Company: PENG
Filing Date: 2025-05-02
Form Type: DEF 14A
Source: 0001193125-25-110748
Chunk: 9

Company: Penguin Solutions, Inc.
Filing Date: 2025-05-02
Form: DEF 14A
Chunk 9
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 DEADLINE APPLICABLE FOR THE SUBMISSION OF PROXY CARDS BY PENGUIN SOLUTIONS CAYMAN SHAREHOLDERS AND SUCH HOLDERS SHOULD FOLLOW ANY SEPARATE INSTRUCTIONS THAT ARE PROVIDED BY THEIR APPLICABLE BROKER OR NOMINEE. YOU SHOULD CONTACT YOUR BROKER OR NOMINEE DIRECTLY FOR MORE INFORMATION ON THESE PROCEDURES.

The accompanying proxy statement incorporates
documents by reference. Please see “Where You Can Find More Information” beginning on page 103 of the accompanying proxy statement for a listing of documents incorporated by reference. These documents are available to any person, including
any beneficial owner, upon request by contacting us at:

Penguin Solutions, Inc.

1390 McCarthy Boulevard, Milpitas, CA 95035

Attention: Corporate Secretary

Telephone: +1 (510) 623-1231

To
ensure timely delivery of these documents, any request should be made no later than June 2, 2025. The exhibits to these documents will generally not be made available unless such exhibits are specifically incorporated by reference in the
accompanying proxy statement.

TABLE OF CONTENTS

| STRUCTURE OF THE TRANSACTION                                                  |     |   1 |
| QUESTIONS AND ANSWERS ABOUT THE TRANSACTION                                   |     |   4 |
| SUMMARY                                                                       |     |  16 |
| RISK FACTORS                                                                  |     |  23 |
| CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS                          |     |  27 |
| UNAUDITED SUMMARY PRO FORMA FINANCIAL INFORMATION                             |     |  28 |
| THE SCHEME OF ARRANGEMENT PROPOSAL                                            |     |  29 |
| MATERIAL TAX CONSIDERATIONS RELATING TO THE TRANSACTION TO HOLDERS OF PENGUIN 
 SOLUTIONS CAYMAN ORDINARY SHARES                                              |     |  40 |
| DESCRIPTION OF PENGUIN SOLUTIONS DELAWARE CAPITAL STOCK                       |     |  49 |
| COMPARISON OF RIGHTS OF CAYMAN ISLANDS SHAREHOLDERS AND DELAWARE STOCKHOLDERS |     |  63 |
| THE SCHEME MEETING                                                            |     |  91 |
| SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND                           
 MANAGEMENT                                                                    |     |  97 |
| SUBMISSION OF FUTURE SHAREHOLDER PROPOSALS                                    |     | 100 |
| HOUSEHOLDING OF SHAREHOLDER DOCUMENTS                                         |     | 102 |
| WHERE YOU CAN