Company: DLO
Filing Date: 2025-09-03
Form Type: 424B3
Source: 0000950103-25-011193
Chunk: 31

Company: dLocal Ltd
Filing Date: 2025-09-03
Form: 424B3
Chunk 31
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Although our Class A common shares are listed
and traded on Nasdaq, an active trading market for our shares may not be maintained. If an active market for our Class A common shares
is not maintained, it may be difficult for you to sell shares you have purchased without depressing the market price for the shares or
at all. A lack of an active trading market may also impair our ability to raise capital to acquire other companies or technologies by
using our shares as consideration. If a market does not develop or is not maintained, the liquidity and price of our Class A
common shares could be seriously harmed.

If the trading price of our Class A common
shares fluctuates, you could lose a significant part of your investment.

The market price of our Class A common shares may be influenced by many factors, some of which are beyond our control, including:

| · | announcements by us or our competitors of significant contracts or acquisitions; |

| · | increase in competition in our markets; |

| · | significant impacts in cross-border flows between countries; |

| · | political crises, conflicts, wars and civil unrest in the countries in which we operate; |

| · | the evolving macroeconomic, currency and trade landscape globally and its potential impact on emerging markets; |

| · | the recent increase in tariffs in Mexico and other countries where we operate, along with potential trade barriers in other markets. |

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| · | technological innovations by us or competitors; |

| · | the failure of financial analysts to cover our Class A common shares or changes in financial estimates by analysts; |

| · | actual or anticipated variations in our results of operations; |

| · | changes in financial estimates by financial analysts or in the guidance that we provide to the market, or any failure by us to meet        
 or exceed any of these estimates or guidance, or changes in the recommendations of any financial analysts that elect to follow our Class A 
 common shares or the shares of our competitors;                                                                                            |

| · | future sales of our shares; |

| · | shifting fiscal regimes in the countries where we operate, such as Brazil; |

| · | the potential for currency devaluations and/or changes in foreign exchange regimes, for example in Argentina and Egypt; |

| · | investor perceptions of us and the industries in which we operate; and |

| · | being the subject of adverse market reports, regardless of whether such reports have merit. |

In addition, the stock market in general has experienced substantial