Company: PENG
Filing Date: 2025-05-02
Form Type: DEF 14A
Source: 0001193125-25-110748
Chunk: 11

Company: Penguin Solutions, Inc.
Filing Date: 2025-05-02
Form: DEF 14A
Chunk 11
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 other than in connection with its formation and the
Transaction. If the Scheme of Arrangement is approved and becomes effective, the shareholders of Penguin Solutions Cayman as of the scheme record time(expected to be 1:29 p.m. (Pacific Time) on June 30, 2025) (the “Scheme Record Time”) (the “Scheme Shareholders”) will exchange their ordinary shares and/or convertible preferred shares of Penguin Solutions Cayman (as applicable) for an equal number of shares of common stock and/or convertible
preferred stock of Penguin Solutions Delaware (as applicable), on the following basis: each Penguin Solutions Cayman ordinary share, par value $0.03 per share (each such share, a “Penguin Solutions Cayman ordinary share”) will be
exchanged for one share of common stock of Penguin Solutions Delaware ( “Penguin Solutions Delaware common stock”), and each Penguin Solutions Cayman convertible preferred share, par value $0.03 per share (each such share, a
“Penguin Solutions Cayman convertible preferred share” and the Penguin Solutions Cayman convertible preferred shares together with the Penguin Solutions Cayman ordinary shares, the “Penguin Solutions Cayman shares”)
will be exchanged for one share of convertible preferred stock of Penguin Solutions Delaware ( “Penguin Solutions Delaware convertible preferred stock” and the Penguin Solutions Delaware convertible preferred stock together with the
Penguin Solutions Delaware common stock, the “Penguin Solutions Delaware stock”). As a result of the Transaction, the Scheme Shareholders will become stockholders of Penguin Solutions

1

Delaware and such stockholders’ rights will be governed by Delaware law and by Penguin Solutions Delaware’s amended and restated certificate of incorporation and amended and restated
bylaws, in substantially the forms attached hereto as Annex D and Annex F, respectively. The Penguin Solutions Delaware convertible preferred stock will be additionally governed by the certificate of designation (the “Certificate of Designation”) in substantially the form attached hereto as Annex E. The Penguin Solutions Delaware common stock is expected to be listed on the Nasdaq Global Select Market (“Nasdaq”) under the same ticker symbol under which
the Penguin Solutions Cayman ordinary shares are currently traded (PENG).

Several steps are required in order for us to effect the
Scheme of Arrangement, including convening and holding the Scheme Meeting at which the shareholders as of the Voting Record Time will consider and, if thought fit, approve the Scheme of Arrangement. The Scheme Meeting has been convened at 10:00 a.m.
(Pacific Time)