SGH receives $200M strategic investment from SK Telecom for AI infrastructure expansion

Penguin Solutions, Inc.

SK Telecom invests $200M in SGH via 200,000 convertible preferred shares at $1,000 per share.
Conversion price of $32.81 per preferred share, a 30% premium to 15-day VWAP as of July 12, 2024.
Preferred shares carry 6% annual dividend (payable in-kind or cash at SGH's option) and are redeemable by SGH.
SKT to receive board representation; standstill and voting obligations apply; closing expected by end of 2024.
SGH plans to use capital to enhance Penguin Solutions AI factory offerings and collaborate on data center solutions.

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