Company: PENG
Filing Date: 2025-03-24
Form Type: PRE 14A
Source: 0001193125-25-060930
Chunk: 13

Company: Penguin Solutions, Inc.
Filing Date: 2025-03-24
Form: PRE 14A
Chunk 13
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 Solutions Delaware common stock for each Penguin Solutions Cayman ordinary share and one share of Penguin Solutions Delaware convertible preferred stock for each Penguin
Solutions Cayman convertible preferred share, as applicable, on the completion date of the Scheme expected to be p.m. (Pacific Time) on , 2025 (the “Completion Date”).

We currently expect the Completion Date to occur after the closing of trading of the Penguin Solutions Cayman common shares on Nasdaq on or
around , 2025. The exact date and timing of the Completion Date will depend on factors such as any postponement or adjournment of the hearing before the Cayman Court regarding sanction of the Scheme of Arrangement (the
“Sanction Hearing”).

After the Completion Date, you will continue to own an interest in the ultimate parent company of
the Penguin Solutions group of companies, which will indirectly conduct the same business operations as currently conducted indirectly by Penguin Solutions Cayman, through the same group of operating subsidiaries of Penguin Solutions Cayman prior to
the Completion Date. The number and class(es) of Penguin Solutions Delaware stock you will own will be the same as the number and class(es) of Penguin Solutions Cayman shares you own immediately prior to the Completion Date, and your relative
ownership interest in the Penguin Solutions group of companies will remain substantially unchanged as a result of the Scheme of Arrangement. Penguin Solutions Delaware will have the same board of directors and management team as Penguin Solutions
Cayman upon the Completion Date.

As of the Voting Record Time, Penguin Solutions Cayman ordinary shares and
Penguin Solutions Cayman convertible preferred shares were issued and outstanding.

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The following diagrams depict our organizational structure before and after the Transaction:

We use the terms “Penguin Solutions group of companies,” “we,” “our company,” “the company,” “the Company,” “our” and “us” in this proxy statement to refer to Penguin Solutions Cayman and its subsidiaries, prior to the Transaction, and to refer to Penguin Solutions Delaware and its subsidiaries, after the Transaction.

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QUESTIONS AND ANSWERS ABOUT THE TRANSACTION The following questions and answers are intended to address briefly some commonly asked questions regarding the Transaction and the Scheme Meeting. These questions and answers highlight only some of the information contained in this proxy statement. They may not contain all the information that is important to you. To understand the Transaction, meeting proposal and voting procedures more fully, and for a more complete legal description of the Transaction, you should read carefully the entire proxy statement, including the annexes.