Company: PENG
Filing Date: 2025-03-24
Form Type: PRE 14A
Source: 0001193125-25-060930
Chunk: 0

Company: Penguin Solutions, Inc.
Filing Date: 2025-03-24
Form: PRE 14A
Chunk 0
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 Filed by the Registrant ☒ Filed by a Party other than the Registrant ☐ Check the appropriate box:

| ☒ | Preliminary Proxy Statement |

| ☐ | Confidential, for Use of the Commission Only (as permitted by Rule 
 14a-6(e)(2))                                                       |

| ☐ | Definitive Proxy Statement |

| ☐ | Definitive Additional Materials |

| ☐ | Soliciting Material Pursuant to §240.14a-12 |

Penguin Solutions, Inc. (Name of Registrant as Specified in Its Charter) (Name of Person(s) Filing Proxy Statement, if other than the Registrant) Payment of Filing Fee (Check all boxes that apply):

| ☒ | No fee required. |

| ☐ | Fee paid previously with preliminary materials. |

| ☐ | Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11. |

PENGUIN SOLUTIONS, INC.

SPECIAL SCHEME MEETING OF SHAREHOLDERS

TO BE HELD ON , 2025

, 2025

Dear
holders of ordinary shares and convertible preferred shares (the “shareholders”) of Penguin Solutions, Inc. (“Penguin Solutions Cayman”):

After a review by our board of directors (the “Penguin Solutions Cayman Board”) and management team, we have determined that
it is advisable to redomicile the parent company of our corporate group from the Cayman Islands to the United States, to be effected by way of scheme of arrangement under Cayman Islands law. The new parent company, also named Penguin Solutions,
Inc., is incorporated in Delaware (“Penguin Solutions Delaware”). As part of the transaction, each issued Penguin Solutions Cayman ordinary share at the completion date of the scheme of arrangement will be exchanged for one share of
common stock of Penguin Solutions Delaware, each issued Penguin Solutions Cayman convertible preferred share at the completion date of the scheme of arrangement will be exchanged for one convertible preferred share of Penguin Solutions Delaware, and
Penguin Solutions Delaware will become the ultimate parent company of the Penguin Solutions group of companies.

A scheme of arrangement
under Cayman Islands law is a court approved arrangement entered into between a company and