Company: DLO
Filing Date: 2025-09-04
Form Type: 424B3
Source: 0000950103-25-011286
Chunk: 31

Company: dLocal Ltd
Filing Date: 2025-09-04
Form: 424B3
Chunk 31
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 may have to expend a significant amount of resources to investigate such allegations and/or defend ourselves. While we would prefer to strongly defend against any such short seller attacks, we may be constrained in the manner in which we can respond to any allegations due to applicable state or federal law, or issues of commercial confidentiality. Any future response to negative publicity from short sellers could be costly and time-consuming, and could divert management’s attention from our day-to-day operations.

Even if short seller allegations are ultimately proven to be groundless, allegations against us could severely impact the market price of our Class A common shares and our business operations. Because of the nature of our business in processing payments, we depend significantly on our brand and on customer confidence in our services. As a result, such allegations may impact our revenues by damaging our reputation, confidence in our services and relationships with our existing customers and potential new customers. For example, we may need to offer more favorable terms to new or existing customers, such as shorter settlement cycles, or we may be required to deliver letters of credit as a condition to doing business with certain customers, or we could lose certain lines of credit (in

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each case either temporarily or permanently), which would have an adverse effect on our business. As a result, even allegations that lack merit may materially negatively impact the results of our operations.

We believe that the class action securities claims
filed against us are in significant part a result of negative publicity by a short seller. For more information, see “Item
8. Financial Information―A. Consolidated Statements and Other Financial Information―Legal Proceedings“ in our
2024 Form 20-F. We cannot predict the timing, outcome or consequences of such actions, and we cannot assure you that our defenses will
be successful or whether we will be subject to any damages, or how much. Whether or not we prevail in such proceedings, we may incur significant
expenses defending them, which may materially and adversely affect our financial condition and results of operations.

Failure to meet any financial performance guidance or other forward-looking statements we may provide to the public could result in a decline in our stock price.

We provide public guidance on certain of our expected
financial and operating results, and we may continue providing guidance on these or other results or other forward-looking information
for future periods. When we provide guidance, we believe that this guidance provides investors and analysts with a better understanding
of management’s expectations for the future and is useful to our existing and potential shareholders