Company: PENG
Filing Date: 2025-05-02
Form Type: DEF 14A
Source: 0001193125-25-110748
Chunk: 12

Company: Penguin Solutions, Inc.
Filing Date: 2025-05-02
Form: DEF 14A
Chunk 12
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 on June 16, 2025 pursuant to an Order of the Cayman Islands Grand Court (the “Cayman Court”) granted on April 29, 2025. Notice of the Scheme Meeting is set out at Annex A to this proxy statement. If the Scheme of
Arrangement Proposal is approved by the shareholders as of the Voting Record Time 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.

If we obtain the requisite approvals from our shareholders as of the Voting Record Time and the Cayman Court’s sanction of the Scheme of
Arrangement, and if all of the other conditions to the Scheme of Arrangement, as described herein, are satisfied or, if permitted by applicable law, waived, we intend to file the order of the Cayman Court sanctioning the Scheme of Arrangement with
the Cayman Islands Registrar of Companies (the “Sanction Order”). Upon delivery of the Sanction Order to the Cayman Islands Registrar of Companies, the Scheme of Arrangement will become effective in accordance with its terms
(expected to be 3:00 p.m. (Pacific Time) on June 25, 2025, the “Effective Time”).

If the Scheme of Arrangement becomes
effective and is implemented, shareholders as of the Scheme Record Time, which is expected to be 1:29 p.m. (Pacific Time) on June 30, 2025 will receive one share of Penguin Solutions Delaware common stock for each Penguin Solutions Cayman ordinary
share and one share of Penguin Solutions Delaware convertible preferred stock for each Penguin Solutions Cayman convertible preferred share, as applicable, on the completion date of the Scheme expected to be 1:30 p.m. (Pacific Time) on June 30, 2025
(the “Completion Date”).

We currently expect the Completion Date to occur after the closing of trading of the Penguin
Solutions Cayman ordinary shares on Nasdaq on or around June 30, 2025. The exact date and timing of the Completion Date will depend on factors such as any postponement or adjournment of the hearing before the Cayman Court regarding sanction of the
Scheme of Arrangement (the “Sanction Hearing”).

After the Completion Date, you will continue to own an interest in the
ultimate parent company of the Penguin Solutions group of companies, which will indirectly conduct the same business operations as currently conducted indirectly by Penguin Solutions Cayman, through the same group