Company: PENG
Filing Date: 2025-05-02
Form Type: DEF 14A
Source: 0001193125-25-110748
Chunk: 31

Company: Penguin Solutions, Inc.
Filing Date: 2025-05-02
Form: DEF 14A
Chunk 31
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 Cayman Court. If the
Penguin Solutions Cayman shareholders as at 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 Proposal at the Sanction Hearing, further details of which will be advertised by Penguin Solutions Cayman in The Wall Street Journal and a Cayman Islands newspaper in accordance with the Cayman Court Order.

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.

16

Background and Reasons for the Transaction We have been incorporated in the Cayman Islands since 2011. While our incorporation in the Cayman Islands has served us and our shareholders well, there are compelling reasons that support redomiciling our corporate group by causing the parent company of the Penguin Solutions group of companies to be an entity organized in the United States at this time. We are a multi-national organization with operations in many countries. However, our business and our operations have become more focused in the United States, both through organic growth and as a result of multiple acquisitions of U.S.-based companies, and we expect to continue to invest in our operations in the United States, particularly in the areas of high-performance computing (HPC) and AI infrastructure. Through our existing subsidiaries and our listing on Nasdaq, we already have a substantial presence in the United States. It is important to note that our corporate headquarters, our executive management team, a majority of our operating assets, including significant intellectual property, and a substantial portion of our employee base are also in the United States. As a result, we believe that having our parent company based in the United States would streamline our corporate structure, resulting in administrative efficiencies and reduced regulatory compliance costs, and align the legal framework governing the Penguin Solutions group of companies with our operational footprint, which we believe will