Company: PENG
Filing Date: 2025-03-24
Form Type: PRE 14A
Source: 0001193125-25-060930
Chunk: 42

Company: Penguin Solutions, Inc.
Filing Date: 2025-03-24
Form: PRE 14A
Chunk 42
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 grants the Sanction Order (sanctioning the Scheme of Arrangement); |

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| • |     | the Sanction Order is duly delivered to the Cayman Islands Registrar of Companies; |

| • |     | no statute, rule or regulation is enacted or promulgated by any governmental entity of competent jurisdiction 
 that prohibits or makes illegal the consummation of the Scheme of Arrangement;                                |

| • |     | no order or injunction of a court of competent jurisdiction is in effect that prevents consummation of the Scheme 
 of Arrangement and therefore the Transaction;                                                                     |

| • |     | Nasdaq permits Penguin Solutions Delaware to list the Penguin Solutions Delaware common stock for trading; and |

| • |     | receipt of any regulatory approval or consent that may be required in connection with the Scheme of Arrangement. |

Provided that the Penguin Solutions Cayman shareholders (as at the Voting Record Time) approve the Scheme of Arrangement Proposal, we are not aware of any reason why the Cayman Court would not sanction the Scheme of Arrangement. In determining whether to grant the Sanction Order, the Cayman Court will decide whether the Scheme of Arrangement is fair and reasonable, whether various statutory and other legal requirements have been complied with and satisfied with respect to it, and certain other matters. Nevertheless, the Cayman Court’s sanction is a matter for its discretion and there can be no assurance if or when such sanction will be obtained. If the Cayman Court does not sanction the Scheme of Arrangement, Penguin Solutions Cayman will be unable to effect the Transaction as contemplated under the Scheme of Arrangement (even if requisite voting thresholds of shareholders as of the Voting Record Time approve the Scheme of Arrangement Proposal at the Scheme Meeting). In addition, the Cayman Court may impose such conditions, modifications or amendments as it deems appropriate in relation to the Scheme of Arrangement, but may not impose any material changes without the consent of Penguin Solutions Cayman. The Scheme of Arrangement contains a provision for Penguin Solutions Cayman to agree on behalf of all persons concerned, to any modification of, or addition to, the Scheme of Arrangement, or to any condition that the Cayman Court may approve or impose. The Cayman Court would be unlikely to approve or impose any modification of, or addition or condition to, the Scheme of Arrangement which might be material to the interests of Penguin Solutions Cayman shareholders, unless Penguin Solutions Cayman shareholders were informed of such modification, addition or condition. The Cayman Court may decide