Company: PENG
Filing Date: 2025-03-24
Form Type: PRE 14A
Source: 0001193125-25-060930
Chunk: 95

Company: Penguin Solutions, Inc.
Filing Date: 2025-03-24
Form: PRE 14A
Chunk 95
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 non-underwritten
offering, certain of the securities covered by the shelf registration statement. We expect that SKT will also be entitled to make certain requests for demand registrations, and will have certain “piggyback” rights to include its
registrable securities in certain registration statements filed by Penguin Solutions Delaware.

Information Rights

We expect that the Investor Agreement will provide, following its assumption by Penguin Solutions Delaware, that Penguin Solutions Delaware
shall, at SKT’s written request and subject to certain exceptions, give SKT reasonable access to the books, records and financial information relating to the operations of Penguin Solutions Delaware and its subsidiaries, to the extent
reasonably requested by SKT in connection with the preparation of SKT’s financial statements or tax returns, or as required in connection with SKT’s compliance with its obligations under applicable laws and regulations relating to foreign
exchange transactions.

62

COMPARISON OF RIGHTS OF CAYMAN ISLANDS SHAREHOLDERS AND DELAWARE STOCKHOLDERS

Your rights as a shareholder of Penguin Solutions Cayman and the powers of the Penguin Solutions Cayman Board are
governed by Cayman Islands law and the Penguin Solutions Cayman Articles and the certificate of designation governing the Penguin Solutions Cayman convertible preferred shares (the “Penguin Solutions Cayman Certificate of Designation”). As a result of the Scheme of Arrangement, you will become a stockholder of Penguin Solutions Delaware, and your rights and the powers of the Penguin Solutions Delaware Board will be governed by Delaware law and Penguin
Solutions Delaware’s amended and restated certificate of incorporation, the Certificate of Designation and amended and restated bylaws as they will be in effect upon the completion of the Scheme of Arrangement.

Many of the principal attributes of Penguin Solutions Cayman’s shares and Penguin Solutions Delaware’s shares of stock will be
substantially the same. However, there are differences between what your rights are under Cayman Islands law and what they will be after the Scheme of Arrangement under Delaware law. In addition, there are differences between the Penguin Solutions
Cayman Articles and Penguin Cayman Certificate of Designation and Penguin Solutions Delaware’s amended and restated certificate of incorporation, Certificate of Designation and amended and restated bylaws as they will be in effect after the
Scheme of Arrangement, especially as it relates to changes (i) that are required by Delaware law (i.e., certain provisions of the Penguin Solutions Cayman Articles and Penguin Solutions Cayman Certificate of Designation were not replicated in
the