Company: DLO
Filing Date: 2025-09-03
Form Type: 424B3
Source: 0000950103-25-011193
Chunk: 36

Company: dLocal Ltd
Filing Date: 2025-09-03
Form: 424B3
Chunk 36
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 the selling shareholder have agreed to substantially
similar lock-up provisions. See “Underwriting.” Moreover, J.P. Morgan Securities LLC and Goldman Sachs & Co. LLC may,
in their sole discretion and without notice, release all or any portion of the shares from the restrictions in any of the lock-up agreements
described above. In addition, these lock-up agreements are subject to the exceptions described in “Underwriting,” including
the right for our company to issue new shares if we carry out an acquisition or enter into a merger, joint venture or strategic participation.

Sales of a substantial number of our Class A
common shares upon the expiration of the lock-up agreements or otherwise (including Class A common shares issuable upon conversion
of Class B common shares) or the perception that such sales may occur could cause our market price to fall or make it more difficult
for you to sell your Class A common shares at a time and price that you deem appropriate.

Our Articles of Association contain anti-takeover provisions that may discourage a third party from acquiring us and adversely affect the rights of holders of our Class A common shares.

Our Articles of Association contain certain provisions that could limit the ability of others to acquire our control, including a provision that grants authority to our board of directors to establish and issue from time to time one or more series of preferred shares without action by our shareholders and to determine, with respect to any series of preferred shares, the terms and rights of that series. These provisions could have the effect of depriving our shareholders of the opportunity to sell their shares at a premium over the prevailing market price by discouraging third parties from seeking to obtain our control in a tender offer or similar transactions.

If securities or industry analysts do not publish research, or publish inaccurate or unfavorable research, about our business, the price of our Class A common shares and our trading volume could decline.

The trading market for our Class A common shares will depend in part on the research and reports that securities or industry analysts publish about us or our business. If no or too few securities or industry analysts provide coverage of our company, the trading price for our Class A common shares would likely be negatively affected. In the event securities or industry analysts initiate coverage, if one or more of the analysts who cover us downgrade our Class A common shares or publish inaccurate or unfavorable research about our business, the price of our Class A common shares would likely decline. If one or more of these analysts cease coverage of our company or fail to publish reports on us regularly, demand for our Class A common