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Latham & Watkins Advises Penguin Solutions on Redomiciliation to the United States

July 2, 2025
Firm supports the technology company in redomiciling its parent company from the Cayman Islands to Delaware.

Penguin Solutions, Inc., a Delaware corporation (Nasdaq: PENG) (Penguin Solutions) has announced the completion of the redomiciliation process to change the parent company of the Penguin Solutions group of companies from a Cayman Islands company to a Delaware corporation. The redomiciliation was accomplished by way of a Cayman Islands scheme of arrangement and was approved by an overwhelming majority of Penguin Solutions’ shareholders at a scheme meeting held on June 16, 2025. The Grand Court of the Cayman Islands sanctioned the scheme on June 25, 2025, and on the same date, the scheme of arrangement became effective in accordance with its terms upon the delivery of the sanction order to the Cayman Islands Registrar of Companies.

Latham & Watkins LLP represents Penguin Solutions in the transaction with a corporate deal team led by Bay Area partner Mark Bekheit, with associates Lauren Lefcoe, Abby Timmons, Avery Brust, and Sabine Dahi. Advice was also provided on public company representation matters by Bay Area partner Erica Kassman, with associates Annie Kim and Eduardo (Eddie) Magana; on tax matters by Bay Area partner Grace M. Lee, with associate Gregory Conyers; on executive compensation and employee benefit matters by Bay Area partner Maj Vaseghi, with associate Hyun Young (Julia) Lee; on convertible debt matters by Los Angeles partner Greg Rodgers and New York partner Andrew Blumenthal, with associate Claire Solimine; and on debt finance matters by New York partner Nathan Whitaker, with associate Rychelle Andersen.

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