Company: PENG
Filing Date: 2025-03-24
Form Type: PRE 14A
Source: 0001193125-25-060930
Chunk: 61

Company: Penguin Solutions, Inc.
Filing Date: 2025-03-24
Form: PRE 14A
Chunk 61
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 Citizens Bank, N.A., as administrative agent, collateral agent and an issuing bank or our 2.25% Convertible Senior Notes due
2026, our 2.00% Convertible Senior Notes due 2029, or our 2.00% Convertible Senior Notes due 2030 (collectively, our “Convertible Notes”). In connection with the Transaction, we expect that Penguin Solutions Cayman and its
subsidiaries will enter into an amendment to the Credit Agreement to provide for certain technical changes necessary to permit the consummation of the Transaction under the terms of the Credit Agreement. We also expect to enter into amendments to
the indentures governing our Convertible Notes in connection with the Transaction to, among other things, permit the consummation of the Transaction under the terms of the Convertible Notes and provide for the issuance of Penguin Solutions Delaware
common stock rather than Penguin Solutions Cayman ordinary shares upon conversion of the Convertible Notes. We currently expect that the foregoing amendments will not be material and will be supported by our lenders. Our Credit Agreement, the debt
issued thereunder and our Convertible Notes will remain outstanding, and Penguin Solutions Cayman and SMT will continue to be the co-borrowers under the Credit Agreement and Penguin Solutions Cayman will
continue to be the issuer of our Convertible Notes.

Stock Exchange Listing

Penguin Solutions Cayman ordinary shares are expected to continue to trade on Nasdaq until the Completion Date. Penguin Solutions Cayman
convertible preferred shares are expected to remain unlisted.

We intend to make application so that, immediately following the Completion
Date, the Penguin Solutions Delaware common stock (for which there is currently no established public trading market) will be listed on Nasdaq under the symbol “PENG,” the same symbol under which the Penguin Solutions Cayman ordinary
shares

38

are currently listed. We do not currently intend to list the Penguin Solutions Delaware common stock on any other stock exchange. We do not currently intend to list the Penguin Solutions Delaware
convertible preferred stock on any stock exchange.

Effect of the Transaction on Reporting Obligations of the Penguin Solutions Corporate Group

Upon completion of the Transaction, we will remain subject to SEC reporting requirements, the mandates of Sarbanes-Oxley and the corporate governance rules of Nasdaq, and we will continue to report our consolidated financial results in U.S. dollars and in accordance with U.S. GAAP. We will in the ordinary course make
available customary reports filed with the SEC, consistent with our