Company: PENG
Filing Date: 2025-05-02
Form Type: DEF 14A
Source: 0001193125-25-110748
Chunk: 47

Company: Penguin Solutions, Inc.
Filing Date: 2025-05-02
Form: DEF 14A
Chunk 47
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 Limited, 190 Elgin Avenue, George Town, Cayman Islands, KY1-9008.

Penguin Solutions Delaware

Penguin Solutions Delaware is a newly formed Delaware corporation and is currently a direct, wholly-owned subsidiary of Penguin
Solutions Cayman. Penguin Solutions Delaware has only nominal assets and capitalization and has not engaged in any business or other activities other than in connection with its formation and the Transaction. Immediately following the Transaction,
Penguin Solutions Delaware will become the ultimate parent company of the Penguin Solutions group of companies.

The Scheme of Arrangement

It is intended that the new corporate structure will be implemented by means of a Scheme of Arrangement pursuant to Section 86 Cayman
Companies Act that would result in a change in the ultimate parent company of the Penguin Solutions group of companies from the current parent company that is incorporated in the Cayman Islands, namely Penguin Solutions Cayman, to a parent company
that is formed in Delaware, namely Penguin Solutions Delaware. If the Scheme of Arrangement is approved, becomes effective and is implemented, Penguin Solutions Delaware will become the new publicly traded parent company of the Penguin Solutions
group of companies and you will own common stock and/or convertible preferred stock, as applicable, of a Delaware corporation instead of ordinary shares and/or convertible preferred shares, as applicable, of a Cayman Islands company.

Pursuant to the terms of the Scheme of Arrangement, the shareholders of Penguin Solutions Cayman as at the Scheme Record Time will exchange
their ordinary shares and/or convertible preferred shares (as applicable) of Penguin Solutions Cayman for common stock or convertible preferred stock (as applicable) of Penguin Solutions Delaware on the following basis: each Penguin Solutions Cayman
ordinary share will exchanged for one share of Penguin Solutions Delaware common stock, and each Penguin Solutions Cayman convertible preferred share will be exchanged for one share of Penguin Solutions Delaware convertible preferred stock.

As a result of the Transaction, the shareholders of Penguin Solutions Cayman will become stockholders of Penguin Solutions Delaware and such
stockholders’ rights will be governed by Delaware law and by Penguin Solutions Delaware’s amended and restated certificate of incorporation and amended and restated bylaws, in substantially the forms attached hereto as Annex D and Annex F,
respectively. The certificate of designation in substantially the form attached hereto as Annex E will also govern the Penguin Solutions Delaware convertible preferred stock after the completion of the Scheme of Arrangement. The Penguin Solutions
Delaware common stock is expected to be listed on Nasdaq under the same ticker symbol under which the Penguin Solutions Cay