Company: PENG
Filing Date: 2025-05-02
Form Type: DEF 14A
Source: 0001193125-25-110748
Chunk: 48

Company: Penguin Solutions, Inc.
Filing Date: 2025-05-02
Form: DEF 14A
Chunk 48
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man ordinary shares are currently traded (PENG).

30

Scheme Meeting

Several steps are required in order for us to effect the Scheme of Arrangement, including convening and holding the Scheme Meeting at which
shareholders as of the Voting Record Time will consider and, if thought fit, approve the Scheme of Arrangement. The Scheme Meeting has been convened at 10:00 a.m. (Pacific Time) on June 16, 2025 pursuant to an Order of the Cayman Court granted on
April 29, 2025 (the “Cayman Court Order”). Notice of the Scheme Meeting is set out at Annex A to this proxy statement. If the Scheme of Arrangement Proposal is approved by the Penguin Solutions Cayman shareholders and the other
conditions to the Scheme of Arrangement have been satisfied or waived, we will seek the Cayman Court’s sanction of the Scheme of Arrangement.

The requisite majority to approve the Scheme of Arrangement Proposal at the Scheme Meeting is 75% or more of the nominal value of the Penguin
Solutions Cayman shares voted at the Scheme Meeting by the shareholders as of the Voting Record Time who are entitled to vote and who are present (either in person (including via live webcast) or represented by proxy) and who vote at the Scheme
Meeting. Holders of Penguin Solutions Cayman ordinary shares and Penguin Solutions Cayman convertible preferred shares will vote together on the Scheme of Arrangement Proposal. Broker “non-votes,” if
any, will be disregarded and will have no effect on the outcome of the vote.

Penguin Solutions Cayman shareholders who hold Penguin
Solutions Cayman shares directly and are reflected on the register of members of Penguin Solutions Cayman at the Voting Record Time will be entitled to vote directly at the Scheme Meeting, either in person (including via live webcast) or by proxy.

If the Scheme of Arrangement Proposal is approved by the Penguin Solutions Cayman shareholders and the other conditions to the Scheme of
Arrangement have been satisfied or waived, we will seek the Cayman Court’s sanction of the Scheme of Arrangement.

If we obtain
the requisite approvals from our shareholders and the Cayman Court’s sanction of the Scheme of Arrangement, and if all of the other conditions to the Scheme of Arrangement, as described herein, are satisfied or, if permitted by applicable law,
waived, we intend to file the Sanction Order with the Cayman Islands Registrar of Companies. Upon delivery of the Sanction Order with the Cayman Islands