Company: PENG
Filing Date: 2025-03-24
Form Type: PRE 14A
Source: 0001193125-25-060930
Chunk: 32

Company: Penguin Solutions, Inc.
Filing Date: 2025-03-24
Form: PRE 14A
Chunk 32
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aware corporation and is currently a direct, wholly-owned subsidiary of Penguin Solutions Cayman. Penguin Solutions Delaware has only nominal assets and capitalization and has not engaged in any business or other activities other than in
connection with its formation and the Transaction. Immediately following the Transaction, Penguin Solutions Delaware will become the ultimate parent company of the Penguin Solutions group of companies.

The principal offices of Penguin Solutions Cayman and Penguin Solutions Delaware are located at 1390 McCarthy Boulevard, Milpitas, CA 95035
and the telephone number at that address is (510) 623-1231.

The Scheme of Arrangement

Court Sanction of the Scheme of Arrangement

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.

Assuming that the Scheme Meeting is conducted and that the Penguin Solutions Cayman shareholders as of
the Voting Record Time vote to approve the Scheme of Arrangement Proposal, we are not aware of any reason why the Cayman Court would not sanction the Scheme of Arrangement. Nevertheless, the Cayman Court’s sanction is a matter for its
discretion and there can be no assurance if or when such sanction will be obtained.

If the Scheme of Arrangement is sanctioned by the
Cayman Court, we intend to deliver the Sanction Order to the Cayman Islands Registrar of Companies. Delivery of the Sanction Order to the Cayman Islands Registrar of Companies will cause the Scheme of Arrangement to become effective in accordance
with its terms.

16

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, our business and our operations have become