Company: PENG
Filing Date: 2025-03-24
Form Type: PRE 14A
Source: 0001193125-25-060930
Chunk: 124

Company: Penguin Solutions, Inc.
Filing Date: 2025-03-24
Form: PRE 14A
Chunk 124
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 | Penguin Solutions Delaware was formed in the United States in the State of Delaware as a corporation, whose                                                                                                                                           
 registered office is at The Corporation Trust Company, 1209 Orange Street, Wilmington, Delaware 19801. Prior to the Completion Date, Penguin Solutions Delaware will not engage in any business or other activities other than in connection with the 
 Scheme and its organisational activities.                                                                                                                                                                                                             |

B-4

| 4.2 | Penguin Solutions Delaware has undertaken to the Cayman Court to be bound by the Scheme, and will execute and                                                                                          
 do and procure to be executed and done all such documents, acts and things as may be necessary or desirable to be executed or done by it for the purpose of giving effect to the terms of this Scheme. |

| 5. | PURPOSE OF SCHEME |

| 5.1 | The purpose of the Scheme is to implement a new corporate structure for the Penguin Solutions Group to result                                                                                                                                         
 in a change in jurisdiction of incorporation of the ultimate parent company of the Penguin Solutions Group from the Cayman Islands to the State of Delaware, United States. This is anticipated to, among other benefits, simplify and streamline the 
 organisational, statutory and regulatory structure of the Penguin Solutions Group for the benefit of its shareholders and align the legal framework governing the Penguin Solutions Group with its operational footprint.                             |

| 5.2 | This will be achieved by the transfer, on the Completion Date, of the Scheme Shares by the Scheme Shareholders                                                                                                                                           
 to Penguin Solutions Delaware fully paid, free and clear of any liens, pledges, security interests or other encumbrances, in consideration for which Penguin Solutions Delaware will issue an equal number of shares of Penguin Solutions Delaware Stock 
 to the Scheme Shareholders (as more fully described below in Clause 7) with Penguin Solutions Delaware becoming the publicly traded ultimate parent company of the Penguin Solutions Group.                                                              |

| 5.3 | After the Completion Date, the Scheme Shareholders will continue to own an interest in the ultimate parent                                                                                                                                                
 company of the Penguin Solutions Group, which will indirectly conduct the same business operations as currently conducted by the Penguin Solutions Group prior to the Completion Date. The number of shares of Penguin Solutions Delaware Stock owned by  
 each Scheme Shareholder will be the same as the number of Scheme Shares owned by each Scheme Shareholder immediately prior to the Completion Date, and their relative ownership interest in the Penguin Solutions Group will remain unchanged as a result 
 of the Scheme.                                                                                                                                                                                                                                            |

| 5.4 | The issuance