Company: PENG
Filing Date: 2025-03-24
Form Type: PRE 14A
Source: 0001193125-25-060930
Chunk: 16

Company: Penguin Solutions, Inc.
Filing Date: 2025-03-24
Form: PRE 14A
Chunk 16
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 that Delaware is the preferred jurisdiction of incorporation of the parent of the Penguin Solutions group of companies was based on many factors, including the following:

| • |     | Delaware offers predictable and well-established corporate laws; |

| • |     | Delaware has a well-developed legal system which we believe encourages high standards of corporate 
 governance and provides stockholders with substantial rights;                                      |

| • |     | corporations domiciled in Delaware are perceived more favorably among regulatory authorities, investors 
 and creditors than corporations domiciled in many other jurisdictions; and                              |

| • |     | Delaware corporate law provides significant flexibility around corporate transactions, including the           
 issuance of equity and the payment of dividends, while at the same time protecting the rights of stockholders. |

Please see “The Scheme of Arrangement Proposal—Background and Reasons for the Transaction” for more information. We cannot assure you that the anticipated benefits of the Transaction will be realized. In addition, despite the potential benefits described above, the Transaction will expose you and us to potential risks, including relating to future income tax policy in the United States. Please see the discussion under “Risk Factors.” Our board of directors has considered both the potential advantages of the Transaction and these potential risks and has unanimously approved the Scheme of Arrangement and recommends that shareholders vote for the approval of the Scheme of Arrangement Proposal.

| 4. Q: | How does the Penguin Solutions Cayman Board recommend that I vote? |

| A: | Our board of directors unanimously recommends that our shareholders vote “FOR” the Scheme of 
 Arrangement Proposal.                                                                        |

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| 5. Q: | Who can vote at the Scheme Meeting? |

| A: | All persons who are registered holders of Penguin Solutions Cayman ordinary shares and registered                                                                                                             
 holders of Penguin Solutions Cayman convertible preferred shares as of p.m. (Pacific Time) on    , 2025 (the “Voting Record Time”) are shareholders for the purposes of voting at the Scheme Meeting and will 
 be entitled to attend and vote, in person (including via live webcast) or by proxy, at the Scheme Meeting and any adjournments thereof.                                                                       |

Shareholder of Record: Shares Registered in Your Name If, at the Voting Record Time, your shares were registered directly in your name with our transfer agent, Computershare Trust Company, N.A., then you are a shareholder of record. As a shareholder of record, you may vote during the Scheme Meeting or vote by proxy