Mar 24, 2025 (PRISM News via COMTEX) --
Penguin Solutions, Inc. (NASDAQ: PENG) has announced plans to shift its corporate headquarters from the Cayman Islands to the United States, a move aimed at streamlining operations and reinforcing its U.S.-centered business strategy. The redomiciliation, approved by the company’s Board of Directors, would transition Penguin's parent entity into a newly formed Delaware corporation, "Penguin Solutions Delaware," pending shareholder and court approvals.
Under the proposed structure, current shareholders will receive an equivalent one-for-one exchange of their shares in the new U.S.-based entity, which will retain the PENG ticker on the Nasdaq Global Select Market. The company expects to complete the redomiciliation by Q3 2025, subject to approval at a Cayman court-ordered shareholder meeting and standard closing conditions.
Penguin Solutions designs high-performance enterprise systems across advanced computing, integrated memory, and optimized LED solutions. The company believes this structural shift will enhance regulatory efficiency and better reflect its growing operational footprint within the United States.
Upon the announcement CEO of Penguin Solutions, Mark Adams, stated: "While our incorporation in the Cayman Islands has served us and our shareholders well for many years, we believe the redomiciliation of Penguin Solutions to the United States will further our strategic objectives and reflects our increased business and operational focus in the United States. We also believe that the redomiciliation will, among other benefits, streamline our organizational and regulatory structure for the benefit of our shareholders."
The post Penguin Solutions Plans U.S. Redomiciliation to Align with Strategic Growth appeared first on PRISM MarketView.
COMTEX_463899686/2927/2025-03-24T12:30:11
