Smart Global amends credit agreement; removes Cree Notes springing maturity, adds $20M threshold for 2026 Notes

Penguin Solutions, Inc.

Entered Third Amendment to Credit Agreement on Aug 21, 2024.
Removes springing maturity trigger related to previously repaid Cree Notes.
Maturity acceleration now only applies if >$20M of 2026 convertible notes remain outstanding.
As of filing, less than $20M of 2026 Notes outstanding, so springing maturity provision currently not triggered.
Amendment reduces risk of early maturity acceleration.

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