Penguin Solutions, Inc. announced on March 24, 2025, that its Board of Directors approved a plan to redomicile the parent company from the Cayman Islands to the United States. The new entity, Penguin Solutions Delaware, will become the ultimate parent company.
This proposed redomiciliation aims to further the company's strategic objectives and reflects its increased business and operational focus in the United States. The move is also expected to streamline the organizational and regulatory structure for the benefit of shareholders.
The plan is subject to shareholder approval and sanction by the Grand Court of the Cayman Islands, with anticipated completion in the third quarter of 2025. Upon completion, the common stock of Penguin Solutions Delaware will continue to trade on the Nasdaq Global Select Market under the existing ticker symbol "PENG".
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