Company: PENG
Filing Date: 2025-03-24
Form Type: PRE 14A
Source: 0001193125-25-060930
Chunk: 49

Company: Penguin Solutions, Inc.
Filing Date: 2025-03-24
Form: PRE 14A
Chunk 49
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 governed by Delaware law and by Penguin Solutions Delaware’s amended and restated certificate of incorporation and amended and restated bylaws, in substantially the forms attached hereto as Annex D and Annex F,
respectively. The certificate of designation in substantially the form attached hereto as Annex E will also govern the Penguin Solutions Delaware convertible preferred stock after the completion of the Scheme of Arrangement. The Penguin Solutions
Delaware common stock is expected to be listed on Nasdaq under the same ticker symbol under which the Penguin Solutions Cayman ordinary shares are currently traded (PENG).

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Scheme Meeting

Several steps are required in order for us to effect the Scheme of Arrangement, including convening and holding the Scheme Meeting at which
shareholders as of the Voting Record Time will consider and, if thought fit, approve the Scheme of Arrangement. The Scheme Meeting has been convened 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. If the Scheme of Arrangement Proposal is approved by the Penguin Solutions Cayman shareholders and the other
conditions to the Scheme of Arrangement have been satisfied or waived, we will seek the Cayman Court’s sanction of the Scheme of Arrangement.

The requisite majority to approve the Scheme of Arrangement Proposal at the Scheme Meeting is at least 75% or more of the nominal value of the
Penguin Solutions Cayman 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.

Penguin Solutions Cayman shareholders who hold Penguin Solutions Cayman shares directly and are reflected on the register of members of
Penguin Solutions Cayman at the Voting Record Time will be entitled to vote directly at the Scheme Meeting, either in person (including via live webcast) or by proxy.

If the Scheme of Arrangement Proposal is approved by the Penguin Solutions Cayman shareholders and the other conditions to the Scheme of
Arrangement have been satisfied or waived, we will seek the Cayman Court’s sanction of the Scheme of