Company: PENG
Filing Date: 2025-05-02
Form Type: DEF 14A
Source: 0001193125-25-110748
Chunk: 101

Company: Penguin Solutions, Inc.
Filing Date: 2025-05-02
Form: DEF 14A
Chunk 101
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 out at Annex A to this proxy statement.

Purpose of the Scheme Meeting

At the Scheme Meeting, the Penguin Solutions Cayman Board intends to ask the registered holders of Penguin Solutions Cayman ordinary shares and
Penguin Solutions Cayman convertible preferred shares as of the Voting Record Time to vote on the Scheme of Arrangement Proposal. If the Scheme of Arrangement is approved and becomes effective, the terms of the Scheme of Arrangement will be
implemented, pursuant to which holders of Penguin Solutions Cayman ordinary shares and Penguin Solutions Cayman convertible preferred shares (as applicable) at the Scheme Record Time will be transferred to Penguin Solutions Delaware and you will
receive one new share of common stock of Penguin Solutions Delaware for each Penguin Solutions Cayman ordinary share that has been transferred and one new share of convertible preferred stock of Penguin Solutions Delaware for each Penguin Solutions
Cayman convertible preferred share that has been transferred. The Penguin Solutions Cayman Board has unanimously approved the Scheme of Arrangement and recommends that you vote “FOR” the Scheme of Arrangement Proposal set forth in this proxy statement.

If any other matters properly come before the Scheme Meeting or any adjournment of such meeting, the persons
named in the proxy card will have the authority to vote the shares represented by all properly executed proxies in their discretion. The Penguin Solutions Cayman Board currently does not know of any matters to be raised at the Scheme Meeting other
than the proposal contained in this proxy statement.

Voting Record Time; Voting Rights

Penguin Solutions Cayman has set 1:15 p.m. (Pacific Time) on April 25, 2025 as Voting Record Time for the Scheme Meeting. This means that only
those persons who were registered holders of Penguin Solutions Cayman ordinary shares and Penguin Solutions Cayman convertible preferred shares at 1:15 p.m. (Pacific Time) on April 25, 2025 will be entitled to attend and vote at the Scheme Meeting
and any adjournments thereof.

As of the Voting Record Time, there were 52,800,546 Penguin Solutions Cayman ordinary shares and 200,000
Penguin Solutions Cayman convertible preferred shares issued and outstanding, and we had 39 shareholders of record.

Quorum

A quorum is required for the transaction of business at the Scheme Meeting. The quorum necessary at the Scheme Meeting to approve a matter
pertaining to the modification of rights of Penguin Solutions Cayman

91

shareholders will be one or more Penguin Solutions Cayman shareholders as at the Voting Record Time,