Company: PENG
Filing Date: 2025-06-18
Form Type: CORRESP
Source: 0001193125-25-142901
Chunk: 0

Company: Penguin Solutions, Inc.
Filing Date: 2025-06-18
Form: CORRESP
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June 18, 2025 VIA EDGAR U.S. Securities and Exchange Commission Division of Corporation Finance 100 F Street, N.E. Washington, D.C. 20549

| Attention: |     | Claire Erlanger Eiko Yaoita Pyles                                                                  |
| Re:        |     | Penguin Solutions, Inc. Form 10-K for the Fiscal Year Ended August 30, 2024 Filed October 24, 2024 
 Form 10-Q for the Quarterly Period Ended February 28, 2025                                         
 Filed April 2, 2025 File No. 001-38102                                                             |

Ladies and Gentlemen: On behalf of our client, Penguin Solutions, Inc. (the “Company”), we submit this letter in response to comments from the staff (the “Staff”) of the Securities and Exchange Commission received by letter dated May 20, 2025 concerning the Company’s annual report on Form 10-Kfor the fiscal year ended August 30, 2024, filed October 24, 2024, and the Company’s quarterly report on Form 10-Qfor the fiscal quarter ended February 28, 2025, filed April 2, 2025. We have reviewed and discussed your comments with representatives of the Company, which has instructed us to submit the responses set forth in this letter on its behalf. For your convenience, each comment is repeated in italics below. Form 10-Qfor the Quarterly Period Ended February 28, 2025 Equity Preferred Shares, page 20

| 1. | You appear to indicate that the “share issuance limitation” could impact the conversion rights of                                                                                                                                                 
 the CPS holders. Please provide more details about the nature of this provision, including how this limitation could impact the CPS holders’ conversion rights and your obligation to CPS holders. Also, tell us how this provision impacted your 
 accounting treatment of the CPS and your consideration of the guidance in ASC 815-40-25-10.                                                                                                                                                       |

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