Company: PENG
Filing Date: 2025-03-24
Form Type: PRE 14A
Source: 0001193125-25-060930
Chunk: 51

Company: Penguin Solutions, Inc.
Filing Date: 2025-03-24
Form: PRE 14A
Chunk 51
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 Scheme of Arrangement will be substantially in the form attached as Annex B to this proxy statement.

Court Sanction of the Scheme of Arrangement

As explained above, pursuant to Section 86 Cayman Companies Act, we cannot complete the Scheme of Arrangement without the sanction of the
Cayman Court. If the Penguin Solutions Cayman shareholders as at the Voting Record Time approve the Scheme of Arrangement Proposal and the other conditions to the Scheme of Arrangement have been satisfied or waived, we will seek the Cayman
Court’s sanction of the Scheme of Arrangement Proposal at the Sanction Hearing, further details of which will be advertised by Penguin Solutions Cayman on its website and in The Wall Street Journal and a Cayman Islands newspaper in accordance
with directions that we intend to request from the Cayman Court.

Penguin Solutions Cayman shareholders who voted at the Scheme Meeting or
gave instructions to their broker or nominee to vote at the Scheme Meeting (as applicable) have the right to attend the Sanction Hearing and to appear in person or be represented by counsel to support or oppose the sanction of the Scheme of
Arrangement. If you are a Penguin Solutions Cayman shareholder who wishes to appear in person or by counsel at the Sanction Hearing and present evidence or arguments in support of or opposition to the Scheme of Arrangement, we expect that the Cayman
Court will require that you give notice of your intention to do so to Penguin Solutions Cayman’s Cayman Islands legal advisers, Walkers (Cayman) LLP, at 190 Elgin Avenue, George Town, Grand Cayman KY1 9001, Cayman Islands, at least three days
before the Sanction Hearing. Penguin Solutions Cayman will not object to the participation in the Sanction Hearing by any person who holds shares through a broker or any other person with a legitimate interest in the proceedings and all such persons
will have a right to participate.

The Scheme of Arrangement contains a provision for Penguin Solutions Cayman to agree, on behalf of all
persons concerned, to any condition, modification or amendment of the Scheme of Arrangement that the Cayman Court may think fit to approve or impose. The Cayman Court would be unlikely to approve or impose any modification of, or addition or
condition to, the Scheme of Arrangement which might be material to the interests of the Penguin Solutions Cayman shareholders, unless the Penguin Solutions Cayman shareholders were informed of any such modification, addition or condition. It will be
a matter for the Cayman Court