Company: PENG
Filing Date: 2025-06-30
Form Type: 8-K12B
Source: 0001193125-25-152807
Chunk: 15

Company: Penguin Solutions, Inc.
Filing Date: 2025-06-30
Form: 8-K12B
Chunk 15
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 of a redemption notice, each holder of Issued Convertible Preferred Stock shall have the ability to convert such holder’s Issued Convertible Preferred Stock into Penguin Solutions Delaware common stock based on the then-applicable Conversion Price prior to the redemption date. Voluntary Conversion At any time and from time to time, each holder of Issued Convertible Preferred Stock has the right to convert any number or all of the Issued Convertible Preferred Stock held by such holder into Penguin Solutions Delaware common stock. To effect such a voluntary conversion, a holder of Issued Convertible Preferred Stock must provide written notice to Penguin Solutions Delaware’s transfer agent indicating the number of Issued Convertible Preferred Stock they wish to convert and, if applicable, any event on which such conversion is contingent. This notice must include the holder’s name or the names of any nominees in whose name the shares of Penguin Solutions Delaware common stock are to be issued. The conversion is effective at the close of business on the day the notice is received by the transfer agent, or once all contingent events (if any) have occurred, whichever is later, and at such time the shares of Penguin Solutions Delaware common stock issuable upon such conversion are deemed to be outstanding. Penguin Solutions Delaware will then register the holder or their nominees as the official holders of the full number of shares of Penguin Solutions Delaware common stock issued upon conversion and will pay cash for any fractional shares that would otherwise be issued, as described below. The number of shares of Penguin Solutions Delaware common stock into which each share of Issued Convertible Preferred Stock is convertible is equal to the quotient obtained by dividing (i) the product of (a) the number of shares of Issued Convertible Preferred Stock to be converted multiplied by (b) the sum of (1) the Accumulated Stated Value (as defined in the Certificate of Designation) and (2) accumulated Compounded Dividends (as defined in the Certificate of Designation), and (3) all accrued and unpaid dividends (whether or not declared) up to but excluding the date of conversion, by (ii) the Conversion Price in effect at the time of conversion. The “Conversion Price” initially equals $32.80784 per share and is subject to adjustment as described below. The Conversion Price is subject to pro rata adjustments for any subdivisions of the outstanding shares of Penguin Solutions Delaware common stock, combination or consolidation of the outstanding shares of Penguin Solutions Delaware common stock, dividends or other distributions payable in shares of Penguin Solutions Delaware common stock to holders of Penguin Solutions Delaware common