Company: PENG
Filing Date: 2025-06-27
Form Type: CORRESP
Source: 0001193125-25-151564
Chunk: 3

Company: Penguin Solutions, Inc.
Filing Date: 2025-06-27
Form: CORRESP
Chunk 3
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 amount of the business, including the goodwill (but excluding cash), will not decrease at the same rate as expected cash flows. The resulting goodwill impairments in future periods
will appropriately offset the operating income earned from sales, resulting in no net income statement benefit or loss during the wind-down period. Because the Company expects that substantially all cash flows from Penguin Edge will cease by the end
of calendar 2025, the Company expects the goodwill of the Penguin Edge business to be fully impaired by that time.

In future filings, if the
Company’s situation requires and to the extent material, the Company will disclose additional information regarding its method of determining fair value, consistent with ASC 350.

Page 4 Please feel free to contact me at 202-736-8715or svonalthann@sidley.comor Sonia Barros at 202-736-8387or sbarros@sidley.comwith any questions or comments. Thank you for your time and attention with respect to this matter.

| Sincerely,           |
| /s/ Sara von Althann |
| Sara von Althann     |

| cc: | Nate Olmstead, Chief Financial Officer, Penguin Solutions, Inc. |

Anne Kuykendall, Chief Legal Officer, Penguin Solutions, Inc. Jason Rissanen, Partner, Deloitte & Touche LLP Sonia Barros, Partner, Sidley Austin LLP Martin Wellington, Partner, Sidley Austin LLP