Company: PGYWW
Filing Date: 2025-12-05
Form Type: S-3ASR
Source: 0000950103-25-015781
Chunk: 38

Company: Pagaya Technologies Ltd.
Filing Date: 2025-12-05
Form: S-3ASR
Chunk 38
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If a special tender offer is accepted, then shareholders
who did not respond or who had objected to the offer may accept the offer within four days of the last day set for the acceptance of the
offer, and they will be considered to have accepted the offer from the first day it was made.

In the event that a special tender offer is accepted,
the purchaser, any person or entity controlling it or under common control with the purchaser or such controlling person or entity at
the time of the offer may not make a subsequent tender offer for the purchase of shares of the company and may not enter into a merger
with the company for a period of one year from the date of the offer, unless the purchaser or such controlling or commonly-controlled
person or entity undertook to effect such an offer or merger as part of the initial special tender offer. Shares purchased in violation
of the special tender offer rules under the Companies Law will have no rights and will become dormant shares.

Merger

The Companies Law permits merger transactions
if approved by each party’s board of directors and, unless certain conditions described under the Companies Law are met, a simple
majority of the outstanding shares of each party to the merger that are represented and voting on the merger. The board of directors of
a merging company is required pursuant to the Companies Law to discuss and determine whether in its opinion there exists a reasonable
concern that as a result of a proposed merger, the surviving company will not be able to satisfy its obligations towards either merging
company’s creditors, with such determination taking into account the financial status of the merging companies. If the board of
directors determines that such a concern exists, it may not approve a proposed merger. Following the approval of the board of directors
of each of the merging companies, the boards of directors must jointly prepare a merger proposal for submission to the Israeli Registrar
of Companies.

For purposes of the shareholder vote of a merging
company whose shares are held by the other merging company, or by a person or entity holding directly or indirectly 25% or more of the
voting rights at the general meeting of shareholders of the other merging company, or by a person or entity holding directly or indirectly
the right to appoint 25% or more of the directors of the other merging company, unless a court rules otherwise, the merger will not be
deemed approved if a majority of the shares voted on the matter at the general meeting of shareholders (excluding abstentions) that are
held by shareholders other than the other