dLocal (NASDAQ: DLO) director converts Class B and sells 1M Class A shares

Rhea-AI Filing Summary

dLocal Ltd director Sebastian Kanovich reported a planned conversion and sale of shares. On July 1, 2026, he converted 1,000,000 Class B Common Shares into Class A Common Shares and then sold 1,000,000 Class A Common Shares in open-market transactions at $14.63 per share. These transactions were executed under a Rule 10b5-1 trading plan adopted on November 26, 2025. Following the sale, he held no Class A shares directly and retained 11,629,474 Class B Common Shares, which are convertible into Class A shares at his option.

Insights

Insider trading and governance analyst

Pre-planned conversion-and-sale of 1M shares, with large Class B stake retained.

The filing shows Sebastian Kanovich converting 1,000,000 Class B Common Shares into Class A and selling 1,000,000 Class A shares at $14.63 each in open-market transactions. This is structured as a conversion-and-sale sequence.

The footnotes state that each Class B share is convertible one-for-one into Class A with no expiration, and that these specific transactions occurred under a Rule 10b5-1 trading plan adopted on November 26, 2025. Such plans are pre-arranged, which typically signals routine diversification rather than opportunistic timing.

After the sale, the reporting person holds no Class A directly but retains 11,629,474 Class B Common Shares, which remain convertible into Class A. This indicates that, despite the net-sell of 1,000,000 shares, a substantial economic interest in dLocal Ltd is maintained.

Insider Trade Summary 10b5-1

Net Seller: 1,000,000 shares ($14,630,000)

Net Sell 3 txns

Insider Kanovich Sebastian

Role null

Sold 1,000,000 shs ($14.63M)

Type	Security	Shares	Price	Value
Conversion	Class B Common Share	1,000,000	$0.00	--
Conversion	Class A Common Share	1,000,000	$0.00	--
Sale	Class A Common Share	1,000,000	$14.63	$14.63M

Holdings After Transaction: Class B Common Share — 11,629,474 shares (Direct, null); Class A Common Share — 1,000,000 shares (Direct, null)

Footnotes (1)

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. On July 1, 2026, the reporting person directed the sale of 1,000,000 of his Class B Common Shares, resulting in the automatic conversion of the shares into Class A Common Shares upon execution of the sale. The conversion and sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on November 26, 2025.

Key Figures

Shares sold: 1,000,000 shares Sale price: $14.63 per share Shares converted: 1,000,000 shares +2 more

5 metrics

Shares sold 1,000,000 shares Class A Common Shares sold on July 1, 2026

Sale price $14.63 per share Open-market sale price for Class A shares

Shares converted 1,000,000 shares Class B converted into Class A on July 1, 2026

Class B remaining 11,629,474 shares Class B Common Shares held after conversion

Net shares sold 1,000,000 shares Net buy/sell direction reported as net-sell

Key Terms

Rule 10b5-1 trading plan, Class B Common Share, Class A Common Share, derivative security, +1 more

5 terms

Rule 10b5-1 trading plan regulatory

"The conversion and sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan"

A Rule 10b5-1 trading plan is a pre-arranged schedule that allows company insiders to buy or sell stock at specific times, even if they have inside information. It helps prevent accusations of unfair trading by making these transactions look planned and transparent, rather than sneaky or illegal.

Class B Common Share financial

"Each Class B Common Share has no expiration date and may be converted into one Class A Common Share"

Class A Common Share financial

"resulting in the automatic conversion of the shares into Class A Common Shares upon execution of the sale"

derivative security financial

"transaction_code_description": "Conversion of derivative security""

A derivative security is a financial contract whose value comes from the price or performance of something else, such as a stock, bond, commodity, or market index. For investors it acts like an insurance policy or a wager: it can be used to protect against losses, lock in prices, or amplify gains and losses, so it can change a portfolio’s risk and potential return without owning the underlying asset directly.

open-market sale financial

"transaction_action": "open-market sale""

An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 07/02/2026 - 05:45 PM Accepted by SEC EDGAR 07/02/2026 - 05:45 PM Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

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:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Kanovich Sebastian

(Last) (First) (Middle)

C/O DLOCAL LIMITED

DR. LUIS BONAVITA 1294

(Street)

MONTEVIDEO 11300

(City) (State) (Zip)

URUGUAY

(Country)

2. Issuer Name and Ticker or Trading Symbol
dLocal Ltd [ DLO ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
07/01/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Share	07/01/2026		C(2)		1,000,000	A	(1)	1,000,000	D
Class A Common Share	07/01/2026		S(2)		1,000,000	D	$14.63	0	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Class B Common Share	(1)	07/01/2026		C(2)			1,000,000	(1)	(1)	Class A Common Share	1,000,000	$0	11,629,474	D

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. On July 1, 2026, the reporting person directed the sale of 1,000,000 of his Class B Common Shares, resulting in the automatic conversion of the shares into Class A Common Shares upon execution of the sale.

2. The conversion and sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on November 26, 2025.

	/s/ Agustin Cancela, attorney-in-fact for Sebastian Kanovich	07/02/2026
	** Signature of Reporting Person	Date
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 4 (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 4: SEC 1474 (03-26)

FAQ

What insider transaction did dLocal Ltd (DLO) director Sebastian Kanovich report?

He reported converting 1,000,000 Class B Common Shares into Class A and selling 1,000,000 Class A Common Shares at $14.63 per share. The actions occurred on July 1, 2026, and were disclosed as open-market transactions in a Form 4 filing.

How many dLocal Ltd (DLO) shares did Sebastian Kanovich sell and at what price?

He sold 1,000,000 Class A Common Shares at $14.63 per share. The sale followed a conversion of an equal number of Class B shares into Class A and was executed as an open-market or private transaction according to the Form 4 data.

Did Sebastian Kanovich use a Rule 10b5-1 trading plan for his dLocal (DLO) share sale?

Yes. The filing notes the conversion and sale were carried out under a Rule 10b5-1 trading plan adopted on November 26, 2025. Such plans pre-schedule trades, suggesting the July 1, 2026 transactions were pre-arranged rather than timed discretionarily.

What dLocal Ltd (DLO) holdings does Sebastian Kanovich have after this Form 4 transaction?

After the reported transactions, he holds no Class A Common Shares directly. He retains 11,629,474 Class B Common Shares, which the filing states are convertible into Class A Common Shares on a one-for-one basis at his option, with no expiration date.

What was the structure of the dLocal (DLO) insider’s conversion and sale on July 1, 2026?

The reporting person directed the sale of 1,000,000 Class B Common Shares, which automatically converted into 1,000,000 Class A shares upon execution. Those 1,000,000 Class A shares were then sold at $14.63 per share in open-market transactions, producing a net sale of that amount.

What does the Form 4 reveal about dLocal (DLO) Class B share convertibility?

It states each Class B Common Share has no expiration date and may be converted into one Class A Common Share at any time at the reporting person’s option. The July 1, 2026 transaction exemplifies this feature through a 1,000,000-share conversion and subsequent sale.