Company: DLO
Filing Date: 2025-09-04
Form Type: 424B3
Source: 0000950103-25-011286
Chunk: 33

Company: dLocal Ltd
Filing Date: 2025-09-04
Form: 424B3
Chunk 33
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 in our company, see “Principal Shareholders
and Selling Shareholder.”

We have granted holders of our Class B
common shares preemptive rights to acquire shares that we may sell in the future, which may impair our ability to raise funds.

Under our Articles of Association, each holder
of our Class B common shares is entitled to preemptive rights to purchase additional Class B common shares in the event that
additional Class A common shares are issued, upon the same economic terms and at the same price, in order to maintain their proportional
ownership interests, which as of June 30, 2025, were 43.9% of our outstanding shares immediately following this offering. The exercise
by holders of our Class B common shares of preemptive rights may impair our ability to raise funds, or adversely affect the terms
on which we are able to raise funds, as we may not be able to offer to new investors the quantity of our shares that they may desire to
purchase.

<div align='center'>S-20</div>

Common shares eligible for future sale (including
Class A common shares issuable upon conversion of Class B common shares) may cause the market price of our Class A common
shares to drop significantly.

The market price of our Class A common shares
may decline as a result of sales of a large number of our Class A common shares in the market (including Class A common shares
issuable upon conversion of Class B common shares) or the perception that these sales may occur. These sales, or the possibility
that these sales may occur, also might make it more difficult for us to sell equity securities in the future at a time and at a price
that we deem appropriate.

Following the completion of this offering, we
will continue to have outstanding 164,649,324 Class A common shares and 129,054,192 Class B common shares. Subject to the lock-up
agreements described below, the common shares sold in this offering will be freely tradable without restriction or further registration
under the Securities Act by persons other than our affiliates within the meaning of Rule 144 of the Securities Act.

Our shareholders or entities controlled by them
or their permitted transferees will, subject (for certain of our shareholders) to the lock-up agreements described below, be able to sell
their common shares in the public market from time to time without registering them, subject to certain limitations on the timing, amount
and method of those sales imposed by regulations promulgated by the SEC. If any