Company: PENG
Filing Date: 2025-05-02
Form Type: DEF 14A
Source: 0001193125-25-110748
Chunk: 35

Company: Penguin Solutions, Inc.
Filing Date: 2025-05-02
Form: DEF 14A
Chunk 35
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 convertible preferred stock after the completion of the Scheme of Arrangement.

Unaudited Summary Pro Forma Financial Information

Pro forma consolidated financial statements for Penguin Solutions Delaware are not presented in this proxy
statement because no significant pro forma adjustments are required to be made to show the impact of the Transaction to the historical income statement of Penguin Solutions Cayman for the year ended August 30, 2024 or the historical balance
sheet as of August 30, 2024.

19

The Scheme Meeting

Time, Place, Date and Purpose of the Scheme Meeting

The Scheme Meeting is scheduled to be held at the offices of Latham & Watkins LLP, located at 140 Scott Drive, Menlo Park, California,
94025, at 10:00 a.m. (Pacific Time) on June 16, 2025 pursuant to an Order of the Cayman Court granted on April 29, 2025. Notice of the Scheme Meeting is set out at Annex A to this proxy statement.

At the Scheme Meeting, the Penguin Solutions Cayman Board intends to ask the holders of Penguin Solutions Cayman ordinary shares and Penguin
Solutions Cayman convertible preferred shares as of the Voting Record Time to vote on the Scheme of Arrangement Proposal. If the Scheme of Arrangement is approved and becomes effective, the terms of the Scheme of Arrangement will be implemented on
the Completion Date, pursuant to which holders of Penguin Solutions Cayman ordinary shares and Penguin Solutions Cayman convertible preferred shares (as applicable) at the Scheme Record Time will transfer their shares to Penguin Solutions Delaware
and will receive one new share of common stock of Penguin Solutions Delaware for each Penguin Solutions Cayman ordinary share that has been transferred, and one new share of convertible preferred stock of Penguin Solutions Delaware for each Penguin
Solutions Cayman convertible preferred share that has been transferred.

Voting Record Time; Voting Rights

Penguin Solutions Cayman has set 1:15 p.m. (Pacific Time) on April 25, 2025 as Voting Record Time for the Scheme Meeting. This means that only
those persons who were holders of Penguin Solutions Cayman ordinary shares and Penguin Solutions Cayman convertible preferred shares at 1:15 p.m. (Pacific Time) on April 25, 2025 will be entitled to attend and vote at the Scheme Meeting and any
adjournments thereof.

Quorum

A quorum is required for the transaction of business at the Scheme Meeting. The quorum necessary at the Scheme Meeting to approve a matter
pertaining to