Company: DLO
Filing Date: 2025-09-03
Form Type: 424B3
Source: 0000950103-25-011193
Chunk: 65

Company: dLocal Ltd
Filing Date: 2025-09-03
Form: 424B3
Chunk 65
---
 affiliate of one of our merchant customers to acquire
up to 197,000 of our outstanding Class A common shares exercisable through January 24, 2026 at a purchase price per share of either
(1) US$0.5726 or (2) upon any reorganization (including any change of control) of the Company, the lesser of (i) US$0.5726
and (ii) sixty percent (60%) of the price per share paid in or implied by such transaction. The warrants limit such customer’s beneficial ownership to 4.999% of our outstanding Class A common shares unless such customer waives this limit upon 61 days’ notice. If any such existing or future warrants are exercised, the Class A common shares issued will increase the total number of Class A common shares issued and outstanding and thus be dilutive to our other shareholders.

Upon the completion of this offering, we will
continue to have an aggregate of 164,649,324 Class A common shares outstanding. Of these shares, the Class A common shares sold
in this offering by the selling shareholder will be freely tradable without restriction or further registration under the Securities Act,
unless purchased by “affiliates” as that term is defined under Rule 144 of the Securities Act, who may sell only the
volume of shares described below and whose sales would be subject to additional restrictions described below. Subject to certain contractual
restrictions, including the lock-up agreements described below, holders of restricted shares will be entitled to sell those
shares in the public market pursuant to an effective registration statement under the Securities Act or if they qualify for an exemption
from registration under Rule 144. Sales of these shares in the public market after the restrictions under the lock-up agreements
lapse, or the perception that those sales may occur, could cause the prevailing market price to decrease or to be lower than it might
be in the absence of those sales or perceptions. As a result of lock-up agreements and market standoff agreements described
below, and the provisions of Rules 144 and 701 under the Securities Act, the restricted securities will be available for sale in
the public market.

Sales of these shares in the public market after
the restrictions under the lock-up agreements lapse, or the perception that those sales may occur, could cause the prevailing
market price to decrease or to be lower than it might be in the absence of those sales or perceptions.

Lock-up Agreements

We, our directors, executive officers and the
selling shareholder