Company: PENG
Filing Date: 2025-03-24
Form Type: PRE 14A
Source: 0001193125-25-060930
Chunk: 62

Company: Penguin Solutions, Inc.
Filing Date: 2025-03-24
Form: PRE 14A
Chunk 62
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 established current practices. Penguin Solutions Delaware will file reports on Form 10-K, 10-Q and 8-K with the SEC and comply with the rules and regulations promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), including the rules applicable to the filing and
contents of proxy statements, as we currently do.

Assuming completion of the Transaction, Penguin Solutions Cayman will no longer be
subject to the reporting requirements of the SEC and as such, Penguin Solutions Cayman will no longer file reports on Form 10-K, 10-Q and
8-K and will no longer be subject to the proxy rules.

Accounting Treatment of the Transaction

Under U.S. GAAP, the Transaction represents a transaction between entities under common control. Assets and liabilities transferred between
entities under common control are accounted for at cost. Accordingly, the assets and liabilities of Penguin Solutions Delaware will be reflected at their historical carrying amounts of Penguin Solutions Cayman at the Completion Date.

Required Vote

To be approved, the Scheme
of Arrangement Proposal must receive 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 (either in person (including via live webcast) or represented by proxy) and who vote at the Scheme Meeting. Holders of Penguin Solutions Cayman ordinary shares
and Penguin Solutions Cayman convertible preferred shares will vote together on the Scheme of Arrangement Proposal. Broker “non-votes,” if any, will be disregarded and will have no effect on the
outcome of the vote.

Board Recommendation

The Penguin Solutions Cayman Board has unanimously approved and recommends that you vote “FOR” the Scheme of Arrangement Proposal at
the Scheme Meeting.

Resolution

“THAT the Scheme of Arrangement (a copy of which has been produced to this meeting and for the purposes of identification signed by the
chairperson hereof) in its original form or with such modifications, additions or conditions as may be approved or imposed by the Cayman Islands Grand Court, and as may be agreed by the Company, be and is hereby approved.”

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MATERIAL TAX CONSIDERATIONS RELATING TO THE TRANSACTION TO HOLDERS OF PENGUIN SOLUTIONS CAYMAN ORDINARY SHARES U.S. Federal Income Tax Considerations The following discussion is a summary of the material U.S.