Company: PGYWW
Filing Date: 2025-12-05
Form Type: S-3ASR
Source: 0000950103-25-015781
Chunk: 28

Company: Pagaya Technologies Ltd.
Filing Date: 2025-12-05
Form: S-3ASR
Chunk 28
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, effective immediately after the effective date of such event, by the amount of cash and/or the fair market value
of any securities or other assets paid on each Class A Ordinary Share in respect of such event.

If the number of outstanding
Class A Ordinary Shares is decreased by a consolidation, combination, reverse share split or reclassification of Class A Ordinary Shares
or other similar event, then, on the effective date of such consolidation, combination, reverse share split, reclassification or similar
event, the number of Class A Ordinary Shares issuable on exercise of each public warrant will be decreased in proportion to such decrease
in outstanding Class A Ordinary Shares.

Whenever the number of Class
A Ordinary Shares purchasable upon the exercise of the public warrants is adjusted, as described above, the public warrant exercise price
will be adjusted by multiplying the public warrant exercise price immediately prior to such adjustment by a fraction, (x) the numerator
of which will be the number of Class A Ordinary Shares purchasable upon the exercise of the public warrants immediately prior to such
adjustment, and (y) the denominator of which will be the number of Class A Ordinary Shares so purchasable immediately thereafter.

In case of any reclassification
or reorganization of the outstanding Class A Ordinary Shares (other than those described above or that solely affects the par value of
such Class A Ordinary Shares), or in the case of any merger or consolidation of Pagaya with or into another corporation (other than a
consolidation or merger in which Pagaya is the continuing corporation and that does not result in any reclassification or reorganization
of the outstanding Class A Ordinary Shares), or in the case of any sale or conveyance to another corporation or entity of the assets or
other property of Pagaya as an entirety or substantially as an entirety in connection with which Pagaya is dissolved, the holders of the
public warrants will thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified in
public the warrants and in lieu of the Class A Ordinary Shares immediately prior thereto purchasable and receivable upon the exercise
of the rights represented thereby, the kind and amount of Class A Ordinary Shares or other securities or property (including cash) receivable
upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer, that the
holders of the public warrants would have received if such holders had exercised their warrants immediately prior to such event. If less
than 70