Company: PENG
Filing Date: 2025-05-02
Form Type: DEF 14A
Source: 0001193125-25-110748
Chunk: 10

Company: Penguin Solutions, Inc.
Filing Date: 2025-05-02
Form: DEF 14A
Chunk 10
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PENGUIN SOLUTIONS, INC.

PROXY STATEMENT

For the Special Scheme Meeting of the Holders of

Ordinary Shares and Convertible Preferred Shares of Penguin Solutions, Inc.

to be held on June 16, 2025

This proxy statement, which also constitutes the “scheme circular” required to be sent to shareholders under Cayman Islands law, is
furnished to the holders of ordinary shares and convertible preferred shares (“shareholders”) of Penguin Solutions, Inc., a Cayman Islands exempted company (“Penguin Solutions Cayman”), in connection with the
solicitation of proxies on behalf of the board of directors of Penguin Solutions Cayman (the “Penguin Solutions Cayman Board”) to be voted at the special scheme meeting of shareholders to be held on June 16, 2025 (the
“Scheme Meeting”), and any adjournments thereof, at the times and place and for the purposes set forth in the accompanying notice of the Scheme Meeting.

STRUCTURE OF THE TRANSACTION

We are seeking your approval at the Scheme Meeting of a scheme of arrangement pursuant to Section 86 of the Cayman Islands Companies Act
(2025 Revision), as amended, modified or reenacted from time to time (the “Cayman Companies Act”), substantially in the form attached as Annex B to this proxy statement (the “Scheme of Arrangement”), pursuant to
which, upon effectiveness, a newly formed Delaware corporation will become the publicly traded parent of the Penguin Solutions group of companies. The scheme of arrangement process is commonly used by Cayman Islands domiciled companies, such as
Penguin Solutions Cayman, as a flexible and efficient means to redomicile or reorganize their business. The transactions to be effected pursuant to the Scheme of Arrangement and the related transactions are sometimes referred to herein collectively
as the “Transaction”. The Transaction will create a new publicly traded parent company of the Penguin Solutions group of companies that is incorporated in Delaware and will result in you owning common stock and/or shares of
convertible preferred stock, as applicable, of a Delaware corporation instead of ordinary shares and/or convertible preferred shares, as applicable, of a Cayman Islands company.

Penguin Solutions Cayman, whose shares you currently own, has formed a new Delaware corporation (also named Penguin Solutions, Inc. and
referred to herein as “Penguin Solutions Delaware”). Penguin Solutions Delaware has only nominal assets and capitalization and has not engaged in any business or other activities