Company: PENG
Filing Date: 2025-05-02
Form Type: DEF 14A
Source: 0001193125-25-110748
Chunk: 49

Company: Penguin Solutions, Inc.
Filing Date: 2025-05-02
Form: DEF 14A
Chunk 49
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 Registrar of Companies, the Scheme of Arrangement will become effective in accordance with its
terms (the “Effective Time”). We currently expect the Effective Time to occur on June 25, 2025.

We currently expect the
Completion Date to occur after the closing of trading of the Penguin Solutions Cayman ordinary shares on Nasdaq on June 30, 2025. The exact date and timing of the Completion Date will depend on factors such as any postponement or adjournment of the
Sanction Hearing, which we expect to be held on June 25, 2025.

After the Completion Date, you will continue to own an interest in the
ultimate parent company of the Penguin Solutions group of companies, which will indirectly conduct the same business operations as currently conducted indirectly by Penguin Solutions Cayman, through the same group of operating subsidiaries of
Penguin Solutions Cayman prior to the Completion Date. The number and class(es) of shares of Penguin Solutions Delaware capital stock you will own will be the same as the number and class(es) of Penguin Solutions Cayman shares you own immediately
prior to the Completion Date, and your relative ownership interest in the Penguin Solutions group of companies will remain substantially unchanged as a result of the Scheme of Arrangement. Penguin Solutions Delaware will have the same board of
directors and management team as Penguin Solutions Cayman immediately following the Completion Date.

The completion of the Scheme of
Arrangement will change the governing law that applies to the internal affairs of our ultimate parent company from Cayman Islands law to Delaware Law. There are certain differences between the rights you will have as a holder of Penguin Solutions
Delaware stock under Delaware law and your current rights as a holder of Penguin Solutions Cayman shares under Cayman Islands law. In addition, there will

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be differences between the organizational documents of Penguin Solutions Delaware and Penguin Solutions Cayman. Please see “Comparison of Rights of Cayman Island Shareholders and Delaware
Stockholders” for a summary of material differences and rights.

We encourage you to read the Scheme of Arrangement in its entirety
for a complete understanding of its terms and conditions. The Scheme of Arrangement will be substantially in the form attached as Annex B to this proxy statement.

Court Sanction of the Scheme of Arrangement

As explained above, pursuant to Section 86 Cayman Companies Act, we cannot complete the Scheme of Arrangement without the sanction of the
Cayman Court. If the Penguin Solutions Cayman shareholders as at the Voting Record Time approve the Scheme of Arrangement