Company: DLO
Filing Date: 2025-09-03
Form Type: 424B3
Source: 0000950103-25-011193
Chunk: 75

Company: dLocal Ltd
Filing Date: 2025-09-03
Form: 424B3
Chunk 75
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 displaying bids on Nasdaq no higher
than the bid prices of independent market makers and making purchases at prices no higher than these independent bids and effected in
response to order flow. Net purchases by a passive market maker on each day are generally limited to a specified percentage
of the passive market maker’s average daily trading volume in the common stock during a specified period and must be discontinued
when such limit is reached. Passive market making may cause the price of our common stock to be higher than the price that
otherwise would exist in the open market in the absence of these transactions. If passive market making is commenced, it may
be discontinued at any time.

Other than in the United States, no action has
been taken by us, the selling shareholder or the underwriters that would permit a public offering of the securities offered by this prospectus
supplement in any jurisdiction where action for that purpose is required. The securities offered by this prospectus supplement may not
be offered or sold, directly or indirectly, nor may this prospectus supplement or any other offering material or advertisements in connection
with the offer and sale of any such securities be distributed or published in any jurisdiction, except under circumstances that will result
in compliance with the applicable rules and regulations of that jurisdiction. Persons into whose possession this prospectus supplement
comes are advised to inform themselves about and to observe any restrictions relating to the offering and the distribution of this prospectus.
This prospectus supplement does not constitute an offer to sell or a solicitation of an offer to buy any securities offered by this prospectus
supplement in any jurisdiction in which such an offer or a solicitation is unlawful.

The underwriters and their respective affiliates
are full service financial institutions engaged in various activities, which may include sales and trading, commercial and investment
banking, advisory, investment management, investment research, principal investment, hedging, market making, brokerage and other financial
and non-financial activities and services. Certain of the underwriters and their respective affiliates have provided, and may in the future
provide, a variety of these services to the issuer and to persons and entities with relationships with the issuer, for which they received
or will receive customary fees and expenses.

In the ordinary course of their various business
activities, the underwriters and their respective affiliates, officers, directors and employees may purchase, sell or hold a broad array
of investments and actively trade securities, derivatives, loans, commodities, currencies, credit default swaps and other financial instruments
for their

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