Company: DLO
Filing Date: 2025-09-04
Form Type: 424B3
Source: 0000950103-25-011286
Chunk: 114

Company: dLocal Ltd
Filing Date: 2025-09-04
Form: 424B3
Chunk 114
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 Common Shares

The Class B common shares of dLocal are
entitled to five votes per share, while the Class A common shares are entitled to one vote per share. Since certain of our
shareholders, Andres Bzurovski Bay (directly and indirectly through Emerald Bay 24 LLC), IZBA SA, Aqua Crystal Investments,
Sebastián Kanovich (indirectly through Nordau Inc.) and Jacobo Singer (indirectly through Bosinja Limited), own 100.0% of the
Class B common shares, Andres Bzurovski Bay, Sergio Enrique Fogel Kaplan, Alberto Eduardo Azar, Sebastián Kanovich and Jacobo
Singer, acting together, currently have the ability to elect a majority of the directors and to determine the outcome of most
matters submitted for a vote of shareholders.

So long as Andres Bzurovski Bay, IZBA SA, Aqua
Crystal Investments, Sebastián Kanovich and Jacobo Singer have the ability to determine the outcome of most matters submitted to
a vote of shareholders as well as the overall management and direction of dLocal, third parties may be deterred in their willingness to
make an unsolicited merger, takeover, or other change of control proposal, or to engage in a proxy contest for the election of directors.
As a result, the fact that dLocal has two classes of common shares may have the effect of depriving holders of Class A common shares of
an opportunity to sell their Class A common shares at a premium over prevailing market prices and make it more difficult to replace the
directors and management of dLocal.

Preferred Shares

dLocal’s board of directors is given wide
powers to issue one or more classes or series of shares with preferred rights. Such preferences may include, for example, dividend rights,
conversion rights, redemption privileges, enhanced voting powers and liquidation preferences.

Despite the anti-takeover provisions described
above, under Cayman Islands law, dLocal’s board of directors may only exercise the rights and powers granted to them under the Articles
of Association, for what they believe in good faith to be in the best interests of dLocal.

<div align='center'>17</div>

Protection of Non-Controlling Shareholders

The Grand Court of the Cayman Islands may, on
the application of shareholders holding not less than one fifth of the shares of dLocal in issue, appoint an inspector to examine the
Company’s affairs and report thereon in a manner