Company: PENG
Filing Date: 2025-03-24
Form Type: PRE 14A
Source: 0001193125-25-060930
Chunk: 18

Company: Penguin Solutions, Inc.
Filing Date: 2025-03-24
Form: PRE 14A
Chunk 18
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 shares. If you plan to attend in person and vote your “street name” shares at the Scheme Meeting, you should request such an “instrument of proxy” or “legal proxy” from your broker, bank, or other holder of record and bring it with you to the Scheme Meeting along with proof of identification. If you plan to attend the Scheme Meeting online via live webcast and vote your “street name” shares at the Scheme Meeting, you must use the control number found on your voting instruction form sent in respect of the Scheme Meeting in order to obtain a “legal proxy” and access the Scheme Meeting. 6

| 6. Q: | Why is a Scheme Meeting being held for Penguin Solutions Cayman shareholders? |

| A: | The sole purpose of the Scheme Meeting is to seek approval of the shareholders as of the Voting Record                                                                                                                                   
 Time of the Scheme of Arrangement in accordance with applicable Cayman Islands law prior to Penguin Solutions Cayman seeking sanction of the Scheme of Arrangement from the Cayman Court. The Scheme Meeting has been convened at   a.m. 
 (Pacific Time) on    , 2025 pursuant to an Order of the Cayman Court granted on    , 2025. Notice of the Scheme Meeting is set out at Annex A to this proxy statement.                                                                   |

Please see “The Scheme Meeting—Proxies” and “The Scheme Meeting—How You Can Vote.”

| 7. Q: | Why is the approval of the Cayman Court required? |

| A: | The Scheme of Arrangement is a formal procedure under the Cayman Companies Act which is commonly used to                                                                                                                                                  
 carry out corporate reorganizations involving Cayman Islands companies. Under the Cayman Companies Act, the Scheme of Arrangement requires the approval of both the shareholders as of the Voting Record Time at the Scheme Meeting and also the sanction 
 of the Cayman Court.                                                                                                                                                                                                                                      |

In determining whether to exercise its discretion to sanction the Scheme of Arrangement, the Cayman Court will determine, amongst other things, whether the Scheme of Arrangement is fair to the shareholders. If the relevant approvals are obtained, all Penguin Solutions Cayman shareholders will be bound by the terms of the Scheme of Arrangement when it becomes effective, regardless of whether or how they voted (including any Penguin Solutions Cayman shareholder who did not vote to approve the Scheme of Arrangement Proposal or who voted against the Scheme of Arrangement Proposal) thereby providing