Company: PENG
Filing Date: 2025-03-24
Form Type: PRE 14A
Source: 0001193125-25-060930
Chunk: 48

Company: Penguin Solutions, Inc.
Filing Date: 2025-03-24
Form: PRE 14A
Chunk 48
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Our board of directors has considered both the potential advantages of the Transaction and these potential risks and has unanimously approved
the Scheme of Arrangement and recommended that shareholders vote for the approval of the Scheme of Arrangement.

Parties to the Transaction

Penguin Solutions Cayman

Penguin
Solutions Cayman is the parent company of the Penguin Solutions group of companies, which designs, builds, deploys and manages high-performance, high-availability enterprise solutions. The registered office of Penguin Solutions Cayman is located at
Walkers Corporate Limited, 190 Elgin Avenue, George Town, Cayman Islands, KY1-9008.

Penguin Solutions Delaware

Penguin Solutions Delaware is a newly formed Delaware corporation and is currently a direct, wholly-owned subsidiary of Penguin
Solutions Cayman. Penguin Solutions Delaware has only nominal assets and capitalization and has not engaged in any business or other activities other than in connection with its formation and the Transaction. Immediately following the Transaction,
Penguin Solutions Delaware will become the ultimate parent company of the Penguin Solutions group of companies.

The Scheme of Arrangement

It is intended that the new corporate structure will be implemented by means of a Scheme of Arrangement pursuant to Section 86 Cayman
Companies Act that would result in a change in the ultimate parent company of the Penguin Solutions group of companies from the current parent company that is incorporated in the Cayman Islands, namely Penguin Solutions Cayman, to a parent company
that is formed in Delaware, namely Penguin Solutions Delaware. If the Scheme of Arrangement is approved and becomes effective, Penguin Solutions Delaware will become the new publicly traded parent company of the Penguin Solutions group of companies
and you will own common stock and/or 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.

Pursuant to the terms of the Scheme of Arrangement, the shareholders of Penguin Solutions Cayman as at the Scheme Record Time will exchange
their ordinary shares and/or convertible preferred shares (as applicable) of Penguin Solutions Cayman for common stock or convertible preferred stock (as applicable) of Penguin Solutions Delaware on the following basis: each Penguin Solutions Cayman
ordinary share will exchanged for one share of Penguin Solutions Delaware common stock, and each Penguin Solutions Cayman convertible preferred share will be exchanged for one share of Penguin Solutions Delaware convertible preferred stock.

As a result of the Transaction, the shareholders of Penguin Solutions Cayman will become stockholders of Penguin Solutions Delaware and such
stockholders’ rights will be