Company: PENG
Filing Date: 2025-03-24
Form Type: PRE 14A
Source: 0001193125-25-060930
Chunk: 101

Company: Penguin Solutions, Inc.
Filing Date: 2025-03-24
Form: PRE 14A
Chunk 101
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 this proxy statement.

Purpose of the Scheme Meeting

At the
Scheme Meeting, the Penguin Solutions Cayman Board intends to ask the registered holders of Penguin Solutions Cayman ordinary shares and Penguin Solutions Cayman convertible preferred shares as of the Voting Record Time to vote on the Scheme of
Arrangement Proposal. If the Scheme of Arrangement is approved and becomes effective, the Transaction will be effected, pursuant to which holders of Penguin Solutions Cayman ordinary shares and Penguin Solutions Cayman convertible preferred shares
(as applicable) at the Scheme Record Time will be transferred to Penguin Solutions Delaware and you will receive one new share of common stock of Penguin Solutions Delaware for each Penguin Solutions Cayman ordinary share that has been transferred
and one new share of convertible preferred stock of Penguin Solutions Delaware for each Penguin Solutions Cayman convertible preferred share that has been transferred. The Penguin Solutions Cayman Board has unanimously approved the Scheme of Arrangement and recommends that you vote “FOR” the Scheme of Arrangement Proposal set forth in this proxy statement.

If any
other matters properly come before the Scheme Meeting or any adjournment of such meeting, the persons named in the proxy card will have the authority to vote the shares represented by all properly executed proxies in their discretion. The Penguin
Solutions Cayman Board currently does not know of any matters to be raised at the Scheme Meeting other than the proposal contained in this proxy statement.

Voting Record Time; Voting Rights

Penguin Solutions Cayman has set p.m. (Pacific Time) on , 2025 as Voting Record Time for the Scheme
Meeting. This means that only those persons who were registered holders of Penguin Solutions Cayman ordinary shares and Penguin Solutions Cayman convertible preferred shares at p.m. (Pacific Time) on , 2025
will be entitled to attend and vote at the Scheme Meeting and any adjournments thereof.

As of the Voting Record Time, there were
Penguin Solutions Cayman ordinary shares and Penguin Solutions Cayman convertible preferred shares issued and outstanding, and we had shareholders of record.

Quorum

A quorum is required for the
transaction of business at the Scheme Meeting. The quorum necessary at the Scheme Meeting to approve a matter pertaining to the modification of rights of Penguin Solutions Cayman

91

shareholders will be one or more Penguin Solutions Cayman shareholders as at the Voting Record Time, present (including via live webcast) and voting in person (or represented by proxy) at the
Scheme Meeting. For purposes of determining a quorum, broker “non-votes” present in