Company: PGYWW
Filing Date: 2025-12-05
Form Type: S-3ASR
Source: 0000950103-25-015781
Chunk: 6

Company: Pagaya Technologies Ltd.
Filing Date: 2025-12-05
Form: S-3ASR
Chunk 6
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 , a Cayman Islands exempted company and wholly-owned subsidiary of Pagaya. As contemplated by the EJFA Merger
Agreement, Rigel Merger Sub merged with and into EJFA (the “EJFA Merger”), with EJFA surviving the EJFA Merger as a wholly-owned
subsidiary of Pagaya (the “Surviving Company”). As a result of the EJFA Merger, and upon consummation of the EJFA Merger and
the other transactions contemplated by the EJFA Merger Agreement (the “Transactions”), the shareholders of EJFA became shareholders
of Pagaya. On the EJFA Closing Date, immediately following the EJFA Merger, the Surviving Company merged (the “Second Merger”)
with and into Rigel Merger Sub II, Ltd., a Cayman Islands exempted company and wholly-owned

<div align='center'>1</div>

subsidiary of Pagaya (“Merger Sub II”),
with Merger Sub II continuing as the surviving company after the Second Merger.

In this prospectus, unless otherwise stated or
the context otherwise requires, references to “Pagaya,” “the Company,” “we,” “us,” “our”
and similar references refer to Pagaya Technologies Ltd., a company organized under the laws of the State of Israel, together with its
subsidiaries.

<div align='center'>SELECTED DEFINITIONS</div>

“Class A Ordinary Shares” refers to
the Class A ordinary shares, no par value, of Pagaya, which carry voting rights of one vote per share of Pagaya.

“Class B Ordinary Shares” refers to
the Class B ordinary shares, no par value, of Pagaya, which carry voting rights in the form of 10 votes per share of Pagaya.

“EJFA” refers to EJF Acquisition Corp.,
a Cayman Islands exempted company.

“EJFA Class A Ordinary Shares” refers
to the class A ordinary shares, par value $0.0001 per share, of EJFA.

“EJF Investor” refers to EJF Debt
Opportunities Master Fund, LP, a Delaware limited liability company, an affiliate of EJFA.

“EJFA Merger” refers to the merger
of EJFA Merger Sub with and into EJFA, as contemplated by the EJFA Merger Agreement.

“EJFA Merger Agreement” refers to