Company: PENG
Filing Date: 2025-05-02
Form Type: DEF 14A
Source: 0001193125-25-110748
Chunk: 2

Company: Penguin Solutions, Inc.
Filing Date: 2025-05-02
Form: DEF 14A
Chunk 2
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 have a substantial presence in the United States, and it is important to note that a majority of the Penguin Solutions group’s operating assets, including significant intellectual
property, and a substantial portion of our employee base are also in the United States. The reasons for the transaction are discussed in further detail in the accompanying proxy statement.

On June 16, 2025, commencing at 10:00 a.m. (Pacific Time), we will hold a scheme meeting of our shareholders to vote on the proposed scheme of
arrangement as described below at the offices of Latham & Watkins LLP, located at 140 Scott Drive, Menlo Park, California, 94025 and will broadcast the scheme meeting via live webcast (the “Scheme Meeting”). Registered
shareholders as of the Voting Record Time will be entitled to attend and vote at the Scheme Meeting.

At the Scheme Meeting, you will be
asked to vote on a proposal for a “scheme of arrangement” pursuant to Section 86 of the Cayman Islands Companies Act (2025 Revision), as amended, modified or re-enacted from time to time, that
would result in a change in the ultimate parent company of the Penguin Solutions group of companies from the current parent company that is incorporated in the Cayman Islands to a parent company that is incorporated in Delaware, as described in the
accompanying proxy statement.

For you, our shareholders, much will remain unchanged following the completion of the scheme of
arrangement. If the scheme of arrangement is approved, becomes effective and is implemented, it will result in the exchange of your Penguin Solutions Cayman ordinary shares and Penguin Solutions Cayman convertible preferred shares, as applicable,
for an equal number of shares of common stock of Penguin Solutions Delaware and shares of convertible preferred stock of Penguin Solutions Delaware, respectively, and Penguin Solutions Delaware will become the ultimate parent company of the Penguin
Solutions group of companies.

If the scheme of arrangement takes effect, your rights with respect to the Penguin Solutions Delaware stock
will be substantially the same as those currently in effect with respect to the Penguin Solutions Cayman shares. Upon the terms of the scheme of arrangement being implemented, holders of Penguin Solutions Delaware stock will have the same
proportionate interest in the profits, net assets and dividends of the Penguin Solutions group of companies as they had immediately prior to the implementation of the scheme of arrangement as a holder of Penguin Solutions Cayman shares. However,
there are differences between what your rights will be under Delaware law and what they currently are under Cayman Islands