Company: DLO
Filing Date: 2025-09-03
Form Type: 424B3
Source: 0000950103-25-011193
Chunk: 48

Company: dLocal Ltd
Filing Date: 2025-09-03
Form: 424B3
Chunk 48
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| · | have sufficient financial resources and liquidity to bear all of the risks of an investment in our Class A common shares; |

| · | understand thoroughly the terms of our Class A common shares and be familiar with the behavior of any relevant indices and financial 
 markets; and                                                                                                                         |

| · | be able to evaluate (either alone or with the help of a financial adviser) possible scenarios for economic, interest rate and other 
 factors that may affect its investment and its ability to bear the applicable risks.                                                |

There can be no assurance that we will not be
a passive foreign investment company for any taxable year, which could subject United States investors in our Class A common shares to
significant adverse U.S. federal income tax consequences.

Under the Internal Revenue Code of 1986, as amended,
or the Code, we will be a passive foreign investment company, or PFIC, for any taxable year in which, after the application of certain
look-through rules with respect to subsidiaries, either (1) 75% or more of our gross income consists of “passive income;”
or (2) 50% or more of the average quarterly value of our assets consists of assets that produce, or are held for the production of, “passive
income.” Passive income generally includes dividends, interest, certain non-active rents and royalties, and capital gains. Based
on our current operations, income, assets and certain estimates and projections, including as to the relative values of our goodwill (which
may be determined, in part, by reference to the market price of our Class A common shares) and other assets, we do not expect to be a
PFIC for our 2025 taxable year or to become one in the foreseeable future. However, there can be no assurance that the Internal Revenue
Service, or the IRS, will agree with our conclusion. In addition, whether we will be a PFIC in 2025 or any future year is uncertain because,
among other things, (1) we hold and expect to continue to hold a substantial amount of cash, which is generally categorized as a passive
asset; and (2) our PFIC status for any taxable year will depend on the composition of our income and assets and the value of our assets
from time to time (which may be determined, in part, by reference to the market price of our Class A common shares, which could be volatile).
Accordingly, there can be no assurance that we will not be a PFIC for any