Company: PENG
Filing Date: 2025-05-02
Form Type: DEF 14A
Source: 0001193125-25-110748
Chunk: 100

Company: Penguin Solutions, Inc.
Filing Date: 2025-05-02
Form: DEF 14A
Chunk 100
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 Each Penguin Solutions Cayman convertible preferred share shall be convertible, at the option of the holder thereof, at any time into Penguin Solutions Cayman ordinary shares at the then-applicable conversion ratio. Subject to     
 certain other conditions, Penguin Solutions Cayman, at its option, may require all (but not less than all) outstanding convertible                                                                                                                        |

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| Provisions                |     | Penguin Solutions Delaware                                                                                                                                                                       |     | Penguin Solutions Cayman                                                                                                                                      |
| Transferability of Shares |     | Penguin Solutions Delaware’s amended and restated certificate of incorporation and amended and restated bylaws do not provide for any                                                            
 restrictions on the transferability of shares of common stock. Subject to applicable securities laws, shares of Penguin Solutions Delaware’s common stock will be freely transferable on Nasdaq. 
 See “Description of Penguin Solutions Delaware Capital Stock—Investor                                                                                                                            
 Agreement—Restrictions on Transfer” for restrictions expected to be applicable to the transfer of shares of Penguin Solutions Delaware convertible preferred stock.                              |     | Subject to compliance with the transfer requirements under the Penguin Solutions Cayman Articles, stock exchange rules and applicable                         
 securities laws, the Penguin Solutions Cayman Articles do not contain restrictions on the transfer of Penguin Solutions Cayman ordinary shares.               
 The Penguin Solutions Cayman Articles grant the Penguin Solutions Cayman Board general discretion to decline to register an instrument of transfer in certain 
 circumstances specified in the Penguin Solutions Cayman Articles, subject to requirements imposed by the SEC and Nasdaq.                                      |

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THE SCHEME MEETING

We are furnishing this proxy statement to the holders of Penguin Solutions Cayman ordinary shares and Penguin Solutions Cayman convertible
preferred shares in connection with the solicitation of proxies by the Penguin Solutions Cayman Board for use at the Scheme Meeting to consider the Scheme of Arrangement Proposal and the other matters that may come before the Scheme Meeting as
described below, and at any adjournment of such meeting.

General

The Scheme Meeting will be conducted in accordance with the directions of the Cayman Court pursuant to an Order granted on April 29, 2025.

Time, Place and Date

The Scheme
Meeting is scheduled to be held at the offices of Latham & Watkins LLP, located at 140 Scott Drive, Menlo Park, California, 94025, at 10:00 a.m. (Pacific Time) on June 16, 2025 pursuant to an Order of the Cayman Court granted on April 29,
2025. Notice of the Scheme Meeting is set