Company: PENG
Filing Date: 2025-06-30
Form Type: 8-K12B
Source: 0001193125-25-152807
Chunk: 17

Company: Penguin Solutions, Inc.
Filing Date: 2025-06-30
Form: 8-K12B
Chunk 17
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 and for such holders to own such shares of Penguin Solutions Delaware common stock, have been obtained, (ii) an effective shelf registration statement covers the resale of Penguin Solutions Delaware common stock issued upon conversion and (iii) such shares of Penguin Solutions Delaware common stock are listed on Nasdaq or, in certain scenarios, the New York Stock Exchange or both such exchanges. Penguin Solutions Delaware shall provide written notice of a mandatory conversion (a “ Mandatory Conversion Notice”) no later than 10 business days following the Mandatory Conversion Time. The Mandatory Conversion Notice must state:

| • |     | that Penguin Solutions Delaware has exercised its mandatory conversion right; |

| • |     | the date of the Mandatory Conversion Time and the date for settlement of such mandatory conversion; |

| • |     | the Conversion Price at the Mandatory Conversion Time; and |

| • |     | a certification that all authorizations or approvals necessary to enable holders of Issued Convertible Preferred Stock to convert such shares into Penguin Solutions Delaware common stock, and for such holders to own such shares of Penguin Solutions Delaware common stock, have been obtained. |

**As soon as practicable following the Mandatory Conversion Notice, Penguin Solutions Delaware will register the Penguin Solutions Delaware common stock due upon conversion to each holder or their respective nominee(s) and deliver to such holders cash in lieu of fractional shares otherwise issuable upon such conversion. Penguin Solutions Delaware cannot exercise its mandatory conversion right in respect of any Issued Convertible Preferred Stock as to which a redemption notice has been duly delivered by Penguin Solutions Delaware. No Maturity, Sinking Fund or Mandatory Redemption Issued Convertible Preferred Stock has no maturity date and Penguin Solutions Delaware is not required to redeem Issued Convertible Preferred Stock at any time. Accordingly, Issued Convertible Preferred Stock will remain outstanding indefinitely, unless Penguin Solutions Delaware decides, at its option, to exercise its redemption right or mandatory conversion right, or holders of Issued Convertible Preferred Stock exercise their voluntary conversion right. Shares of Issued Convertible Preferred Stock are not subject to any sinking fund. Voting Rights Holders of Issued Convertible Preferred Stock have the voting rights set forth in the Certificate of Designation relating to such shares. Except as prohibited by applicable law, each holder of Issued Convertible Preferred Stock is entitled to (i) vote as a single class with the holders of Penguin Solutions Delaware common stock on all matters submitted for a vote of holders of Penguin Solutions Delaware common stock, (ii) in connection with such vote, vote a number of votes equal to the largest number of whole