Company: DLO
Filing Date: 2025-09-04
Form Type: 424B3
Source: 0000950103-25-011286
Chunk: 115

Company: dLocal Ltd
Filing Date: 2025-09-04
Form: 424B3
Chunk 115
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 as the Grand Court shall direct.

Subject to the provisions of the Companies Act,
any shareholder may petition the Grand Court of the Cayman Islands, which may make a winding up order, if the court is of the opinion
that this winding up is just and equitable.

Notwithstanding the U.S. securities laws and regulations
that are applicable to dLocal, general corporate claims against dLocal by its shareholders must, as a general rule, be based on the general
laws of contract or tort applicable in the Cayman Islands or their individual rights as shareholders as established by dLocal’s
Articles of Association.

The Grand Court of the Cayman Islands ordinarily
would be expected to follow English case law precedents, which permit a minority shareholder to commence a representative action against
dLocal, or derivative actions in dLocal’s name, to challenge (1) an act which is ultra vires or illegal; (2) an act which
constitutes a fraud against the minority and the wrongdoers themselves control dLocal; and (3) an irregularity in the passing of a resolution
that requires a qualified (or special) majority.

Registration Rights and Restricted Shares

The shareholders of dLocal or entities controlled
by them or their permitted transferees will be 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.

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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