Company: PENG
Filing Date: 2025-03-24
Form Type: PRE 14A
Source: 0001193125-25-060930
Chunk: 7

Company: Penguin Solutions, Inc.
Filing Date: 2025-03-24
Form: PRE 14A
Chunk 7
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 the “Penguin Solutions Cayman                           
 shares”) will be exchanged for one share of convertible preferred stock of Penguin Solutions Delaware (“Penguin Solutions Delaware convertible preferred stock” and, together with the Penguin Solutions Delaware common stock,                   
 the “Penguin Solutions Delaware stock”).                                                                                                                                                                                                          |

We refer to this as the “ Scheme of Arrangement Proposal.” Approval of the Scheme of Arrangement Proposal by our shareholders as of the Voting Record Time (as defined below) at the Scheme Meeting is a condition to the Scheme of Arrangement becoming effective.

The formal notice of the Scheme Meeting is provided as an attachment to the accompanying
proxy statement as Annex A, and should be read closely. This summary does not constitute the formal notice in respect of the Scheme Meeting.

The Penguin Solutions Cayman Board has set p.m. (Pacific Time) on , 2025 as the record date for the Scheme Meeting. This means that only those persons who were shareholders at p.m. (Pacific Time) on , 2025 (the “Voting Record Time”) will be entitled to receive notice of, and to attend and vote, at the Scheme Meeting and any adjournments thereof.

The Scheme Meeting has been convened at a.m. (Pacific Time) on
, 2025, pursuant to an Order of the Cayman Islands Grand Court (the “Cayman Court”) granted on , 2025. If the shareholders as of the Voting Record Time approve the Scheme of Arrangement
Proposal and the other conditions to the Scheme of Arrangement have been satisfied or waived, we will seek the Cayman Court’s sanction of the Scheme of Arrangement. Sanction of the Cayman Court must be obtained as a condition to the Scheme of
Arrangement becoming effective. We expect the sanction hearing to be held at the Law Courts, George Town, Grand Cayman at a.m. (Pacific Time) on , 2025 (the “Sanction Hearing”), further details of
which will be advertised by Penguin Solutions Cayman on its website and in The Wall Street Journal and a Cayman Islands newspaper in accordance with directions that we intend to request from the Cayman Court. Shareholders as at the Voting Record
Time who voted at the Scheme Meeting or gave instructions to their broker or nominee to vote at the Scheme Meeting (as applicable) have the right to attend the Sanction Hearing and to appear in person or be represented by counsel to support or
oppose the sanction of the Scheme of Arrangement. If you are a shareholder who wishes to appear in