Company: PENG
Filing Date: 2025-05-02
Form Type: DEF 14A
Source: 0001193125-25-110748
Chunk: 83

Company: Penguin Solutions, Inc.
Filing Date: 2025-05-02
Form: DEF 14A
Chunk 83
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 preferred stock to convert such shares into Penguin Solutions Delaware common stock, and for such holders to own such shares of Penguin Solutions Delaware common stock, have been obtained, (ii) an effective shelf registration statement covers the resale of Penguin Solutions Delaware common stock issued upon conversion and (iii) such Penguin Solutions Delaware common stock are listed on Nasdaq or, in certain scenarios, the New York Stock Exchange or both such exchanges. Penguin Solutions Delaware shall provide written notice of a mandatory conversion (a “ Mandatory Conversion Notice”) no later than 10 business days following the Mandatory Conversion Time. The Mandatory Conversion Notice must state:

| • |     | that Penguin Solutions Delaware has exercised its mandatory conversion right; |

| • |     | the date of the Mandatory Conversion Time and the date for settlement of such mandatory conversion; |

| • |     | the Conversion Price at the Mandatory Conversion Time; and |

| • |     | a certification that all authorizations or approvals necessary to enable holders of Penguin Solutions Delaware                                                                                           
 convertible preferred stock to convert such shares into Penguin Solutions Delaware common stock, and for such holders to own such shares of Penguin Solutions Delaware common stock, have been obtained. |

As soon as practicable following the Mandatory Conversion Notice, Penguin Solutions Delaware will register the Penguin Solutions Delaware common stock due upon conversion to each holder or their respective nominee(s) and deliver to such holders cash in lieu of fractional shares otherwise issuable upon such conversion. Penguin Solutions Delaware cannot exercise its mandatory conversion right in respect of any Penguin Solutions Delaware convertible preferred stock as to which a redemption notice has been duly delivered. No Maturity, Sinking Fund or Mandatory Redemption Penguin Solutions Delaware convertible preferred stock will have no maturity date and Penguin Solutions Delaware will not be required to redeem Penguin Solutions Delaware convertible preferred stock at any time. Accordingly, Penguin Solutions Delaware convertible preferred stock will remain outstanding indefinitely, unless Penguin Solutions Delaware decides, at its option, to exercise its redemption right or mandatory conversion right, or holders of Penguin Solutions Delaware convertible preferred stock exercise their voluntary conversion right. Shares of Penguin Solutions Delaware convertible preferred stock will not be subject to any sinking fund. Voting Rights Holders of Penguin Solutions Delaware convertible preferred stock will have the voting rights set forth in the Certificate of Designation relating to such shares and attached to this proxy statement as Annex E. Except as prohibited by applicable law, each holder of Penguin Solutions Delaware convertible preferred stock will be entitled to (i) vote as a single class with the holders of Penguin Solutions Delaware common stock on all matters submitted for a vote of holders of Penguin Solutions Delaware common stock