Company: PENG
Filing Date: 2025-03-24
Form Type: PRE 14A
Source: 0001193125-25-060930
Chunk: 69

Company: Penguin Solutions, Inc.
Filing Date: 2025-03-24
Form: PRE 14A
Chunk 69
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 the required information is furnished to the IRS in a timely manner.

Material U.S. Federal Income Tax Consequences of the Scheme of Arrangement to Non-U.S.Holders of Penguin Solutions Cayman Ordinary Shares

Assuming that the exchange of Penguin Solutions Cayman ordinary shares for shares of Penguin
Solutions Delaware common stock pursuant to the Scheme of Arrangement qualifies as a transaction described in Section 351 of the Code, a Non-U.S. Holder that receives shares of Penguin Solutions Delaware
common stock pursuant to the Scheme of Arrangement should not recognize any gain or loss with respect to the receipt of such shares of Penguin Solutions Delaware common stock for U.S. federal income tax purposes. Such
Non-U.S. Holder should, for U.S. federal income tax purposes, have an aggregate adjusted tax basis in the shares of Penguin Solutions Delaware common stock received pursuant to the Scheme of Arrangement equal
to the aggregate adjusted tax basis of the Penguin Solutions Cayman ordinary shares surrendered in exchange therefor by that Non-U.S. Holder pursuant to the Scheme of Arrangement. The holding period for shares
of Penguin

43

Solutions Delaware common stock received pursuant to the Scheme of Arrangement will include the Non-U.S. Holder’s holding period for the Penguin
Solutions Cayman ordinary shares surrendered in exchange therefor.

Even if the exchange of Penguin Solutions Cayman ordinary shares for
shares of Penguin Solutions Delaware common stock pursuant to the Scheme of Arrangement does not qualify as an exchange described in Section 351 of the Code as described above, a Non-U.S. Holder generally
would not be subject to U.S. federal income tax on any gain recognized pursuant to the exchange except in the situations described in the first two bullet points below under the heading “Material U.S. Federal Income Tax Considerations to Non-U.S. Holders of Owning and Disposing of Shares of Penguin Solutions Delaware Common Stock Received in the Scheme of Arrangement—Dispositions of Shares of Penguin Solutions Delaware Common Stock.”

Non-U.S. Holders should consult their tax advisors about reporting requirements and information
statements that could be applicable with respect to the Scheme of Arrangement and any potential consequences, including penalties, associated with a failure to satisfy such requirements.

Material U.S. Federal Income Tax Considerations to Non-U.S.Holders Regarding Owning and Disposing of Shares of Penguin Solutions Delaware Common Stock Received in the Scheme of Arrangement

Distributions on Shares of Penguin Solutions Delaware Common Stock

Any distribution made by Penguin Solutions Delaware to a Non-U.S. Holder with