Company: PGYWW
Filing Date: 2025-12-05
Form Type: S-3ASR
Source: 0000950103-25-015781
Chunk: 37

Company: Pagaya Technologies Ltd.
Filing Date: 2025-12-05
Form: S-3ASR
Chunk 37
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% or more of the voting rights in the
company, if there is no person who holds 25% or more of the voting rights in the company, or as a private placement whose purpose is to
give the purchaser 45% of the voting rights in the company, if there is no person who holds 45% of the voting rights in the company, (ii)
the acquisition was from a shareholder holding 25% or more of the voting rights in the company and resulted in the purchaser becoming
a holder of 25% or more of the voting rights in the company, or (iii) the acquisition was from a shareholder holding more than 45% of
the voting rights in the company and resulted

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in the purchaser becoming a holder of more than 45%
of the voting rights in the company. A special tender offer must be extended to all shareholders of a company. A special tender offer
may be consummated only if (i) at least 5% of the voting power attached to the company’s outstanding shares will be acquired by
the offeror and (ii) the number of shares tendered in the offer exceeds the number of shares whose holders objected to the offer (excluding
the purchaser, its controlling shareholders, holders of 25% or more of the voting rights in the company and any person having a personal
interest in the acceptance of the tender offer, or anyone on their behalf, including any such person’s relatives and entities under
their control).

In the event that a special tender offer is made,
a company’s board of directors is required to express its opinion on the advisability of the offer, or shall abstain from expressing
any opinion if it is unable to do so, provided that it gives the reasons for its abstention. The board of directors shall also disclose
any personal interest that any of the directors has with respect to the special tender offer or in connection therewith. An office holder
in a company who intentionally obstructs an existing or foreseeable special tender offer or impairs the chances of its acceptance is liable
to the potential purchaser and shareholders for damages, unless such office holder acted in good faith and had reasonable grounds to believe
he or she was acting for the benefit of the company. However, office holders of the company may negotiate with the potential purchaser
in order to improve the terms of the special tender offer, and may further negotiate with third parties in order to obtain a competing
offer, without incurring such liability