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

Company: Penguin Solutions, Inc.
Filing Date: 2025-03-24
Form: PRE 14A
Chunk 14
---
 The Scheme of Arrangement, substantially in the form attached as Annex B to this proxy statement, is the legal document that governs the Transaction. The amended and restated certificate of incorporation of Penguin Solutions Delaware, substantially in the form attached to this proxy statement as Annex D and the amended and restated bylaws of Penguin Solutions Delaware, substantially in the form attached to this proxy statement as Annex F will govern Penguin Solutions Delaware after the completion of the Scheme of Arrangement. The certificate of designation in substantially the form attached hereto as Annex E will also govern the Penguin Solutions Delaware convertible preferred stock after the completion of the Scheme of Arrangement.

| 1. Q: | Why am I receiving this document? |

| A: | Holders of Penguin Solutions Cayman shares as of the Voting Record Time are being solicited by the                                                                                                                                                        
 Penguin Solutions Cayman Board to approve certain actions relating to the proposed Transaction which, once effective, will result in a change in the ultimate parent company of the Penguin Solutions group of companies from Penguin Solutions Cayman to 
 Penguin Solutions Delaware as set out in more detail in this proxy statement. Pursuant to the Scheme of Arrangement, ordinary shares and convertible preferred shares of Penguin Solutions Cayman will be transferred to Penguin Solutions Delaware,      
 which will issue one share of common stock of Penguin Solutions Delaware to the holders of Penguin Solutions Cayman ordinary shares as of the Scheme Record Time for each ordinary share that has been transferred and one share of convertible preferred 
 stock of Penguin Solutions Delaware to the holders of Penguin Solutions Cayman convertible preferred shares as of the Scheme Record Time for each convertible preferred share that has been transferred.                                                  |

| 2. Q: | What am I being asked to vote on at the Scheme Meeting? |

| A: | The Scheme of Arrangement requires holders of Penguin Solutions Cayman ordinary shares and Penguin                                                                                                                                            
 convertible preferred shares as of the Voting Record Time to vote on certain matters at the Scheme Meeting. This document contains information to assist you in making your voting decisions at the Scheme Meeting in relation to the meeting 
 proposal.                                                                                                                                                                                                                                     |

It is important that for the Scheme Meeting as many votes as possible are cast so that the Cayman Court may be satisfied that there is a fair representation of the opinions of the Penguin Solutions Cayman shareholders. At the Scheme Meeting, Penguin Solutions Cayman shareholders as of the Voting Record Time are being asked to vote on a proposal to approve the Scheme of Arrangement attached as Annex B to this proxy statement (the “ Scheme of Arr