Company: PGYWW
Filing Date: 2025-12-05
Form Type: S-3ASR
Source: 0000950103-25-015781
Chunk: 54

Company: Pagaya Technologies Ltd.
Filing Date: 2025-12-05
Form: S-3ASR
Chunk 54
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, concessions or commissions from the Selling Securityholders or from purchasers
of the offered securities for whom they may act as agents. In addition, underwriters may sell the securities to or through dealers, and
those dealers may receive compensation in the form of discounts, concessions or commissions from the underwriters and/or commissions from
the purchasers for whom they may act as agents. The Selling Securityholders and any underwriters, dealers or agents participating in a
distribution of the securities may be deemed to be “underwriters” within the meaning of the Securities Act, and any profit
on the sale of the securities by the Selling Securityholders and any commissions received by broker-dealers may be deemed to be underwriting
commissions under the Securities Act.

The Selling Securityholders party to Subscription
Agreements or the Registration Rights Agreement have agreed, and the other Selling Securityholders may agree, to indemnify an underwriter,
broker-dealer or agent against certain liabilities related to the sale of the securities, including liabilities under the Securities Act.

In order to comply with the securities laws of
certain states, if applicable, the securities must be sold in such jurisdictions only through registered or licensed brokers or dealers.
In addition, in certain states the securities may not be sold unless they have been registered or qualified for sale in the applicable
state or an exemption from the registration or qualification requirement is available and is complied with.

The Selling Securityholders are subject to the
applicable provisions of the Exchange Act and the rules and regulations under the Exchange Act, including Regulation M. This regulation
may limit the timing of purchases and sales of any of the securities offered in this prospectus by the Selling Securityholders. The anti-manipulation
rules under the Exchange Act may apply to sales of the securities in the market and to the activities of the Selling Securityholders and
their affiliates. Furthermore, Regulation M may restrict the ability of any person engaged in the distribution of the securities to engage
in market-making activities for the particular securities being distributed for a period of up to five business days before the distribution.
The restrictions may affect the marketability of the securities and the ability of any person or entity to engage in market-making activities
for the securities.

At the time a particular offer of securities is
made, if required, a prospectus supplement will be distributed that will set forth the number of securities being offered and the terms
of the offering, including the name of any underwriter, dealer or agent, the purchase price paid by any underwriter, any discount, commission