Company: PGYWW
Filing Date: 2025-12-05
Form Type: S-3ASR
Source: 0000950103-25-015781
Chunk: 24

Company: Pagaya Technologies Ltd.
Filing Date: 2025-12-05
Form: S-3ASR
Chunk 24
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 only twelve warrants may be exercised at a given time by a holder. No fractional warrants
will be issued and only whole warrants will trade. The public warrants will expire five years after June 22, 2022, at 5:00 p.m., New York
City time, or earlier upon redemption or liquidation.

Pagaya will not be obligated
to deliver any Class A Ordinary Shares pursuant to the exercise of a public warrant and will have no obligation to settle such warrant
exercise unless a registration statement under the Securities Act with respect to the Class A Ordinary Shares underlying the warrants
is then effective and a prospectus relating thereto is current, subject to Pagaya satisfying its registration obligations. No public warrant
will be exercisable and Pagaya will not be obligated to issue a Class A Ordinary Share upon exercise of a public warrant unless the Class
A Ordinary Share issuable upon such warrant exercise has been registered, qualified or deemed to be exempt under the securities laws of
the state of residence of the registered holder of the public warrants. In the event that the conditions in the two immediately preceding
sentences are not satisfied with respect to a public warrant, the holder of such warrant will not be entitled to exercise such warrant
and such warrant may have no value and expire worthless (unless Pagaya permits holders to exercise their public warrants on a “cashless
basis” under the circumstances specified in the Warrant Agreement and in accordance with Section 3(a)(9) of the Securities Act,
provided that such exemption is available, but in no event will Pagaya be required to net cash settle any public warrant).

Redemption of Public Warrants for Cash

Pagaya will be able to call
the public warrants for redemption for cash:

| · | in whole and not in part; |

| · | at a price of $0.01 per warrant; |

| · | upon not less than 30 days’ prior written notice of redemption to each warrant holder; and |

| · | if, and only if, the closing price of the Class A Ordinary Shares equals or exceeds $216.00 per share (as adjusted for stock splits,          
 stock capitalizations, reorganizations, recapitalizations and the like and for certain issuances of Class A Ordinary Shares and equity-linked 
 securities for capital raising purposes in connection with the consummation of the transactions contemplated by the EJFA Merger Agreement)    
 for any 20 trading days within a 30 trading day period ending three business days before Pagaya sends to the