Company: PENG
Filing Date: 2025-05-02
Form Type: DEF 14A
Source: 0001193125-25-110748
Chunk: 60

Company: Penguin Solutions, Inc.
Filing Date: 2025-05-02
Form: DEF 14A
Chunk 60
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2026, our 2.00% Convertible Senior Notes due 2029, or our 2.00% Convertible
Senior Notes due 2030 (collectively, our “Convertible Notes”). In connection with the Transaction, we expect that Penguin Solutions Cayman and its subsidiaries may enter into an amendment to the Credit Agreement to provide for
certain technical changes to facilitate the consummation of the Transaction under the terms of the Credit Agreement. We also expect to enter into amendments to the indentures governing our Convertible Notes in connection with the Transaction to,
among other things, permit the consummation of the Transaction under the terms of the Convertible Notes and provide for the issuance of Penguin Solutions Delaware common stock rather than Penguin Solutions Cayman ordinary shares upon conversion of
the Convertible Notes. We currently expect that any such amendments will not be material and will be supported by our lenders. Our Credit Agreement, the debt issued thereunder and our Convertible Notes will remain outstanding, and Penguin Solutions
Cayman and SMT will continue to be the co-borrowers under the Credit Agreement and Penguin Solutions Cayman will continue to be the issuer of our Convertible Notes.

Stock Exchange Listing

Penguin Solutions
Cayman ordinary shares are expected to continue to trade on Nasdaq until the Completion Date. Penguin Solutions Cayman convertible preferred shares are expected to remain unlisted.

We intend to make application so that, immediately following the Completion Date, the Penguin Solutions Delaware common stock (for which there
is currently no established public trading market) will be listed on Nasdaq under the symbol “PENG,” the same symbol under which the Penguin Solutions Cayman ordinary shares

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are currently listed. We do not currently intend to list the Penguin Solutions Delaware common stock on any other stock exchange. We do not currently intend to list the Penguin Solutions Delaware
convertible preferred stock on any stock exchange.

Effect of the Transaction on Reporting Obligations of the Penguin Solutions Corporate Group

Upon completion of the Transaction, we will remain subject to SEC reporting requirements, the mandates of Sarbanes-Oxley and the corporate governance rules of Nasdaq, and we will continue to report our consolidated financial results in U.S. dollars and in accordance with U.S. GAAP. We will in the ordinary course make
available customary reports filed with the SEC, consistent with our established current practices. Penguin Solutions Delaware will file reports on Form 10-K, 10-Q and 8-K with the SEC and comply with the rules and