Company: DLO
Filing Date: 2025-09-03
Form Type: 424B3
Source: 0000950103-25-011193
Chunk: 117

Company: dLocal Ltd
Filing Date: 2025-09-03
Form: 424B3
Chunk 117
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 able to sell their shares in the public market from time to time without registering them,
subject to certain limitations on the timing, amount and method of those sales imposed by regulations promulgated by the SEC. In connection
with our initial public offering, we entered into the Registration Rights Agreement with the Participating Shareholders. See “Item
7. Major Shareholders and Related Party Transactions—B. Related party transactions—Registration Rights Agreement” in
the 2024 Form 20-F.

<div align='center'>18

Service of Process
and Enforcement of Civil Liabilities</div>

We are registered under the laws of the Cayman
Islands as an exempted company with limited liability. We are registered in the Cayman Islands because of certain benefits associated
with being a Cayman Islands company, such as political and economic stability, an effective judicial system, a favorable tax system, the
absence of foreign exchange control or currency restrictions and the availability of professional and support services. However, the Cayman
Islands have a less prescriptive body of securities laws as compared to the United States and some U.S. states, such as Delaware, have
more fulsome and judicially interpreted bodies of corporate law than the Cayman Islands.

We have been advised by our Cayman Islands legal
counsel, Maples and Calder (Cayman) LLP, that the courts of the Cayman Islands are unlikely (i) to recognize or enforce against us
judgments of courts of the United States predicated upon the civil liability provisions of the securities laws of the United States or
any State; and (ii) in original actions brought in the Cayman Islands, to impose liabilities against us predicated upon the civil
liability provisions of the securities laws of the United States or any State, so far as the liabilities imposed by those provisions are
penal in nature. In those circumstances, although there is no statutory enforcement in the Cayman Islands of judgments obtained in the
United States, the courts of the Cayman Islands will recognize and enforce a foreign money judgment of a foreign court of competent jurisdiction
without retrial on the merits based on the principle that a judgment of a competent foreign court imposes upon the judgment debtor an
obligation to pay the sum for which judgment has been given provided certain conditions are met. For a foreign judgment to be enforced
in the Cayman Islands, such judgment must be final and conclusive and for a liquidated sum, and must not be in respect of taxes or a fine