Company: PENG
Filing Date: 2025-05-02
Form Type: DEF 14A
Source: 0001193125-25-110748
Chunk: 52

Company: Penguin Solutions, Inc.
Filing Date: 2025-05-02
Form: DEF 14A
Chunk 52
---
 or supplemented at any time before or after its approval by the Penguin Solutions Cayman shareholders at the Scheme Meeting. At the Sanction Hearing, the Cayman Court may impose such conditions, modifications and amendments as it deems appropriate in relation to the Scheme of Arrangement. The Cayman Court would be unlikely to approve or impose any modification of, or addition or condition to, the Scheme of Arrangement which might be material to the interests of Penguin Solutions Cayman shareholders, unless Penguin Solutions Cayman shareholders were informed of such modification, addition or condition. It will be a matter for the Cayman Court to decide, in its discretion, whether or not the consent of Penguin Solutions Cayman shareholders should be sought at a further meeting of Penguin Solutions Cayman shareholders. Similarly, if a modification, addition or condition is put forward which, in the opinion of the Penguin Solutions Cayman Board, is of such a nature or importance as to require the approval of Penguin Solutions Cayman shareholders at a further meeting of Penguin Solutions Cayman shareholders, the Penguin Solutions Cayman Board will not 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. The Scheme of Arrangement contains a provision for Penguin Solutions Cayman to agree, on behalf of all persons concerned, to any condition, modification or amendment of the Scheme of Arrangement that the Cayman Court may think fit to approve or impose. After approval of the Scheme of Arrangement by the Penguin Solutions Cayman shareholders, no amendment, modification or supplement to the Scheme of Arrangement may be made or effected that legally requires further approval by the Penguin Solutions Cayman shareholders without obtaining that approval. It is expected that the Scheme of Arrangement will become effective in accordance with its terms at or around 3:00 p.m., (Pacific Time), on June 25, 2025, and that the terms of the Scheme will be implemented on the Completion Date, at or around 1:30 p.m. (Pacific Time) on June 30, 2025. If the terms of the Scheme of Arrangement have not been implemented on or before December 31, 2025 (or such later date as Penguin Solutions Cayman may determine and the Cayman Court may allow), the Scheme of Arrangement will lapse by its terms and not come into effect (i.e. the Completion Date will not occur). Conditions to Completion of the Scheme of Arrangement The Transaction will not be consummated unless the following conditions are