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

Company: Pagaya Technologies Ltd.
Filing Date: 2025-12-05
Form: S-3ASR
Chunk 25
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 notice of redemption to the      
 warrant holders.                                                                                                                              |

If and when the public warrants
become redeemable by Pagaya for cash, Pagaya will be able to exercise its redemption right even if Pagaya is unable to register or qualify
the underlying securities for sale under all applicable state securities laws.

Pagaya will establish the
last of the redemption criterion discussed above to prevent a redemption call unless there is at the time of the call a significant premium
to the public warrant exercise price. If the foregoing conditions are satisfied and Pagaya issues a notice of redemption of the public
warrants, each warrant holder will be entitled to exercise his, her or its public warrant prior to the scheduled redemption date. However,
the price of the Class A Ordinary Shares may fall below the $216.00 redemption trigger price (as adjusted for stock splits, stock capitalizations,
reorganizations, recapitalizations and the like and for certain issuances of Class A Ordinary Shares and equity-linked securities for
capital raising purposes in connection with the consummation of the transactions contemplated by the EJFA Merger Agreement) as well as
the $138.00 public warrant exercise price after the redemption notice is issued.

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Redemption of public warrants when the per share price of Class A Ordinary Shares equals or exceeds $120.00

Once the public warrants
become exercisable, Pagaya may redeem the outstanding public warrants:

| · | in whole and not in part; |

| · | for cash at a price of at $0.10 per warrant upon a minimum of 30 days’ prior written notice of redemption; provided that holders       
 will be able to exercise their public warrants on a cashless basis prior to redemption and receive that number of shares determined by 
 reference to the table included in the Warrant Agreement, based on the redemption date and the “fair market value” of the              
 Class A Ordinary Shares as described in the Warrant Agreement; and                                                                     |

| · | if, and only if, the last reported sale price of the Class A Ordinary Shares equals or exceeds $120.00 per share (subject to adjustment 
 in compliance with the terms of the Warrant Agreement) for any 20 trading days within a 30 trading-day period ending on, and including, 
 the third trading day prior to the date on which we send the notice of redemption to the warrant holders.                               |

Beginning on the date the
notice of redemption is given until the public warrants are redeemed or exercised