Company: DLO
Filing Date: 2025-09-03
Form Type: 424B3
Source: 0000950103-25-011193
Chunk: 64

Company: dLocal Ltd
Filing Date: 2025-09-03
Form: 424B3
Chunk 64
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 maintained by certain
U.S. financial institutions). A failure to report this information as required may toll the running of the statute of limitations in respect
of each taxable year for which such information is required to be reported. As a result, the taxable years with respect to which a U.S.
Holder fails to report this information may remain open to assessment by the IRS. U.S. Holders should consult their tax advisers regarding
the effect, if any, of this requirement on their ownership and disposition of the Class A common shares.

THE ABOVE DESCRIPTION IS NOT INTENDED TO CONSTITUTE A COMPLETE ANALYSIS
OF ALL TAX CONSEQUENCES RELATING TO THE OWNERSHIP AND DISPOSITION BY U.S. HOLDERS OF OUR CLASS A COMMON SHARES. U.S. HOLDERS SHOULD CONSULT
THEIR OWN TAX ADVISORS CONCERNING THE TAX CONSEQUENCES OF THEIR PARTICULAR SITUATION.

<div align='center'>S-41

Class A Common
Shares Eligible for Future Sale</div>

Future sales of substantial amounts of Class A
common shares, including shares issued upon the exercise of outstanding options or warrants, in the public market after this offering,
or the possibility of these sales occurring, could adversely affect the prevailing market price for our Class A common shares or
impair our ability to raise equity capital.

Our Class B common shares are convertible at any time as follows: (1) at the option of the holder, a Class B common share may be converted at any time into one Class A common share or (2) upon the election of the holders of a majority of the then outstanding Class B common shares, all outstanding Class B common shares may be converted into a like number of Class A common shares. In addition, each Class B common share will convert automatically into one Class A common share upon any transfer, whether or not for value, except for certain transfers described in our Articles of Association, including transfers to affiliates and transfers to and between the existing holders of Class B common shares. Furthermore, each Class B common share will convert automatically into one Class A common share and no Class B common shares will be issued thereafter if, at any time, the outstanding Class B common shares represent less than 10% of the total number of all Class A common shares and Class B common shares then outstanding. If any such conversions occur, the total number of Class A common shares issued and outstanding will be increased and be dilutive to our other shareholders.

As of the date of this prospectus supplement, we had warrants outstanding issued to an