Company: PGYWW
Filing Date: 2025-12-05
Form Type: S-3ASR
Source: 0000950103-25-015781
Chunk: 2

Company: Pagaya Technologies Ltd.
Filing Date: 2025-12-05
Form: S-3ASR
Chunk 2
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 satisfy
our obligations under the Warrants (as defined below) previously issued in connection with the EJFA Merger (as defined below) and the
Registration Rights Agreement (as defined below) upon the expiration of our registration statement on Form F-3 (File No. 333-266228) registering
the Class A Ordinary Shares, no par value (the “Class A Ordinary Shares”), that may be (i) issued by us upon exercise of the
Warrants and (b) offered and sold, from time to time, by the Selling Securityholders. We are not offering or selling any securities under
this prospectus.

This prospectus relates to (1) the issuance by
us of up to 2,076,013 Class A Ordinary Shares that may be issued upon exercise of the public warrants and the private placement warrants
(each as defined below) (the “Warrant Shares”) at the exercise prices set forth herein and (2) the offer and sale, from time
to time, by the selling securityholders identified in this prospectus (each a “Selling Securityholder” and, collectively,
the “Selling Securityholders”), or their permitted transferees, of up to 50,979,975 Class A Ordinary Shares (including the
Warrant Shares and Class A Ordinary Shares underlying any Selling Securityholder’s Class B Ordinary Shares (each as defined below))
(the “Secondary Shares”).We will not receive any proceeds from the sale of the Secondary Shares by the Selling Securityholders
pursuant to this prospectus. We also will not receive any proceeds from the sale of the Warrant Shares by us pursuant to this prospectus,
except with respect to amounts received by us upon exercise of the Warrants to the extent such Warrants are exercised for cash. However,
we will pay the expenses, other than underwriting discounts and commissions, associated with the sale of the Warrant Shares and the Secondary
Shares pursuant to this prospectus. We believe the likelihood that warrant holders will 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 the applicable exercise price per share, we believe holders of the Warrants will be unlikely to exercise
their Warrants on a cash basis.

Our registration of the Warrant Shares and the
Secondary Shares does not mean that either we or the Selling Securityholders will issue, offer or sell, as