Company: DLO
Filing Date: 2025-09-04
Form Type: 424B3
Source: 0000950103-25-011286
Chunk: 60

Company: dLocal Ltd
Filing Date: 2025-09-04
Form: 424B3
Chunk 60
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 of those distributions or dispositions.

If we become a PFIC for any taxable year during
which a U.S. Holder holds any of our Class A common shares, it would generally be subject to adverse tax consequences. Generally, gain
recognized upon a disposition (including, under certain circumstances, a pledge) of Class A common shares would be allocated ratably over
a U.S. Holder’s

<div align='center'>S-39</div>

holding period for the Class A common shares. The
amounts allocated to the taxable year of disposition and to years before we become a PFIC would be taxed as ordinary income. The amount
allocated to each other taxable year would be subject to tax at the highest rate in effect for that taxable year for individuals or corporations,
as appropriate, and an interest charge would be imposed on the tax on such amount. Further, to the extent that any distributions received
on a U.S. Holder’s Class A common shares in a taxable year exceeded 125% of the average of the annual distributions on those shares
during the preceding three years or its holding period, whichever was shorter, those distributions would be subject to taxation in the
same manner as gain, described immediately above.

Alternatively, if we become a PFIC and if the
Class A common shares are “regularly traded” (as set forth in the applicable Treasury regulations) on a “qualified exchange,”
a U.S. Holder would be eligible to make a mark-to-market election that would result in tax treatment different from the general tax treatment
for PFICs described above. The Nasdaq, on which the Class A common shares are listed, is a qualified exchange for this purpose. Once made,
the election cannot be revoked without the consent of the IRS unless the shares cease to be regularly traded on a qualified exchange.

If a U.S. Holder makes the mark-to-market election,
for each year when we are a PFIC it will generally recognize as ordinary income any excess of the fair market value of its Class A common
shares at the end of each taxable year over their adjusted tax basis, and will recognize an ordinary loss in respect of any excess of
the adjusted tax basis of the Class A common shares over their fair market value at the end of the taxable year (but only to the extent
of the net amount of income previously included as a result of the mark-to-market election). If a U.S. Holder makes the election, its
tax basis in its Class A common shares will be adjusted to reflect