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MILPITAS, Calif. - Penguin Solutions, Inc. (NASDAQ:PENG), a $1.05 billion technology company with annual revenue of $1.32 billion, announced Monday the completion of its redomiciliation from the Cayman Islands to Delaware, effective after market close on June 30.
The process was executed through a Cayman Islands Scheme of Arrangement that received shareholder approval on June 16 and was sanctioned by the Grand Court of the Cayman Islands on June 25.
Under the arrangement, all issued ordinary and preferred shares of the former Cayman Islands entity were exchanged on a one-for-one basis for newly issued common and preferred stock of the Delaware corporation. The company will maintain its PENG ticker symbol when trading begins on the Nasdaq Global Select Market on July 1.
Penguin Solutions stated that it does not expect any material impact on its employees or day-to-day operations as a result of the corporate restructuring.
The company operates across three business segments: Advanced Computing, Integrated Memory, and Optimized LED, according to information provided in the press release statement.
The redomiciliation documentation, including the Sanction Order issued by the Grand Court of the Cayman Islands, is available on the company’s investor relations website.
In other recent news, Penguin Solutions reported impressive second-quarter fiscal year 2025 earnings, surpassing analysts’ expectations with a 28% year-over-year revenue increase to $365.5 million. The company’s non-GAAP earnings per share also exceeded forecasts, reaching $0.52 against a consensus of $0.38. Penguin Solutions has raised its full-year revenue and earnings guidance, now anticipating revenue between $1,334.7 million and $1,405.0 million. The Advanced Computing segment showed significant growth, contributing to the strong financial performance. In addition, Penguin Solutions has entered a strategic agreement with CDW to expand the reach of its AI infrastructure solutions, including the OriginAI suite and ICE ClusterWare software. Analysts at JMP, Stifel, and Needham have maintained their positive outlook on the company, with price targets set at $26.00 and $27.00, respectively. Needham highlighted the robust sales in Advanced Compute hardware and anticipated growth in the Integrated Memory segment for the latter half of the year. Penguin Solutions’ strategic partnerships and innovative product portfolio continue to bolster its market position.
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