Company: DLO
Filing Date: 2025-09-04
Form Type: 424B3
Source: 0000950103-25-011286
Chunk: 63

Company: dLocal Ltd
Filing Date: 2025-09-04
Form: 424B3
Chunk 63
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 and between the existing holders of Class B common shares. Furthermore, each Class B common share will convert automatically into one Class A common share and no Class B common shares will be issued thereafter if, at any time, the outstanding Class B common shares represent less than 10% of the total number of all Class A common shares and Class B common shares then outstanding. If any such conversions occur, the total number of Class A common shares issued and outstanding will be increased and be dilutive to our other shareholders.

As of the date of this prospectus supplement, we had warrants outstanding issued to an affiliate of one of our merchant customers to acquire
up to 197,000 of our outstanding Class A common shares exercisable through January 24, 2026 at a purchase price per share of either
(1) US$0.5726 or (2) upon any reorganization (including any change of control) of the Company, the lesser of (i) US$0.5726
and (ii) sixty percent (60%) of the price per share paid in or implied by such transaction. The warrants limit such customer’s beneficial ownership to 4.999% of our outstanding Class A common shares unless such customer waives this limit upon 61 days’ notice. If any such existing or future warrants are exercised, the Class A common shares issued will increase the total number of Class A common shares issued and outstanding and thus be dilutive to our other shareholders.

Upon the completion of this offering, we will
continue to have an aggregate of 164,649,324 Class A common shares outstanding. Of these shares, the Class A common shares sold
in this offering by the selling shareholder will be freely tradable without restriction or further registration under the Securities Act,
unless purchased by “affiliates” as that term is defined under Rule 144 of the Securities Act, who may sell only the
volume of shares described below and whose sales would be subject to additional restrictions described below. Subject to certain contractual
restrictions, including the lock-up agreements described below, holders of restricted shares will be entitled to sell those
shares in the public market pursuant to an effective registration statement under the Securities Act or if they qualify for an exemption
from registration under Rule 144. Sales of these shares in the public market after the restrictions under the lock-up agreements
lapse, or the perception that those sales may occur, could cause the prevailing market price to decrease or to be lower than it might
be in the absence of those