Company: DLO
Filing Date: 2025-09-04
Form Type: 424B3
Source: 0000950103-25-011286
Chunk: 72

Company: dLocal Ltd
Filing Date: 2025-09-04
Form: 424B3
Chunk 72
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, and (f) transfers of common shares of each shareholder that were automatically released from the lock-up
agreements applicable to our initial public offering pursuant to the early release provisions set forth in such agreements.

<div align='center'>S-46</div>

The representatives of the underwriters, in their
sole discretion, may release the securities subject to the lock-up agreement with the underwriters described above, in whole or in part
at any time.

We and the selling shareholder have agreed to
indemnify the underwriters against certain liabilities, including liabilities under the Securities Act of 1933.

Our Class A common shares are listed on Nasdaq
under the symbol “DLO.”

In connection with this offering, the underwriters
may engage in stabilizing transactions, which involves making bids for, purchasing and selling Class A common shares in the open
market for the purpose of preventing or retarding a decline in the market price of the Class A common shares while this offering
is in progress. These stabilizing transactions may include making short sales of Class A common shares, which involves the sale by
the underwriters of a greater number of Class A common shares than they are required to purchase 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