Company: PENG
Filing Date: 2025-03-24
Form Type: PRE 14A
Source: 0001193125-25-060930
Chunk: 55

Company: Penguin Solutions, Inc.
Filing Date: 2025-03-24
Form: PRE 14A
Chunk 55
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 not have a material impact on our business or our ability to consummate the Transaction. Federal Securities Law Consequences; Resale Restrictions The issuance of Penguin Solutions Delaware common stock and Penguin Solutions Delaware convertible preferred stock to Penguin Solutions Cayman shareholders pursuant to the Scheme of Arrangement will not be registered under the Securities Act in reliance upon Section 3(a)(10) of the Securities Act. Section 3(a)(10) of the Securities Act exempts securities issued in exchange for one or more outstanding securities from the general requirement of registration where the terms and conditions of the issuance and exchange of such securities have been approved by any court of competent jurisdiction, after a hearing upon the fairness of the terms and conditions of the issuance and exchange at which all persons to whom such securities will be issued have a right to appear and to whom adequate notice of the hearing has been given. Subsequent and subject to the Penguin Solutions Cayman shareholders approving the Scheme of Arrangement Proposal by the relevant voting thresholds required by the Cayman Companies Act and the other conditions to the Scheme of Arrangement having been satisfied or waived, we will promptly seek the Cayman Court’s sanction of the Scheme of Arrangement. We expect the Sanction Hearing to be held at the Law Courts, George Town, Grand Cayman at a.m., (Pacific Time), on , 2025, further details of which will be advertised by Penguin Solutions Cayman on its website and in The Wall Street Journal and a Cayman Islands newspaper in accordance with directions that we intend to request from the Cayman Court. Penguin Solutions Cayman shareholders as of the Voting Record Time who vote at the Scheme Meeting (whether in person (including by webcast) or by proxy) have the right to attend the Sanction Hearing and to appear in person or be represented by counsel to support or oppose the sanction of the Scheme of Arrangement. 34

In determining whether it is appropriate to authorize the Scheme of Arrangement, the Cayman Court will consider whether the terms and conditions of the exchange of shares pursuant to the Scheme of Arrangement are fair to the Penguin Solutions Cayman shareholders and we will have advised the Cayman Court before the hearing that we will rely on the Section 3(a)(10) exemption based on its approval of the Scheme of Arrangement. The Penguin Solutions Delaware common stock issued to Penguin Solutions Cayman shareholders in connection with the Transaction will be freely transferable, except for restrictions applicable to certain “affiliates” of Penguin Solutions Cayman under the Securities Act, as follows:

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