Company: PENG
Filing Date: 2025-03-24
Form Type: DEFA14A
Source: 0001193125-25-060911
Chunk: 2

Company: Penguin Solutions, Inc.
Filing Date: 2025-03-24
Form: DEFA14A
Chunk 2
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 of Penguin Solutions to the United States will further our strategic objectives and reflects our increased business and operational focus in the United States,” said Mark Adams, Chief Executive Officer
of Penguin Solutions. “We also believe that the redomiciliation will, among other benefits, streamline our organizational and regulatory structure for the benefit of our shareholders.”

Pursuant to the redomiciliation plan, the ordinary shares and the convertible preferred shares of the existing Cayman Islands parent company at the completion
date of the redomiciliation will be exchanged on a one-for-one basis for common stock and convertible preferred stock of a newly-formed Delaware corporation
(“Penguin Solutions Delaware”). Penguin Solutions Delaware will become the ultimate parent company of the Penguin Solutions group of companies and will operate the business of the group in substantially the same manner as the Company has
done previously.

Upon completion of the redomiciliation, the common stock of Penguin Solutions Delaware will trade on the Nasdaq Global Select Market
under the Company’s existing ticker symbol, “PENG.”

The Board also approved the filing of a preliminary proxy statement with the U.S.
Securities and Exchange Commission in connection with a special meeting of the Company’s shareholders proposed to be convened by order of the Grand Court of the Cayman Islands (the “Cayman Court”) to consider and, if thought
appropriate, approve the redomiciliation plan. The implementation of the redomiciliation plan will also be subject to other customary closing conditions.

If approved by its shareholders, subject to the sanction of the Cayman Court, the Company anticipates that the redomiciliation would be completed in the third
quarter of 2025.

About Penguin Solutions, Inc.

The
most exciting technological advancements are also the most challenging for companies to adopt. At Penguin Solutions, we support our customers in achieving their ambitions across our Advanced Computing, Integrated Memory, and Optimized LED business
segments. With our expert skills, experience, and partnerships, we turn our customers’ most complex challenges into compelling opportunities.

For
more information, visit https://www.penguinsolutions.com

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E
of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements about the proposed redomiciliation of the Penguin Solutions; statements that
address our business plans and