Company: PGYWW
Filing Date: 2025-12-05
Form Type: S-3ASR
Source: 0000950103-25-015781
Chunk: 36

Company: Pagaya Technologies Ltd.
Filing Date: 2025-12-05
Form: S-3ASR
Chunk 36
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 than
2% of the issued and outstanding share capital of the company (or of the applicable class), all of the shares that the acquirer offered
to purchase will be transferred to the acquirer by operation of law, despite the fact (in the case of alternative (b)) that the shareholders
who did accept the tender offer did not constitute a majority of the issued and outstanding share capital held by the disinterested offerees.
A shareholder who had its shares so transferred may petition an Israeli court within six months from the date of acceptance of the full
tender offer, regardless of whether such shareholder agreed to the offer, to determine whether the tender offer was for less than fair
value and whether the fair value should be paid as determined by the court. However, an offeror may provide in the offer that a shareholder
who accepted the offer will not be entitled to petition the court for appraisal rights as described in the preceding sentence, as long
as the offeror and the company disclosed the information required by law in connection with the full tender offer. If the full tender
offer was not accepted in accordance with any of the above alternatives, the acquirer may not acquire shares of the company that will
increase its holdings to more than 90% of the company’s voting rights or the company’s issued and outstanding share capital
(or of the applicable class) from shareholders who accepted the tender offer. Shares purchased in violation of the full tender offer rules
under the Companies Law will have no rights and will become dormant shares.

Special Tender Offer

The Companies Law provides that an acquisition
of shares of an Israeli public company must be made by means of a special tender offer if as a result of the acquisition the purchaser
would become a holder of 25% or more of the voting rights in the company. This requirement does not apply if there is already another
holder of 25% or more of the voting rights in the company. Similarly, the Companies Law provides that an acquisition of shares of an Israeli
public company must be made by means of a special tender offer if as a result of the acquisition the purchaser would become a holder of
more than 45% of the voting rights in the company, if there is no other shareholder of the company who holds more than 45% of the voting
rights in the company. These requirements do not apply if (i) the acquisition occurs in the context of a private placement by the company
that received shareholder approval as a private placement whose purpose is to give the purchaser 25