Company: PGYWW
Filing Date: 2025-12-05
Form Type: S-3ASR
Source: 0000950103-25-015781
Chunk: 15

Company: Pagaya Technologies Ltd.
Filing Date: 2025-12-05
Form: S-3ASR
Chunk 15
---
000 in the aggregate for each registration without our prior approval).

<div align='center'>9

DESCRIPTION OF
SHARE CAPITAL AND ARTICLES OF ASSOCIATION</div>

The following summary description of our share capital is based on the provisions of our Amended and Restated Articles of Association (the “Articles”) and is not intended to be a complete summary of the rights and preferences of such securities, and is qualified by reference to the Articles and warrant-related documents, each of which is incorporated by reference as an exhibit to our Annual Report on Form 10-K for the year ended December 31, 2024, and certain provisions of Israeli law. For information on how to obtain a copy of our Articles, see the sections titled “Incorporation of Certain Information by Reference” and “Where You Can Find More Information” in this prospectus.

Share Capital

Our authorized share capital currently consists
of 6,666,666 Series A preferred shares, no par value, 666,666,666 Class A Ordinary Shares, no par value, and 166,666,666 Class B Ordinary
Shares, no par value. The Class A Ordinary Shares, together with the Class B Ordinary Shares are referred to as the “Pagaya Ordinary
Shares.” As of October 31, 2025, 2,027,147 Series A preferred shares, 69,107,363 Class A Ordinary Shares and 11,288,577 Class B
Ordinary Shares were issued and outstanding. All of the foregoing share capital information reflects a 1-for-12 reverse share split of
Class A Ordinary Shares that became effective as of March 8, 2024.

All of the outstanding Pagaya Ordinary Shares
and Series A preferred shares are validly issued, fully paid and non-assessable. Neither the Pagaya Ordinary Shares nor the Series A preferred
shares are redeemable or have any preemptive rights.

Other than with respect to Class B Ordinary Shares
(which are described below), Pagaya’s Board of Directors may determine the issue prices and terms for such shares or other securities,
and may further determine any other provision relating to such issue of shares or securities. Pagaya may also issue and redeem redeemable
securities on such terms and in such manner as Pagaya’s Board of Directors shall determine.

Registration Number and Purposes of Pagaya

Pagaya is registered with the Israeli Registrar
of Companies. Pagaya’s registration number is 51-542127-9. Pagaya’s affairs are governed by