Company: PENG
Filing Date: 2025-03-24
Form Type: PRE 14A
Source: 0001193125-25-060930
Chunk: 46

Company: Penguin Solutions, Inc.
Filing Date: 2025-03-24
Form: PRE 14A
Chunk 46
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 results of
Penguin Solutions group of companies to be materially different from such forward-looking statements. Accordingly, you are cautioned not to place undue reliance on any forward-looking statements.

The forward-looking statements included in, or incorporated by reference into, this proxy statement are made only as of the date on which the
statements are made. We do not intend, and have no obligation, to update or revise any forward-looking statements in order to reflect events or circumstances that may arise after the date of this proxy statement, except as required by law.

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UNAUDITED SUMMARY PRO FORMA FINANCIAL INFORMATION

Pro forma consolidated financial statements for Penguin Solutions Delaware are not presented in this proxy statement because no significant
pro forma adjustments are required to be made to show the impact of the Transaction to the historical income statement of Penguin Solutions Cayman for the year ended August 30, 2024 or the historical balance sheet as of August 30, 2024.
Those financial statements are included in Penguin Solutions Cayman’s Annual Report on Form 10-K for the fiscal year ended August 30, 2024. Please see “Where You Can Find More Information”
beginning on page 103 of this proxy statement.

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THE SCHEME OF ARRANGEMENT PROPOSAL Overview of the Transaction As explained in more detail below, the Scheme of Arrangement on which we are asking you to vote will redomicile the parent company of the Penguin Solutions group of companies from the Cayman Islands to Delaware. As a result of the Transaction, the shareholders of Penguin Solutions Cayman will become stockholders of Penguin Solutions Delaware, and such stockholders’ rights will be governed by Delaware law and Penguin Solutions Delaware’s amended and restated certificate of incorporation and amended and restated bylaws as they will be in effect upon completion of the Scheme of Arrangement, which will be substantially in the forms attached hereto as Annex D and Annex F, respectively. 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. Background and Reasons for the Transaction 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 redomiciling our corporate group by causing the parent company of the Penguin Solutions group of companies to be an entity organized in the United States at this time. We are a multi-national organization with operations in many countries. However,