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

Company: Penguin Solutions, Inc.
Filing Date: 2025-03-24
Form: PRE 14A
Chunk 24
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Cayman) LLP, at 190 Elgin Avenue, George Town, Grand Cayman KY1-9001, Cayman Islands, least three days prior to the                                           
 date of the Sanction Hearing. In addition, the Cayman Court has wide discretion to hear from other interested parties. Penguin Solutions Cayman will not object to the participation in the Sanction Hearing by any beneficial holder of Penguin       
 Solutions Cayman shares who provides sufficient evidence that they hold Penguin Solutions Cayman shares through a broker or nominee, or any other person with a legitimate interest in the proceedings and all such persons will have a right to       
 participate.                                                                                                                                                                                                                                           |

At the Sanction Hearing, the Cayman Court will conduct a hearing at which the fairness of the terms and conditions of the Scheme of Arrangement will be considered. Subject to the approval of the Scheme of Arrangement by the Penguin Solutions Cayman shareholders, the Sanction Hearing will be held at the Law Courts, George Town, Grand Cayman on , 2025, before the Cayman Court.

| 14. Q: | When do you expect the Transaction to be consummated? |

| A: | Assuming the shareholders as of the Voting Record Time approve the Scheme of Arrangement Proposal at the                                                                                                                                           
 Scheme Meeting and the Cayman Court sanctions the Scheme of Arrangement and the other conditions to the completion of the Scheme of Arrangement Proposal are satisfied (or waived, as applicable), the Scheme of Arrangement will become effective 
 in accordance with its terms once a copy of the Sanction Order has been delivered to the Cayman Islands Registrar of Companies.                                                                                                                    |

10

If the Scheme of Arrangement becomes effective, the Scheme Shareholders will receive one share of common stock of Penguin Solutions Delaware for each Penguin Solutions Cayman ordinary share and one convertible preferred share of Penguin Solutions Delaware for each Penguin Solutions Cayman convertible preferred share, as applicable on the Completion Date. If the Scheme of Arrangement becomes effective under Cayman Islands law, it will be binding on all Penguin Solutions Cayman shareholders irrespective of whether or not they attended or voted in favor of the Scheme of Arrangement Proposal at the Scheme Meeting. Please see “The Scheme of Arrangement Proposal—Completion Date of the Transaction” and “The Scheme of Arrangement Proposal—The Scheme of Arrangement—Amendment, Termination or Delay.”

| 15. Q: | What happens if the Transaction is not completed? |

If the Transaction is not completed, including as a result of the