Company: PENG
Filing Date: 2025-05-02
Form Type: DEF 14A
Source: 0001193125-25-110748
Chunk: 34

Company: Penguin Solutions, Inc.
Filing Date: 2025-05-02
Form: DEF 14A
Chunk 34
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It is intended that holders of Penguin Solutions Cayman ordinary shares will not recognize gain or loss for U.S. federal income tax purposes in
the Transaction but the consummation of the Transaction is not conditioned upon the receipt of any opinion or tax ruling from the U.S. Internal Revenue Service to that effect. Please see “Material Tax Considerations Relating to the Transaction
to Holders of Penguin Solutions Cayman Ordinary Shares” for a description of the material U.S. federal income tax consequences of the Transaction to Penguin Solutions Cayman ordinary shareholders. Determining the actual tax consequences of the
Transaction to you may be complex and will depend on your specific situation. You should consult your tax advisor for a full understanding of the tax consequences of the Transaction to you.

Cayman Tax Considerations

Any gains
derived from the disposal of the Penguin Solutions Cayman ordinary shares pursuant to the Scheme of Arrangement will not be subject to Cayman Islands income or corporate tax. The Cayman Islands currently has no income, corporate or capital gains tax
and no estate duty, inheritance tax or gift tax.

No stamp duty is payable in respect of the transfer of Penguin Solutions Cayman ordinary
shares pursuant to the Scheme of Arrangement. An instrument of transfer in respect of a Penguin Solutions Cayman ordinary share is stampable if executed in or brought into the Cayman Islands.

Comparison of Rights of Cayman Islands Shareholders and Delaware Stockholders

Many of the principal attributes of Penguin Solutions Cayman’s ordinary shares and convertible preferred shares and Penguin Solutions
Delaware’s shares of common stock and shares of convertible preferred stock will be similar. However, there are differences between what your rights will be under Delaware law and what they currently are under Cayman Islands law. In addition,
there are differences between Penguin Solutions Cayman’s articles of association and Penguin Solutions Delaware’s amended and restated certificate of incorporation and amended and restated bylaws as they will be in effect upon the
completion of the Scheme of Arrangement.

We discuss these differences under “Description of Penguin Solutions Delaware Capital
Stock” and “Comparison of Rights of Cayman Islands Shareholders and Delaware Stockholders.” Penguin Solutions Delaware’s amended and restated certificate of incorporation and amended and restated bylaws, in the form substantially
as they will be in effect upon completion of the Scheme of Arrangement, are attached as Annex D and Annex F, respectively, to this proxy statement. The certificate of designation in substantially the form attached hereto as Annex E will also govern
shares of Penguin Solutions Delaware