Company: DLO
Filing Date: 2025-09-03
Form Type: 424B3
Source: 0000950103-25-011193
Chunk: 109

Company: dLocal Ltd
Filing Date: 2025-09-03
Form: 424B3
Chunk 109
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 any of its share capital into shares of a larger amount than its existing shares; |

| · | convert all or any of its paid-up shares into stock and reconvert that stock into paid up shares of any denomination; |

| · | subdivide its existing shares or any of them into shares of a smaller amount, provided that in the subdivision the proportion between    
 the amount paid and the amount, if any, unpaid on each reduced share shall be the same as it was in the case of the share from which the 
 reduced share is derived; or                                                                                                             |

| · | cancel any shares which, at the date of the passing of the resolution, have not been taken or agreed to be taken by any person and 
 diminish the amount of its share capital by the amount of the shares so cancelled.                                                 |

dLocal’s shareholders may by special resolution,
subject to confirmation by the Grand Court of the Cayman Islands on an application by the Company for an order confirming such reduction,
reduce its share capital or any capital redemption reserve in any manner permitted by law.

In addition, subject to the provisions of the
Companies Act and our Articles of Association, dLocal may:

| · | issue shares on terms that they are to be redeemed or are liable to be redeemed; |

| · | purchase its own shares (including any redeemable shares); and |

| · | make a payment in respect of the redemption or purchase of its own shares in any manner authorized by the Companies Act, including 
 out of its own capital.                                                                                                            |

Transfer of Shares

Subject to any applicable restrictions set forth
in the Articles of Association, any shareholder of dLocal may transfer all or any of his or her common shares by an instrument of transfer
in the usual or common form or in the form prescribed by the Nasdaq or any other form approved by the Company’s board of directors. The
Class A common shares are traded on the Nasdaq in book-entry form and may be transferred in accordance with dLocal’s Articles of
Association and Nasdaq’s rules and regulations.

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However, dLocal’s board of directors may,
in its absolute discretion, decline to register any transfer of any common share which is either not fully paid up to a person of whom
it does not approve or is issued under any share incentive scheme for employees which contains a transfer restriction that is still applicable
to such common share. The board of directors may also decline to register any transfer of any common share unless:

| · | a