Company: PGYWW
Filing Date: 2025-12-05
Form Type: S-3ASR
Source: 0000950103-25-015781
Chunk: 88

Company: Pagaya Technologies Ltd.
Filing Date: 2025-12-05
Form: S-3ASR
Chunk 88
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 shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement     
 to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering         
 thereof. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement         
 or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the        
 registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement  
 that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately  
 prior to such effective date.                                                                                                                   |

<div align='center'>II-4</div>

| (5) | That, for the purpose of determining liability of the registrant under the Securities Act to any purchaser in the initial distribution   
 of the securities, the undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant 
 to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities    
 are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to    
 the purchaser and will be considered to offer or sell such securities to such purchaser:                                                 |

| (i) | Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 
 424;                                                                                                                                  |

| (ii) | Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to 
 by the undersigned registrant;                                                                                                     |

| (iii) | The portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant 
 or its securities provided by or on behalf of the undersigned registrant; and                                                              |

| (iv) | Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser. |

(b) The
undersigned hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the registrant’s
annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit
plan’s annual report