Penguin Solutions, Inc. (NASDAQ: PENG), a leading designer and developer of high-performance enterprise solutions, has announced its plan to redomicile the parent company from the Cayman Islands to the United States. According to the press release, the redomiciliation is aimed at furthering the company's strategic objectives and reflecting increased business and operational focus in the United States.
As part of the redomiciliation plan, the ordinary shares and convertible preferred shares of the existing Cayman Islands parent company will be exchanged on a one-for-one basis for common stock and convertible preferred stock of a newly-formed Delaware corporation, Penguin Solutions Delaware. Following the completion of the redomiciliation, the common stock of Penguin Solutions Delaware will continue to trade on the NASDAQ Global Select Market under the company's existing ticker symbol, "PENG."
The company anticipates that the redomiciliation will be completed in the third quarter of 2025, subject to the approval of shareholders and the sanction of the Cayman Court. The board has also approved the filing of a preliminary proxy statement with the U.S. Securities and Exchange Commission in connection with a special meeting of the company's shareholders to consider and potentially approve the redomiciliation plan.
Penguin Solutions, Inc. is known for its support in helping customers achieve their ambitions across advanced computing, integrated memory, and optimized LED business segments. The company prides itself on turning complex challenges into compelling opportunities for its customers.
As a result of these announcements, the company's shares have moved 2.8% on the market, and are now trading at a price of $19.69. Check out the company's full 8-K submission here.
