Company: PENG
Filing Date: 2025-03-24
Form Type: PRE 14A
Source: 0001193125-25-060930
Chunk: 35

Company: Penguin Solutions, Inc.
Filing Date: 2025-03-24
Form: PRE 14A
Chunk 35
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 who are present (either in person (including
via live webcast) or represented by proxy) and who vote at the Scheme Meeting.

Holders of Penguin Solutions Cayman ordinary shares and
Penguin Solutions Cayman convertible preferred shares will vote together on the Scheme of Arrangement Proposal.

As of the Voting Record
Time, there were ordinary shares and convertible preferred shares of Penguin Solutions Cayman outstanding, and we had shareholders of record.

Board Recommendation

The Penguin
Solutions Cayman Board has unanimously approved and recommends that you vote “FOR” the Scheme of Arrangement Proposal at the Scheme Meeting.

18

Material Tax Considerations Relating to the Transaction to Holders of Penguin Solutions Cayman Ordinary Shares

U.S. Federal Income Tax Considerations

It is intended that holders of Penguin Solutions Cayman ordinary shares will not recognize gain or loss for U.S. federal income tax purposes in
the Transaction but the consummation of the Transaction is not conditioned upon the receipt of any opinion or tax ruling from the U.S. Internal Revenue Service to that effect. Please see “Material Tax Considerations Relating to the Transaction
to Holders of Penguin Solutions Cayman Ordinary Shares” for a description of the material U.S. federal income tax consequences of the Transaction to Penguin Solutions Cayman ordinary shareholders. Determining the actual tax consequences of the
Transaction to you may be complex and will depend on your specific situation. You should consult your tax advisor for a full understanding of the tax consequences of the Transaction to you.

Cayman Tax Considerations

Any gains
derived from the disposal of the Penguin Solutions Cayman ordinary shares pursuant to the Scheme of Arrangement will not be subject to Cayman Islands income or corporate tax. The Cayman Islands currently has no income, corporate or capital gains tax
and no estate duty, inheritance tax or gift tax.

No stamp duty is payable in respect of the transfer of Penguin Solutions Cayman ordinary
shares pursuant to the Scheme of Arrangement. An instrument of transfer in respect of a Penguin Solutions Cayman ordinary share is stampable if executed in or brought into the Cayman Islands.

Comparison of Rights of Cayman Islands Shareholders and Delaware Stockholders

Many of the principal attributes of Penguin Solutions Cayman’s ordinary shares and convertible preferred shares and Penguin Solutions
Delaware’s shares of common stock and shares of convertible preferred stock will be similar. However, there are differences between what your rights will be under Delaware law and what they currently are under Cayman Islands law. In addition,
there are differences between Penguin