Company: DLO
Filing Date: 2025-09-03
Form Type: 424B3
Source: 0000950103-25-011193
Chunk: 74

Company: dLocal Ltd
Filing Date: 2025-09-03
Form: 424B3
Chunk 74
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 in this offering, and purchasing Class A common shares on the open market to cover positions created
by short sales. Short sales may be “covered” shorts, which are short positions in an amount not greater than the underwriters’
option to purchase additional shares referred to above, or may be “naked” shorts, which are short positions in excess of that
amount. The underwriters may close out any covered short position either by exercising their option to purchase additional shares, in
whole or in part, or by purchasing shares in the open market. In making this determination, the underwriters will consider, among other
things, the price of Class A common shares available for purchase in the open market compared to the price at which the underwriters
may purchase Class A common shares through the option to purchase additional shares. A naked short position is more likely to be
created if the underwriters are concerned that there may be downward pressure on the price of the Class A common shares in the open
market that could adversely affect investors who purchase in this offering. To the extent that the underwriters create a naked short position,
they will purchase shares in the open market to cover the position.

The underwriters have advised us and the selling
shareholder that, pursuant to Regulation M of the Securities Act of 1933, they may also engage in other activities that stabilize,
maintain or otherwise affect the price of the Class A common shares, including the imposition of penalty bids. This means that if
the representatives of the underwriters purchase Class A common shares in the open market in stabilizing transactions or to cover
short sales, the representatives can require the underwriters that sold those Class A common shares as part of this offering to repay
the underwriting discount received by them.

These activities may have the effect of raising
or maintaining the market price of the common stock or preventing or retarding a decline in the market price of the common stock, and,
as a result, the price of the common stock may be higher than the price that otherwise might exist in the open market. If the underwriters
commence these activities, they may discontinue them at any time. The underwriters may carry out these transactions on Nasdaq, in the
over-the-counter market or otherwise.

In addition, in connection with this offering
certain of the underwriters (and selling group members) may engage in passive market making transactions in our common stock on Nasdaq
prior to the pricing and completion of this offering. Passive market making consists of