Company: PENG
Filing Date: 2025-03-24
Form Type: PRE 14A
Source: 0001193125-25-060930
Chunk: 11

Company: Penguin Solutions, Inc.
Filing Date: 2025-03-24
Form: PRE 14A
Chunk 11
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 this proxy statement (the “Scheme of Arrangement”), pursuant to
which, upon effectiveness, a newly formed Delaware corporation will become the publicly traded parent of the Penguin Solutions group of companies. The scheme of arrangement process is commonly used by Cayman Islands domiciled companies, such as
Penguin Solutions Cayman, as a flexible and efficient means to redomicile or reorganize their business. The transactions to be effected pursuant to the Scheme of Arrangement and the related transactions described in this proxy statement are
sometimes referred to herein collectively as the “Transaction”. The Transaction will create a new publicly traded parent company of the Penguin Solutions group of companies that is incorporated in Delaware and will result in you
owning common stock and/or shares of convertible preferred stock, as applicable, of a Delaware corporation instead of ordinary shares and/or convertible preferred shares, as applicable, of a Cayman Islands company.

Penguin Solutions Cayman, whose shares you currently own, has formed a new Delaware corporation (also named Penguin Solutions, Inc. and
referred to herein as “Penguin Solutions Delaware”). Penguin Solutions Delaware has only nominal assets and capitalization and has not engaged in any business or other activities other than in connection with its formation and the
Transaction. If the Scheme of Arrangement is approved and becomes effective, the shareholders of Penguin Solutions Cayman as of the scheme record time(expected to be p.m. (Pacific Time) on ,
2025) (the “Scheme Record Time”) (the “Scheme Shareholders”) will exchange their ordinary shares and/or convertible preferred shares of Penguin Solutions Cayman (as applicable) for an equal number of shares of
common stock and/or convertible preferred shares of Penguin Solutions Delaware (as applicable), on the following basis: each Penguin Solutions Cayman ordinary share, par value $0.03 per share (each such share, a “Penguin Solutions Cayman ordinary share”) will be exchanged for one share of common stock of Penguin Solutions Delaware ( “Penguin Solutions Delaware common stock”), and each Penguin Solutions Cayman convertible preferred share, par value $0.03 per
share (each such share, a “Penguin Solutions Cayman convertible preferred share” and the Penguin Solutions Cayman convertible preferred shares together with the Penguin Solutions Cayman ordinary shares, the “Penguin Solutions Cayman shares”) will be exchanged for one share of convertible preferred stock of Penguin Solutions Delaware ( “Penguin Solutions Delaware convertible preferred stock” and the Penguin Solutions Delaware
convertible preferred stock together with the Penguin Solutions Delaware common stock, the