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dLocal Ltd (DLO) director Andres Bzurovski Bay clarifies Class A and B holdings

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
3/A

Rhea-AI Filing Summary

dLocal Ltd director Andres Bzurovski Bay reports his equity holdings in the company. He holds 47,337,462 Class B Common Shares directly and 1,381,121 Class B Common Shares indirectly through Emerald Bay 24 LLC, each Class B share being convertible into one Class A Common Share. He also holds 1,088,363 Class A Common Shares directly.

Positive

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Negative

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Insider Bzurovski Bay Andres
Role Director
Type Security Shares Price Value
holding Class B Common Shares F1 -- -- --
holding Class B Common Shares F1, F2 -- -- --
holding Class A Common Shares -- -- --
Holdings After Transaction: Class B Common Shares — 47,337,462 shares (Direct); Class B Common Shares — 1,381,121 shares (Indirect, By Emerald Bay 24 LLC); Class A Common Shares — 1,088,363 shares (Direct)
Footnotes (2)
  1. F1. Each Class B Common Share has no expiration date and may be converted into one Class A Common Share at any time at the option of the Reporting Person.
  2. F2. These shares were inadvertently reported as non-derivative securities in Table I of the reporting person's original Form 3.
Direct Class B holdings 47,337,462 shares Class B Common Shares held directly by Andres Bzurovski Bay following the reported positions
Indirect Class B holdings 1,381,121 shares Class B Common Shares held indirectly by Emerald Bay 24 LLC associated with Andres Bzurovski Bay
Direct Class A holdings 1,088,363 shares Class A Common Shares held directly by Andres Bzurovski Bay
Convertible ratio 1 Class B to 1 Class A share Each Class B Common Share may be converted into one Class A Common Share at any time
Class B Common Shares financial
"Each Class B Common Share has no expiration date and may be converted"
Class B common shares are one of multiple types of a company’s ordinary stock that usually differ from other classes in voting power, dividend priority, or transferability. For investors, the difference matters because owning Class B may mean less control over corporate decisions or different income potential compared with other share classes—like having a seat with fewer votes at a board meeting while still sharing in the company’s profits.
Class A Common Shares financial
"may be converted into one Class A Common Share at any time"
A Class A common share is a specific type of ordinary company share that represents an ownership stake and usually carries particular voting rights or payout priorities compared with other share classes. For investors it matters because those differences affect how much influence you have over company decisions, how dividends or liquidation proceeds might be distributed, and how easily the shares trade — like choosing between car models where one has extra features (more control) and another focuses on price or availability (liquidity).
indirect financial
"Class B Common Shares held indirectly through Emerald Bay 24 LLC"
non-derivative securities financial
"shares were inadvertently reported as non-derivative securities in Table I"

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FAQ

What dLocal Ltd (DLO) shares does Andres Bzurovski Bay hold directly?
Andres Bzurovski Bay holds 47,337,462 Class B Common Shares and 1,088,363 Class A Common Shares of dLocal Ltd directly, according to this amended beneficial ownership report.

What indirect dLocal Ltd (DLO) holdings are reported for Andres Bzurovski Bay?
The filing shows 1,381,121 Class B Common Shares held indirectly by Emerald Bay 24 LLC, an entity associated with Andres Bzurovski Bay, reflecting additional economic exposure to dLocal Ltd.

How are dLocal Ltd (DLO) Class B Common Shares treated in this report?
Each Class B Common Share has no expiration date and may be converted into one Class A Common Share at any time at the option of Andres Bzurovski Bay, as described in the footnotes.

What clarification does the Form 3/A provide about prior dLocal Ltd (DLO) reporting?
The amendment explains that certain shares were inadvertently reported as non-derivative securities in the original Form 3. They are now correctly reflected as derivative holdings linked to Class A Common Shares.

Does this dLocal Ltd (DLO) Form 3/A show any new insider purchases or sales?
No specific purchase or sale transactions are described. The amendment primarily restates and clarifies Andres Bzurovski Bay’s existing Class A and Class B share holdings and their convertible nature.
SEC Form 3
FORM 3UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number:3235-0104
Estimated average burden
hours per response:0.5
1. Name and Address of Reporting Person*
Bzurovski Bay Andres
(Last)(First)(Middle)
C/O DLOCAL LIMITED
DR. LUIS BONAVITA 1294
(Street)
MONTEVIDEO11300
(City)(State)(Zip)
URUGUAY
(Country)		2. Date of Event Requiring Statement (Month/Day/Year)
03/18/2026		3. Issuer Name and Ticker or Trading Symbol
dLocal Ltd [ DLO ]
3a. Foreign Trading Symbol
5. If Amendment, Date of Original Filed (Month/Day/Year)
03/18/2026
4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
XDirector10% Owner
Officer (give title below)Other (specify below)
6. Individual or Joint/Group Filing (Check Applicable Line)
XForm filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4) 2. Amount of Securities Beneficially Owned (Instr. 4) 3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5) 4. Nature of Indirect Beneficial Ownership (Instr. 5)
Class A Common Shares1,088,363D
Table II - Derivative Securities Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4) 2. Date Exercisable and Expiration Date (Month/Day/Year)3. Title and Amount of Securities Underlying Derivative Security (Instr. 4) 4. Conversion or Exercise Price of Derivative Security 5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5) 6. Nature of Indirect Beneficial Ownership (Instr. 5)
Date ExercisableExpiration DateTitleAmount or Number of Shares
Class B Common Shares (1) (1)Class A Common Shares47,337,462(1)D
Class B Common Shares (1) (1)Class A Common Shares1,381,121(2)(1)IBy Emerald Bay 24 LLC
Explanation of Responses:
1. Each Class B Common Share has no expiration date and may be converted into one Class A Common Share at any time at the option of the Reporting Person.
2. These shares were inadvertently reported as non-derivative securities in Table I of the reporting person's original Form 3.
/s/ Agustin Cancela, attorney-in-fact for Andres Bzurovski08/10/2026
** Signature of Reporting PersonDate
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 3: SEC 1473 (03-26)

Source: View Original Filing on SEC EDGAR