Company: PENG
Filing Date: 2025-03-24
Form Type: PRE 14A
Source: 0001193125-25-060930
Chunk: 1

Company: Penguin Solutions, Inc.
Filing Date: 2025-03-24
Form: PRE 14A
Chunk 1
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 its shareholders, commonly used by Cayman Islands domiciled companies to redomicile or reorganize their businesses. The scheme of arrangement process
requires shareholder approval. In order to commence the scheme of arrangement process, Penguin Solutions Cayman will apply to the Grand Court of the Cayman Islands (the “Cayman Court”) for, among other matters, permission to convene
a meeting of its registered shareholders as at the relevant time, to consider and vote on a proposal to consummate a scheme of arrangement. If the requisite statutory threshold of shareholders as of p.m. (Pacific Time) on
, 2025 (the “Voting Record Time”) vote to approve the scheme of arrangement, Penguin Solutions Cayman will apply to the Cayman Court for sanction of the scheme of arrangement. If sanctioned by the Cayman Court,
and following filing of the Order of the Cayman Court sanctioning the scheme of arrangement with the Cayman Islands Registrar of Companies, the scheme of arrangement will be become effective in accordance with its terms and binding on all
shareholders of Penguin Solutions Cayman whether or not they voted in favor of the scheme of arrangement. This will enable the parent company of the Penguin Solutions group of companies to redomicile from the Cayman Islands to the United States in
an efficient manner and without disruption to our operations. We are making the accompanying proxy statement available in connection with the solicitation by the Penguin Solutions Cayman Board of proxies to be voted at the special meeting of our
shareholders to be convened for the purposes set forth in the accompanying proxy statement.

While our incorporation in the Cayman Islands
has served us and our shareholders well for many years, there are compelling reasons that support redomiciling the parent company of the Penguin Solutions group of companies to the United States at this time. After considering various factors, the
Penguin Solutions Cayman Board unanimously determined that redomiciling the parent company of the Penguin Solutions group of companies to Delaware is in the best interests of Penguin Solutions Cayman and will best help us to accomplish our strategic
objectives. We believe that the redomiciliation will, among other benefits, simplify and streamline the organizational, statutory and regulatory structure of the Penguin Solutions group of companies for the benefit

of shareholders and align the legal framework governing the Penguin Solutions group of companies with our operational footprint. Through our existing subsidiaries and our listing on the Nasdaq
Global Select Market (“Nasdaq”), we already have a substantial presence in the United States, and it is important to note that