Company: PENG
Filing Date: 2025-03-24
Form Type: PRE 14A
Source: 0001193125-25-060930
Chunk: 36

Company: Penguin Solutions, Inc.
Filing Date: 2025-03-24
Form: PRE 14A
Chunk 36
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 Solutions Cayman’s articles of association and Penguin Solutions Delaware’s amended and restated certificate of incorporation and amended and restated bylaws as they will be in effect upon the
completion of the Scheme of Arrangement.

We discuss these differences under “Description of Penguin Solutions Delaware Capital
Stock” and “Comparison of Rights of Cayman Islands Shareholders and Delaware Stockholders.” Penguin Solutions Delaware’s amended and restated certificate of incorporation and amended and restated bylaws, in the form substantially
as they will be in effect upon completion of the Scheme of Arrangement, are attached as Annex D and Annex F, respectively, to this proxy statement. The certificate of designation in substantially the form attached hereto as Annex E will also govern
shares of Penguin Solutions Delaware convertible preferred stock after the completion of the Scheme of Arrangement.

Unaudited Summary Pro Forma Financial Information

Pro forma consolidated financial statements for Penguin Solutions Delaware are not presented in this proxy
statement because no significant pro forma adjustments are required to be made to show the impact of the Transaction to the historical income statement of Penguin Solutions Cayman for the year ended August 30, 2024 or the historical balance
sheet as of August 30, 2024.

19

The Scheme Meeting

Time, Place, Date and Purpose of the Scheme Meeting

The Scheme Meeting is scheduled to be held at the offices of Latham & Watkins LLP, located at 140 Scott Drive, Menlo Park, California,
94025, at a.m. (Pacific Time) on , 2025 pursuant to an Order of the Cayman Court granted on , 2025. Notice of the Scheme Meeting is set out at Annex A to this proxy statement.

At the Scheme Meeting, the Penguin Solutions Cayman Board intends to ask the holders of Penguin Solutions Cayman ordinary shares and Penguin
Solutions Cayman convertible preferred shares as of the Voting Record Time to vote on the Scheme of Arrangement Proposal. If the Scheme of Arrangement is approved and becomes effective, the Transaction will be effected, pursuant to which holders of
Penguin Solutions Cayman ordinary shares and Penguin Solutions Cayman convertible preferred shares (as applicable) at the Scheme Record Time will be transferred to Penguin Solutions Delaware and you will receive one new share of common stock of
Penguin Solutions Delaware for each Penguin Solutions Cayman ordinary share that has been transferred and one new share of convertible preferred stock of Penguin Solutions Delaware for each Penguin Solutions Cayman convertible preferred share that
has been transferred.

Voting Record Time; Voting Rights

P