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

Company: Penguin Solutions, Inc.
Filing Date: 2025-05-02
Form: DEF 14A
Chunk 14
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 proposed Transaction which, once effective, will result in a change in the ultimate parent company of the Penguin Solutions group of companies from Penguin Solutions Cayman to 
 Penguin Solutions Delaware as set out in more detail in this proxy statement. Pursuant to the Scheme of Arrangement, ordinary shares and convertible preferred shares of Penguin Solutions Cayman will be transferred to Penguin Solutions Delaware,      
 which will issue one share of common stock of Penguin Solutions Delaware to the holders of Penguin Solutions Cayman ordinary shares as of the Scheme Record Time for each ordinary share that has been transferred, and one share of convertible          
 preferred stock of Penguin Solutions Delaware to the holders of Penguin Solutions Cayman convertible preferred shares as of the Scheme Record Time for each convertible preferred share that has been transferred.                                        |

| 2. Q: | What am I being asked to vote on at the Scheme Meeting? |

| A: | The Scheme of Arrangement requires holders of Penguin Solutions Cayman ordinary shares and Penguin                                                                                                                                                     
 Solutions Cayman convertible preferred shares as of the Voting Record Time to vote on certain matters at the Scheme Meeting. This document contains information to assist you in making your voting decisions at the Scheme Meeting in relation to the 
 meeting proposal.                                                                                                                                                                                                                                      |

It is important that at the Scheme Meeting as many votes as possible are cast so that the Cayman Court may be satisfied that there is a fair representation of the opinions of the Penguin Solutions Cayman shareholders. At the Scheme Meeting, Penguin Solutions Cayman shareholders as of the Voting Record Time are being asked to vote on a proposal to approve the Scheme of Arrangement attached as Annex B to this proxy statement (the “ Scheme of Arrangement Proposal”) which, if effective and upon the Completion Date, will result in the exchange of your Penguin Solutions Cayman ordinary shares and Penguin Solutions Cayman convertible preferred shares, as applicable, for an equal number of shares of Penguin Solutions Delaware common stock and Penguin Solutions Delaware convertible preferred stock, respectively, and Penguin Solutions Delaware will become the ultimate parent company of the Penguin Solutions group of companies. The proposal contemplated by this proxy statement, the Scheme of Arrangement Proposal, is sometimes referred to herein as the “meeting proposal.” Please see “The Scheme of Arrangement Proposal.” 4

| 3. Q: | Why is Penguin Solutions proposing the Transaction? |

| A: | We have been incorporated in the Cayman Islands since 2011. While our incorporation in the Cayman                                                                                                         
 Islands has served us and our shareholders well, there are compelling reasons that support red