Company: PENG
Filing Date: 2025-03-24
Form Type: PRE 14A
Source: 0001193125-25-060930
Chunk: 41

Company: Penguin Solutions, Inc.
Filing Date: 2025-03-24
Form: PRE 14A
Chunk 41
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 rights as a shareholder will change as a result of the Transaction. Due to certain differences between Delaware law and Cayman Islands law and differences between the governing documents of Penguin Solutions Delaware and Penguin Solutions Cayman, the governing documents for Penguin Solutions Delaware will not be identical to the governing documents for Penguin Solutions Cayman. However, the governing documents of Penguin Solutions Delaware will provide the stockholders and the Penguin Solutions Delaware Board with substantially similar rights and powers as currently provided under Penguin Solutions Cayman’s governing documents. Nevertheless, Penguin Solutions Delaware’s governing documents, both in form and substance, and your rights as a Penguin Solutions Delaware stockholder, will change, and the enforcement of such rights may involve different considerations than would be the case if Penguin Solutions Delaware had been incorporated in the Cayman Islands. For a description of these differences, please see the comparison chart of your rights as a stockholder of Penguin Solutions Delaware against your rights as a shareholder of Penguin Solutions Cayman, located in “Comparison of Rights of Cayman Islands Shareholders and Delaware Stockholders.” The anticipated benefits of the Transaction may not be realized. We may not realize the benefits we anticipate from the Transaction, particularly as the achievement of the benefits are in many important respects subject to factors that we do not and cannot control, including the reaction of third parties with whom we enter into contracts and do business and the reaction of investors. Our failure to realize those benefits could have a material and adverse effect on our business, results of operations or financial condition. Please see “The Scheme of Arrangement Proposal—Background and Reasons for the Transaction.” If the Cayman Court does not sanction the Scheme of Arrangement, Penguin Solutions Cayman will not have the ability to effect the Transaction. We cannot proceed with the Transaction unless the Cayman Court sanctions the Scheme of Arrangement at the Sanction Hearing. The Transaction will only be consummated if the Scheme of Arrangement becomes effective. The Scheme of Arrangement (and therefore the Transaction) will not be completed unless each of the following conditions are satisfied:

| • |     | the Scheme of Arrangement is approved by the affirmative vote of at least 75% or more of the nominal value of the                                                                                                                                
 Penguin Solutions Cayman ordinary shares and Penguin Solutions Cayman convertible preferred shares voted at the Scheme Meeting by the shareholders as of the Voting Record Time who are entitled to vote and who are present and vote (in person 
 (including via live webcast) or by proxy) at the Scheme Meeting;                                                                                                                                                                                 |

| • |     | the Cayman Court