Company: PENG
Filing Date: 2025-03-24
Form Type: PRE 14A
Source: 0001193125-25-060930
Chunk: 50

Company: Penguin Solutions, Inc.
Filing Date: 2025-03-24
Form: PRE 14A
Chunk 50
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 Arrangement.

If we obtain the
requisite approvals from our shareholders and the Cayman Court’s sanction of the Scheme of Arrangement, and if all of the other conditions to the Scheme of Arrangement, as described herein, are satisfied or, if permitted by applicable law,
waived, we intend to file the Sanction Order with the Cayman Islands Registrar of Companies. Upon delivery of the Sanction Order with the Cayman Islands Registrar of Companies, the Scheme of Arrangement will become effective in accordance with its
terms (the “Effective Time”). We currently expect the Effective Time to occur on , 2025.

We
currently expect the Completion Date to occur after the closing of trading of the Penguin Solutions Cayman common shares on Nasdaq on , 2025. The exact date and timing of the Completion Date will depend on factors such as any
postponement or adjournment of the Sanction Hearing, which we expect to be held on , 2025.

After the Completion
Date, you will continue to own an interest in the ultimate parent company of the Penguin Solutions group of companies, which will indirectly conduct the same business operations as currently conducted indirectly by Penguin Solutions Cayman, through
the same group of operating subsidiaries of Penguin Solutions Cayman prior to the Completion Date. The number and class(es) of shares of Penguin Solutions Delaware capital stock you will own will be the same as the number and class(es) of Penguin
Solutions Cayman shares you own immediately prior to the Completion Date, and your relative ownership interest in the Penguin Solutions group of companies will remain substantially unchanged as a result of the Scheme of Arrangement. Penguin
Solutions Delaware will have the same board of directors and management team as Penguin Solutions Cayman upon the completion of the Transaction.

The completion of the Scheme of Arrangement will change the governing law that applies to the internal affairs of our ultimate parent company
from Cayman Islands law to Delaware Law. There are certain differences between the rights you will have as a holder of Penguin Solutions Delaware stock under Delaware law and your current rights as a holder of Penguin Solutions Cayman shares under
Cayman Islands law. In addition, there will

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be differences between the organizational documents of Penguin Solutions Delaware and Penguin Solutions Cayman. Please see “Comparison of Rights of Cayman Island Shareholders and Delaware
Stockholders” for a summary of material differences and rights.

We encourage you to read the Scheme of Arrangement in its entirety
for a complete understanding of its terms and conditions. The