintain control of all matters requiring
shareholder approval. This concentration of ownership and voting power will limit or preclude your ability to influence corporate matters
for the foreseeable future. For more information see “—Preemptive or Similar Rights.”

dLocal’s Articles of Association also provide
that the issuance of non-voting common shares requires the affirmative vote of a majority of the of then-outstanding Class A common shares.

Fiscal Year

dLocal’s fiscal year begins on January 1
of each year and ends on December 31 of the same year.

Voting Rights

The holders of the Class A common shares and Class
B common shares have identical rights, except that (1) each holder of Class B common shares is entitled to five votes per share, whereas
each holder of Class A common shares is entitled to one vote per share; and (2) Class B common shares have certain conversion rights and
(3) the holders of Class B common shares are entitled to maintain a proportional ownership interest in the event that additional Class
A common shares are issued. For more information see “—Preemptive or Similar Rights.” The holders of Class A common
shares and Class B common shares vote together as a single class on all matters (including the election of directors) submitted to a vote
of shareholders, except as provided below and as otherwise required by law.

dLocal’s Articles of Association provide
as follows regarding the respective rights of holders of Class A common shares and Class B common shares:

| (1) | class consents from the holders