Company: PENG
Filing Date: 2025-05-02
Form Type: DEF 14A
Source: 0001193125-25-110748
Chunk: 53

Company: Penguin Solutions, Inc.
Filing Date: 2025-05-02
Form: DEF 14A
Chunk 53
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 satisfied or, if allowed by law, waived:

| • |     | the Scheme of Arrangement Proposal is approved by the affirmative vote of 75% or more of the nominal value of the 
 Penguin Solutions Cayman ordinary shares and Penguin Solutions Cayman                                             |

33

| 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;                                                                                                                        |

| • |     | the Scheme of Arrangement is sanctioned (with or without modification) by the Cayman Court at the Sanction 
 Hearing;                                                                                                   |

| • |     | the Sanction Order (being the court order sanctioning the Scheme of Arrangement) is duly delivered to the Cayman 
 Islands Registrar of Companies;                                                                                  |

| • |     | no statute, rule or regulation is enacted or promulgated by any governmental entity of competent jurisdiction 
 that prohibits or makes illegal the consummation of the Scheme of Arrangement;                                |

| • |     | no order or injunction of a court of competent jurisdiction is in effect that prevents consummation of the Scheme 
 of Arrangement;                                                                                                   |

| • |     | Nasdaq permitting Penguin Solutions Delaware to list the Penguin Solutions Delaware common stock for trading; and |

| • |     | receipt of any regulatory approval or consent that may be required in connection with the Scheme of Arrangement. |

The Penguin Solutions Cayman Board will not take the necessary steps to implement the Scheme of Arrangement unless the above conditions have been satisfied or waived (to the extent permitted by law) and, at the relevant time, the Penguin Solutions Cayman Board considers that it continues to be advisable that the Scheme of Arrangement should be implemented. Assuming that the Scheme Meeting is conducted and that the shareholders as of the Voting Record Time approve the Scheme of Arrangement Proposal by the voting thresholds required by the Cayman Companies Act, we are not aware of any reason why the Cayman Court would not sanction the Scheme of Arrangement. We are parties to certain agreements that by their terms require the consent of third parties prior to the implementation of the Scheme of Arrangement and certain related transactions. We believe that we will obtain all necessary consents on a timely basis and that the failure to obtain any other consents will not have a material impact on our business or our ability to consummate the Transaction. Federal Securities Law Consequences; Resale Restrictions