Company: PENG
Filing Date: 2025-05-02
Form Type: DEF 14A
Source: 0001193125-25-110748
Chunk: 51

Company: Penguin Solutions, Inc.
Filing Date: 2025-05-02
Form: DEF 14A
Chunk 51
---
 take the necessary steps
to enable the Scheme of Arrangement to become effective unless and until such shareholder approval is obtained from the Penguin Solutions Cayman shareholders. In determining whether to exercise its discretion and sanction the Scheme of Arrangement,
the Cayman Court will determine, among other things, whether the Scheme of Arrangement is fair to the Penguin Solutions Cayman shareholders.

Assuming that the Scheme Meeting is conducted and that the Penguin Solutions Cayman shareholders as of the Voting Record Time vote to approve
the Scheme of Arrangement Proposal, we are not aware of any reason why the Cayman Court would not sanction the Scheme of Arrangement. Nevertheless, the Cayman Court’s sanction is a matter for its discretion and there can be no assurance if or
when such sanction will be obtained.

If the Scheme of Arrangement is sanctioned by the Cayman Court, we intend to deliver the Sanction
Order to the Cayman Islands Registrar of Companies. Delivery of the Sanction Order to the Cayman Islands Registrar of Companies will cause the Scheme of Arrangement to become effective in accordance with its terms.

32

We currently expect the Completion Date to occur after the closing of trading of the Penguin Solutions Cayman ordinary shares on Nasdaq at 1:30 p.m. (Pacific Time) on June 30, 2025. If the Scheme of Arrangement becomes effective, it will be binding on all Penguin Solutions Cayman shareholders, including those who do not vote to approve the Scheme of Arrangement Proposal at the Scheme Meeting. Once the Scheme of Arrangement is effective, the Cayman Court will have exclusive jurisdiction to hear and determine any suit, action or proceedings and to settle any dispute which arises out of or is connected with the terms of the Scheme of Arrangement or its implementation or out of any action taken or omitted to be taken under the Scheme of Arrangement or in connection with the administration of the Scheme of Arrangement. If obtained, the sanction of the Cayman Court will constitute the basis for an exemption, under Section 3(a)(10) of the Securities Act, from the registration requirements of the Securities Act with respect to the Transaction. Please see “Federal Securities Law Consequences; Resale Restrictions” for more information on the exemption. Please see “The Scheme of Arrangement Proposal—Conditions to Completion of the Scheme of Arrangement” below for more information on the conditions to the Transaction. Amendment, Termination or Delay Subject to applicable Cayman Islands law and any other applicable laws, the Scheme of Arrangement may be amended, modified