Company: PENG
Filing Date: 2025-03-24
Form Type: PRE 14A
Source: 0001193125-25-060930
Chunk: 52

Company: Penguin Solutions, Inc.
Filing Date: 2025-03-24
Form: PRE 14A
Chunk 52
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 to decide, in its discretion, whether the consent of the Penguin Solutions Cayman shareholders should be sought at a further meeting. Similarly, if a modification, addition or condition is put forward which, in the
opinion of the Penguin Solutions Cayman Board, is of such a nature or importance as to require the approval of Penguin Solutions Cayman shareholders at a further meeting of Penguin Solutions Cayman shareholders, the Penguin Solutions Cayman Board
will not take the necessary steps to enable the Scheme of Arrangement to become effective unless and until such shareholder approval is obtained by the Penguin Solutions Cayman shareholders. In determining whether to exercise its discretion and
sanction the Scheme of Arrangement, the Cayman Court will determine, among other things, whether the Scheme of Arrangement is fair to the Penguin Solutions Cayman shareholders.

Assuming that the Scheme Meeting is conducted and that the Penguin Solutions Cayman shareholders as of the Voting Record Time vote to approve
the Scheme of Arrangement Proposal, we are not aware of any reason why the Cayman Court would not sanction the Scheme of Arrangement. Nevertheless, the Cayman Court’s sanction is a matter for its discretion and there can be no assurance if or
when such sanction will be obtained.

If the Scheme of Arrangement is sanctioned by the Cayman Court, we intend to deliver the Sanction
Order to the Cayman Islands Registrar of Companies. Delivery of the Sanction Order to the Cayman Islands Registrar of Companies will cause the Scheme of Arrangement to become effective in accordance with its terms.

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We currently expect the Completion Date to occur after the closing of trading of the Penguin Solutions Cayman common shares on Nasdaq on , 2025. If the Scheme of Arrangement becomes effective, it will be binding on all Penguin Solutions Cayman shareholders, including those who do not vote to approve the Scheme of Arrangement Proposal at the Scheme Meeting. Once the Scheme of Arrangement is effective, the Cayman Court will have exclusive jurisdiction to hear and determine any suit, action or proceedings and to settle any dispute which arises out of or is connected with the terms of the Scheme of Arrangement or its implementation or out of any action taken or omitted to be taken under the Scheme of Arrangement or in connection with the administration of the Scheme of Arrangement. If obtained, the sanction of the Cayman Court will constitute the basis for an exemption, under Section 3(a)(10) of the Securities Act, from the registration requirements of the Securities Act with respect to the Transaction. Please see “Federal