Company: PENG
Filing Date: 2025-03-24
Form Type: PRE 14A
Source: 0001193125-25-060930
Chunk: 27

Company: Penguin Solutions, Inc.
Filing Date: 2025-03-24
Form: PRE 14A
Chunk 27
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 SEC and comply with the proxy rules applicable to domestic issuers, as Penguin Solutions Cayman currently does.                                                                                                                                       |

Assuming completion of the Transaction, Penguin Solutions Cayman will no longer be subject to the reporting requirements of the SEC and as such, Penguin Solutions Cayman will no longer file reports on Form 10-K, 10-Qand 8-Kand will no longer be subject to the proxy rules.

| 24. Q: | What is Penguin Solutions Delaware? |

| A: | Penguin Solutions, Inc., which we refer to as “Penguin Solutions Delaware,” is a newly formed                                                                                                                                                           
 Delaware corporation. If the Scheme of Arrangement is consummated, Penguin Solutions Delaware will become the ultimate parent company of the Penguin Solutions group of companies. Prior to the Transaction, Penguin Solutions Delaware will not engage 
 in any business or other activities other than in connection with the Transaction and its organizational activities.                                                                                                                                    |

| 25. Q: | What are the material U.S. federal income tax consequences of the Transaction to holders of Penguin 
 Solutions Cayman ordinary shares?                                                                   |

| A: | It is intended that holders of Penguin Solutions Cayman ordinary shares will not recognize gain or loss                                                                                                                                          
 for U.S. federal income tax purposes in the Transaction but the consummation of the Transaction is not conditioned upon the receipt of any opinion or tax ruling from the U.S. Internal Revenue Service to that effect. Please see “Material Tax 
 Considerations Relating to the Transaction                                                                                                                                                                                                       |

12

| to Holders of Penguin Solutions Cayman Ordinary Shares” for a description of the material U.S. federal income tax consequences of the Transaction to Penguin Solutions Cayman ordinary                                                                
 shareholders. Determining the actual tax consequences of the Transaction to you may be complex and will depend on your specific situation. You should consult your tax advisor for a full understanding of the tax consequences of the Transaction to 
 you.                                                                                                                                                                                                                                                  |

| 26. Q: | How will stock of Penguin Solutions Delaware differ from Penguin Solutions Cayman shares? |

| A: | Penguin Solutions Delaware common stock and Penguin Solutions Delaware convertible preferred stock will                                                                                                                                                  
 be similar to Penguin Solutions Cayman ordinary shares and Penguin Solutions Cayman convertible preferred shares, respectively. However, there are differences between what your rights as a stockholder will be under Delaware law and what they        
 currently are as a shareholder under Cayman Islands law. In addition, there are differences between the organizational documents of Penguin Solutions Cayman and Penguin Solutions Delaware