Company: PENG
Filing Date: 2025-08-27
Form Type: S-3ASR
Source: 0001616533-25-000054
Chunk: 30

Company: Penguin Solutions, Inc.
Filing Date: 2025-08-27
Form: S-3ASR
Chunk 30
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     |           |              |     |        |           |     |           | After Offering |     |              |
| Selling Securityholder  |     | Number of         
 Shares            
 Beneficially      
 Owned             |     |           | Percentage   
 of Shares    
 Beneficially 
 Owned        |     |        | Number of 
 Shares    
 Offered   |     |           | Number of      
 Shares         
 Beneficially   
 Owned          |     | Percentage   
 of Shares    
 Beneficially 
 Owned        |
| SK Telecom Co., Ltd.(1) |     |                   |     | 6,096,103 |              |     | 10.42% |           |     | 6,096,103 | —              |     | —            |

__________

(1) Consists of shares issuable upon conversion of 200,000 convertible preferred shares directly held by Astra, which are initially convertible into 6,096,103 shares of common stock, subject to adjustment as provided in the Certificate of Designation. Astra has sole voting and dispositive power with respect to the convertible preferred shares, subject to the Investor Agreement. SK may be deemed to have sole voting and dispositive power with respect to the convertible preferred shares held by Astra, subject to the Investor Agreement. The address for SK and Astra is SK T-Tower 65, Eulji-ro, Jung-gu, Seoul, Korea, 04539.

Material Relationships with the Selling Securityholder

As a holder of Issued Convertible Preferred Stock, as described under “Description of Securities—Preferred Stock—Issued Convertible Preferred Stock—Voting Rights,” SK and its affiliates that hold Issued Convertible Preferred Stock, acting together, may nominate to be elected or appointed to our Board an Investor Designee during the Director Period; provided that each such director meets customary qualification requirements and is reasonably acceptable to our Board at the time of his or her designation. They also have certain other rights as holders of Issued Convertible Preferred Stock, including rights to redeem shares of Issued Convertible Preferred Stock for cash and to voluntarily convert shares of Issued Convertible Preferred Stock into common stock, among others, as further described under “Description of Securities—Preferred Stock—Issued Convertible Preferred Stock.”

The Investor Agreement entered into with the Selling Securityholder in connection with the 2024 Private Placement and amended and assumed by us following the consummation of our U.S. Domestication set forth certain conditions to be satisfied in connection with the