Company: DLO
Filing Date: 2025-09-04
Form Type: 424B3
Source: 0000950103-25-011286
Chunk: 46

Company: dLocal Ltd
Filing Date: 2025-09-04
Form: 424B3
Chunk 46
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 environment in the countries in which we operate, among other risks.

Each potential investor in our Class A common shares must therefore determine the suitability of that investment in light of its own circumstances. In particular, each potential investor should:

| · | have sufficient knowledge and experience to make a meaningful evaluation of our Class A common shares, the merits and risks of      
 investing in our Class A common shares and the information contained in this prospectus supplement and the accompanying prospectus; |

| · | have access to, and knowledge of, appropriate analytical tools to evaluate, in the context of its particular financial situation,  
 an investment in our Class A common shares and the impact our Class A common shares will have on its overall investment portfolio; |

| · | 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