Company: DLO
Filing Date: 2025-09-03
Form Type: 424B3
Source: 0000950103-25-011193
Chunk: 115

Company: dLocal Ltd
Filing Date: 2025-09-03
Form: 424B3
Chunk 115
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a court may be prepared to pierce or lift the corporate veil).

dLocal is subject to reporting and other informational
requirements of the Exchange Act, as applicable to foreign private issuers. Except as otherwise disclosed in this prospectus, dLocal currently
complies and intends to continue to comply with the Nasdaq rules in lieu of following home country practice.

Anti-Takeover Provisions in Our Articles of Association

Some provisions of the Articles of Association
may discourage, delay or prevent a change in control of dLocal or management that shareholders may consider favorable. These provisions,
which are summarized below, are expected to discourage coercive takeover practices and inadequate takeover bids. These provisions are
also designed to encourage persons seeking to acquire control of dLocal to first negotiate with the board of directors. However, these
provisions could also have the effect of discouraging others from attempting hostile takeovers and, as a consequence, they may also inhibit
temporary fluctuations in the market price of the Class A common shares that often result from actual or rumored hostile takeover attempts.
These provisions may also have the effect of preventing changes in the management of dLocal. It is possible that these provisions could
make it more difficult to accomplish transactions that shareholders may otherwise deem to be in their best interests.

Two Classes of Common Shares

The Class B common shares of dLocal are entitled
to five votes per share, while the Class A common shares are entitled to one vote per share. Since certain of our shareholders, Andres
Bzurovski Bay (directly and indirectly through Emerald Bay 24 LLC), IZBA SA, Aqua Crystal Investments, Sebastián Kanovich (indirectly
through Nordau Inc.) and Jacobo Singer(indirectly through Bosinja Limited), own 100.0% of the Class B common shares, Andres Bzurovski Bay, Sergio Enrique Fogel Kaplan, Alberto
Eduardo Azar, Sebastián Kanovich and Jacobo Singer, acting together, currently have the ability to elect a majority of the directors
and to determine the outcome of most matters submitted for a vote of shareholders.

So long as Andres Bzurovski Bay, IZBA SA, Aqua
Crystal Investments, Sebastián Kanovich and Jacobo Singer have the ability to determine the outcome of most matters submitted to
a vote of shareholders as well as the overall management and direction of dLocal, third parties may be deterred in their willingness to
make an unsolicited merger, takeover, or other change