Company: PENG
Filing Date: 2025-03-24
Form Type: PRE 14A
Source: 0001193125-25-060930
Chunk: 23

Company: Penguin Solutions, Inc.
Filing Date: 2025-03-24
Form: PRE 14A
Chunk 23
---
 the 
 Scheme Meeting.                                                                                                                                                                                                                         |

9

For purposes of determining a quorum broker “non-votes”present in person (including via live webcast) or by proxy are counted as represented. To be approved, the Scheme of Arrangement Proposal must receive the affirmative vote of at least 75% or more of the nominal value of the Penguin Solutions Cayman ordinary shares and Penguin Solutions Cayman convertible preferred shares voted at the Scheme Meeting by the shareholders as of the Voting Record Time who are entitled to vote and who are present (either in person (including via live webcast) or represented by proxy) and who vote at the Scheme Meeting. Holders of Penguin Solutions Cayman ordinary shares and Penguin Solutions Cayman convertible preferred shares will vote together on the Scheme of Arrangement Proposal at the Scheme Meeting. Broker “non-votes,”if any, will be disregarded and will have no effect on the outcome of the vote. In accordance with the Cayman Companies Act, the “75% in value” requirement, as described above, will be met if the total value of the Penguin Solutions Cayman ordinary shares and Penguin Solutions Cayman convertible preferred shares that are voted in favor of the Scheme of Arrangement Proposal is at least 75% or more of the nominal value of the Penguin Solutions Cayman ordinary shares and Penguin Solutions Cayman convertible preferred shares voted at the Scheme Meeting. For voting purposes, the Penguin Solutions Cayman convertible preferred shares will not vote on an “as-converted”basis. At the Voting Record Time, there were Penguin Solutions Cayman ordinary shares and Penguin Solutions Cayman convertible preferred shares issued and outstanding. Please see “The Scheme Meeting—Votes of Shareholders Required for Approval” and “The Scheme Meeting —Quorum.”

| 13. Q: | What happens at the Sanction Hearing? |

| A: | Penguin Solutions Cayman shareholders who voted at the Scheme Meeting or gave instructions to their                                                                                                                                                    
 broker or nominee to vote at the Scheme Meeting (as applicable) will have the right to attend the Sanction Hearing and to appear in person or be represented by counsel to support or oppose the sanction of the Scheme of Arrangement. If you are a   
 shareholder who wishes to appear in person or by counsel at the Sanction Hearing and present evidence or arguments in support of or opposition to the Scheme of Arrangement, we expect that the Cayman Court will require that you give notice of your 
 intention to do so to Penguin Solutions Cayman’s Cayman Islands legal advisers, Walkers (