Company: PENG
Filing Date: 2025-05-02
Form Type: DEF 14A
Source: 0001193125-25-110748
Chunk: 13

Company: Penguin Solutions, Inc.
Filing Date: 2025-05-02
Form: DEF 14A
Chunk 13
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 of operating subsidiaries of
Penguin Solutions Cayman prior to the Completion Date. The number and class(es) of Penguin Solutions Delaware stock you will own will be the same as the number and class(es) of Penguin Solutions Cayman shares you own immediately prior to the
Completion Date, and your relative ownership interest in the Penguin Solutions group of companies will remain substantially unchanged as a result of the Scheme of Arrangement. Penguin Solutions Delaware will have the same board of directors and
management team as Penguin Solutions Cayman immediately following the Completion Date.

As of the Voting Record Time, 52,800,546 Penguin
Solutions Cayman ordinary shares and 200,000 Penguin Solutions Cayman convertible preferred shares were issued and outstanding.

2

The following diagrams depict our organizational structure before and after the Transaction:

We use the terms “Penguin Solutions group of companies,” “we,” “our company,” “the company,” “the Company,” “our” and “us” in this proxy statement to refer to Penguin Solutions Cayman and its subsidiaries, prior to the Transaction, and to refer to Penguin Solutions Delaware and its subsidiaries, after the Transaction.

3

QUESTIONS AND ANSWERS ABOUT THE TRANSACTION The following questions and answers are intended to address briefly some commonly asked questions regarding the Transaction and the Scheme Meeting. These questions and answers highlight only some of the information contained in this proxy statement. They may not contain all the information that is important to you. To understand the Transaction, meeting proposal and voting procedures more fully, and for a more complete legal description of the Transaction, you should read carefully the entire proxy statement, including the annexes. The Scheme of Arrangement, substantially in the form attached as Annex B to this proxy statement, is the legal document that governs the Transaction. The amended and restated certificate of incorporation of Penguin Solutions Delaware, substantially in the form attached to this proxy statement as Annex D and the amended and restated bylaws of Penguin Solutions Delaware, substantially in the form attached to this proxy statement as Annex F will govern Penguin Solutions Delaware after the completion of the Scheme of Arrangement. 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.

| 1. Q: | Why am I receiving this document? |

| A: | Holders of Penguin Solutions Cayman shares as of the Voting Record Time are being solicited by the                                                                                                                                                        
 Penguin Solutions Cayman Board to approve certain actions relating to the