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

Company: Pagaya Technologies Ltd.
Filing Date: 2025-12-05
Form: S-3ASR
Chunk 3
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 applicable, any of the Warrant
Shares or the Secondary Shares. Class A Ordinary Shares may be sold by the Selling Securityholders to or through underwriters or dealers,
directly to purchasers or through agents designated from time to time. If any underwriters are involved in the sale of any securities
with respect to which this prospectus is being delivered, the names of such underwriters and any applicable discounts or commissions and
options to purchase additional securities will be set forth in a prospectus supplement. The price to the public of such securities will
also be set forth in a prospectus supplement. See “Plan of Distribution.”

Our Class A Ordinary Shares and public warrants
are traded on The NASDAQ Stock Market LLC (“Nasdaq”) under the symbols “PGY” and “PGYWW,” respectively.
On December 3, 2025, the closing price of our Class A Ordinary Shares was $23.82 per share, and the closing price of our public warrants
was $0.3621 per warrant.

Investing in our securities involves a high degree of risk. See the section entitled “Risk Factors” on page 5 of this prospectus and under similar headings in any amendment or supplement to this prospectus or in any filing with the Securities and Exchange Commission (the “SEC”) that is incorporated by reference herein.

None of the Securities and Exchange Commission, the Israel Securities Authority or any state or other securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

<div align='center'>Prospectus dated December 5, 2025.</div>

<div align='center'>TABLE OF CONTENTS</div>

| ABOUT THIS PROSPECTUS                                                        |  1 |
| SELECTED DEFINITIONS                                                         |  2 |
| SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS                            |  3 |
| PROSPECTUS SUMMARY                                                           |  5 |
| THE OFFERING                                                                 |  6 |
| RISK FACTORS                                                                 |  8 |
| USE OF PROCEEDS                                                              |  9 |
| DESCRIPTION OF SHARE CAPITAL AND ARTICLES OF ASSOCIATION                     | 10 |
| SELLING SECURITYHOLDERS                                                      | 25 |
| PLAN OF DISTRIBUTION                                                         | 30 |
| MATERIAL U.S. TAX CONSIDERATIONS FOR U.S. HOLDERS OF CLASS A ORDINARY SHARES | 32 |
| CERTAIN MATERIAL ISRAELI TAX CONSID