Company: PGYWW
Filing Date: 2025-12-05
Form Type: S-3ASR
Source: 0000950103-25-015781
Chunk: 13

Company: Pagaya Technologies Ltd.
Filing Date: 2025-12-05
Form: S-3ASR
Chunk 13
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 exercise their Warrants, and therefore the amount of cash proceeds that we would receive, is dependent upon the trading price of our Class                                                                                                                                                                                                                                                                                                      
 A Ordinary Shares. If the trading price for our Class A Ordinary Shares is less than $138 per share, we believe holders of our public                                                                                                                                                                                                                                                                                                           
 warrants and private placement warrants will be unlikely to exercise their Warrants on a cash basis.                                                                                                                                                                                                                                                                                                                                            
 The Selling Securityholders will pay any underwriting commissions                                                                                                                                                                                                                                                                                                                                                                               
 and discounts, and expenses incurred by the Selling Securityholders for brokerage, marketing costs, or legal services (other than those                                                                                                                                                                                                                                                                                                         
 detailed below). We will bear the costs, fees and expenses incurred in effecting the registration of the securities covered by this prospectus,                                                                                                                                                                                                                                                                                                 
 including all registration and filing fees, securities or blue sky law compliance fees, fees and expenses of our counsel and our independent                                                                                                                                                                                                                                                                                                    
 registered public accounting firm, and fees and expenses of one legal counsel for the Selling Securityholders (not to exceed $120,000                                                                                                                                                                                                                                                                                                           
 in the aggregate for each registration without our prior approval).                                                                                                                                                                                                                                                                                                                                                                             
 See “Use of Proceeds.”                                                                                                                                                                                                                                                                                                                                                                                                                          |
| Risk Factors          | See the section titled “Risk Factors” in our most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, as filed with the SEC, which are incorporated by reference into this prospectus, as well as in any applicable prospectus supplement, and under similar headings in the other documents that are incorporated by reference into this prospectus and any applicable prospectus supplement. See “Risk Factors.” |
| Nasdaq Ticker Symbols | Our Class A Ordinary Shares and public warrants are listed on Nasdaq under the symbols “PGY” and “PGYWW,” respectively.                                                                                                                                                                                                                                                                                                                         |

<div align='center'>7

RISK FACTORS</div>

Investing in our securities involves a high degree
of risk. You should carefully review the risks and uncertainties described under the heading “Risk Factors” in our most recent
Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, as filed with the SEC, which are incorporated by reference into
this prospectus, as well as in any applicable prospectus supplement, and under similar headings in the other documents that are incorporated
by reference into this prospectus and any applicable prospectus supplement, before deciding whether to purchase the securities being registered
pursuant to the registration statement of which this prospectus