Company: PENG
Filing Date: 2025-03-24
Form Type: PRE 14A
Source: 0001193125-25-060930
Chunk: 12

Company: Penguin Solutions, Inc.
Filing Date: 2025-03-24
Form: PRE 14A
Chunk 12
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 “Penguin Solutions Delaware stock”). As a result of the Transaction, the Scheme Shareholders will become stockholders of Penguin Solutions

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Delaware and such stockholders’ rights will be governed by Delaware law and by Penguin Solutions Delaware’s amended and restated certificate of incorporation and amended and restated
bylaws, in substantially the forms attached hereto as Annex D and Annex F, respectively. The Penguin Solutions Delaware convertible preferred stock will be additionally governed by the certificate of designation (the “Certificate of Designation”) in substantially the form attached hereto as Annex E. The Penguin Solutions Delaware common stock is expected to be listed on the Nasdaq Global Select Market (“Nasdaq”) under the same ticker symbol under which
the Penguin Solutions Cayman ordinary shares are currently traded (PENG).

Several steps are required in order for us to effect the Scheme
of Arrangement, including convening and holding the Scheme Meeting at which the shareholders as of the Voting Record Time will consider and, if thought fit, approve the Scheme of Arrangement. The Scheme Meeting has been convened at
a.m. (Pacific Time) on , 2025 pursuant to an Order of the Cayman Islands Grand Court (the “Cayman Court”) granted on , 2025. Notice of the Scheme Meeting is set out at Annex A to this proxy
statement. If the Scheme of Arrangement Proposal is approved by the shareholders as of the Voting Record Time and the other conditions to the Scheme of Arrangement have been satisfied or waived, we will seek the Cayman Court’s sanction of the
Scheme of Arrangement.

If we obtain the requisite approvals from our shareholders as of the Voting Record Time and the Cayman
Court’s sanction of the Scheme of Arrangement, and if all of the other conditions to the Scheme of Arrangement, as described herein, are satisfied or, if permitted by applicable law, waived, we intend to file the order of the Cayman Court
sanctioning the Scheme of Arrangement with the Cayman Islands Registrar of Companies (the “Sanction Order”). Upon delivery of the Sanction Order to the Cayman Islands Registrar of Companies, the Scheme of Arrangement will become
effective in accordance with its terms (expected to be p.m. (Pacific Time) on , 2025, the “Effective Time”).

If the Scheme of Arrangement becomes effective, shareholders as of the Scheme Record Time, which is expected to be p.m.
(Pacific Time) on , 2025 will receive one share of Penguin