Company: PENG
Filing Date: 2025-03-24
Form Type: PRE 14A
Source: 0001193125-25-060930
Chunk: 2

Company: Penguin Solutions, Inc.
Filing Date: 2025-03-24
Form: PRE 14A
Chunk 2
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 a majority of Penguin Solutions group’s operating assets, including significant intellectual
property, and a substantial portion of our employee base are also in the United States. The reasons for the transaction are discussed in further detail in the accompanying proxy statement.

On , 2025, commencing at a.m. (Pacific Time), we will hold a scheme meeting of our shareholders to vote on
the proposed scheme of arrangement as described below at the offices of Latham & Watkins LLP, located at 140 Scott Drive, Menlo Park, California, 94025 and will broadcast the scheme meeting via live webcast (the “Scheme Meeting”). Registered shareholders as of the Voting Record Time will be entitled to attend and vote at the Scheme Meeting.

At
the Scheme Meeting, you will be asked to vote on a proposal for a “scheme of arrangement” pursuant to Section 86 of the Cayman Islands Companies Act (2025 Revision), as amended, modified or
re-enacted from time to time, that would result in a change in the ultimate parent company of the Penguin Solutions group of companies from the current parent company that is incorporated in the Cayman Islands
to a parent company that is formed in Delaware, as described in the accompanying proxy statement.

For you, our shareholders, much will
remain unchanged following the completion of the scheme of arrangement. If the scheme of arrangement is approved and becomes effective, it will result in the exchange of your Penguin Solutions Cayman ordinary shares and Penguin Solutions Cayman
convertible preferred shares, as applicable, for an equal number of shares of common stock of Penguin Solutions Delaware and shares of convertible preferred stock of Penguin Solutions Delaware, respectively, and Penguin Solutions Delaware will
become the ultimate parent company of the Penguin Solutions group of companies.

If the scheme of arrangement takes effect, your rights
with respect to the Penguin Solutions Delaware stock will be substantially the same as those currently in effect with respect to the Penguin Solutions Cayman shares. Upon the scheme of arrangement becoming effective, holders of Penguin Solutions
Delaware stock will have the same proportionate interest in the profits, net assets and dividends of the Penguin Solutions group of companies as they had immediately prior to the effective date of the scheme of arrangement as a holder of Penguin
Solutions Cayman shares. 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 Solutions Cayman’s articles of
association and Penguin Solutions Delaware’s amended and restated certificate of incorporation and amended