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

Company: Penguin Solutions, Inc.
Filing Date: 2025-03-24
Form: PRE 14A
Chunk 25
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 Penguin Solutions Cayman shareholders not approving the meeting proposal in this proxy statement or the Cayman Court not sanctioning the Scheme of Arrangement, then Penguin Solutions Cayman shareholders will not receive any Penguin Solutions Delaware stock and will remain shareholders of Penguin Solutions Cayman, Penguin Solutions Cayman ordinary shares will continue to be listed and traded on Nasdaq under the symbol “PENG” and Penguin Solutions Cayman convertible preferred shares will remain issued and outstanding.

| 16. Q: | Are there risks associated with the Transaction that I should consider in deciding how to vote? |

| A: | Yes. There are a number of risks relating to the Transaction that are discussed in this proxy statement                                                                                                                             
 and in other documents incorporated herein by reference. You should read and carefully consider the risk factors set forth in the section entitled “Risk Factors” beginning on page 23 of this proxy statement when deciding how to 
 vote.                                                                                                                                                                                                                               |

| 17. Q: | Will the Transaction affect Penguin Solutions’ future operations? |

| A: | The Transaction will have no material impact on how we conduct our day-to-day operations. |

| 18. Q: | Will the Transaction dilute my economic interest? |

| A: | No, your relative economic ownership in Penguin Solutions will not be diluted. At the Completion Date,                                                                                                                     
 your ordinary shares and convertible preferred shares in Penguin Solutions Cayman will be exchanged for shares of common stock and shares of convertible preferred stock of Penguin Solutions Delaware, respectively, on a 
 one-to-one basis.                                                                                                                                                                                                          |

| 19. Q: | Will the Transaction impact Penguin Solutions’ ability to access the capital and bank markets in the 
 future?                                                                                              |

| A: | We do not expect that the Transaction will have any adverse effect on our ability to access the capital                                 
 markets or bank credit markets. We expect that capital raising will be simpler and more efficient with a U.S. domiciled parent company. |

| 20. Q: | What impact will the Transaction have on Penguin Solutions’ current debt arrangements? |

| A: | We do not believe that the Transaction will have any material effect on our Credit Agreement (as defined                                                                                                                                           
 below) or our Convertible Notes (as defined below). In connection with the Transaction, we expect that Penguin Solutions Cayman and its subsidiaries will enter into an amendment to the Credit Agreement to provide for certain technical changes 
 necessary to permit the consummation of                                                                                                                                                                                                            |

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