Company: PENG
Filing Date: 2025-03-24
Form Type: PRE 14A
Source: 0001193125-25-060930
Chunk: 10

Company: Penguin Solutions, Inc.
Filing Date: 2025-03-24
Form: PRE 14A
Chunk 10
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| RISK FACTORS                                                                  |     |  23 |
| CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS                          |     |  27 |
| UNAUDITED SUMMARY PRO FORMA FINANCIAL INFORMATION                             |     |  28 |
| THE SCHEME OF ARRANGEMENT PROPOSAL                                            |     |  29 |
| MATERIAL TAX CONSIDERATIONS RELATING TO THE TRANSACTION TO HOLDERS OF PENGUIN 
 SOLUTIONS CAYMAN ORDINARY SHARES                                              |     |  40 |
| DESCRIPTION OF PENGUIN SOLUTIONS DELAWARE CAPITAL STOCK                       |     |  49 |
| COMPARISON OF RIGHTS OF CAYMAN ISLANDS SHAREHOLDERS AND DELAWARE STOCKHOLDERS |     |  63 |
| THE SCHEME MEETING                                                            |     |  91 |
| SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND                           
 MANAGEMENT                                                                    |     |  97 |
| SUBMISSION OF FUTURE SHAREHOLDER PROPOSALS                                    |     | 100 |
| HOUSEHOLDING OF SHAREHOLDER DOCUMENTS                                         |     | 102 |
| WHERE YOU CAN FIND MORE INFORMATION                                           |     | 103 |

PENGUIN SOLUTIONS, INC.

PROXY STATEMENT

For the Special Scheme Meeting of the Holders of

Ordinary Shares and Convertible Preferred Shares of Penguin Solutions, Inc.

to be held on , 2025

This proxy
statement, which also constitutes the “scheme circular” required to be sent to shareholders under Cayman Islands law, is furnished to the holders of ordinary shares and convertible preferred shares (“shareholders”) of
Penguin Solutions, Inc., a Cayman Islands exempted company (“Penguin Solutions Cayman”), in connection with the solicitation of proxies on behalf of the board of directors of Penguin Solutions Cayman (the “Penguin Solutions Cayman Board”) to be voted at the special scheme meeting of shareholders to be held on , 2025 (the “Scheme Meeting”), and any adjournments thereof, at the times and place and for the purposes
set forth in the accompanying notice of the Scheme Meeting.

STRUCTURE OF THE TRANSACTION

We are seeking your approval at the Scheme Meeting of a scheme of arrangement pursuant to Section 86 of the Cayman Islands Companies Act
(2025 Revision), as amended, modified or reenacted from time to time (the “Cayman Companies Act”), substantially in the form attached as Annex B to