Company: PGYWW
Filing Date: 2025-03-12
Form Type: S-8
Source: 0000950103-25-003342
Chunk: 1

Company: Pagaya Technologies Ltd.
Filing Date: 2025-03-12
Form: S-8
Chunk 1
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 “large accelerated filer,” “accelerated filer,” “smaller reporting company” and
“emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

| Large accelerated filer  ☐                                              | Accelerated filer  ☒         |
| Non-accelerated filer  ☐  (Do not check if a smaller reporting company) | Smaller reporting company  ☐ |
|                                                                         | Emerging growth company  ☒   |

If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

<div align='center'>EXPLANATORY NOTE

REGISTRATION OF ADDITIONAL SECURITIES PURSUANT TO GENERAL INSTRUCTION</div>

Pursuant to General Instruction E to Form S-8,
Pagaya Technologies Ltd. (the “Registrant”) is filing this Registration Statement on Form S-8 (this “Registration Statement”) with the U.S. Securities and Exchange Commission (the “Commission”) to register (i) 11,466,424
additional Class A ordinary shares, without par value (the “Class A Ordinary Shares”), for issuance under the Registrant’s
2022 Share Incentive Plan and Sub-Plan for Israeli Participants (the “2022 Plan”) and (ii) 738,000 additional Class
A Ordinary Shares for issuance under the Registrant’s 2023 Employee Stock Purchase Plan (the “ESPP”). This Registration
Statement hereby incorporates by reference the contents of the Registrant’s registration statements on Form S-8 filed with the Commission
on September 15, 2023 (Registration No. 333-274540) and on Form S-8 filed with the Commission on June 21, 2022 (Registration No. 333-265739).

Each of the 2022 Plan and the ESPP include an
annual evergreen provision that provide for automatic annual increases in the number of shares reserved for issuance under the 2022 Plan
and the ESPP, respectively (the “Annual Increases”). The Registrant is filing this Registration Statement on Form S-8
to register additional Class A Ordinary Shares as a result of the Annual Increases for (i) the 2022 Plan that occurred on January 1, 2023,
January 1, 202