<SEC-DOCUMENT>0000950170-24-139275.txt : 20241223
<SEC-HEADER>0000950170-24-139275.hdr.sgml : 20241223
<ACCEPTANCE-DATETIME>20241223060517
ACCESSION NUMBER:		0000950170-24-139275
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20241213
FILED AS OF DATE:		20241223
DATE AS OF CHANGE:		20241223

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			SK TELECOM CO LTD
		CENTRAL INDEX KEY:			0001015650
		STANDARD INDUSTRIAL CLASSIFICATION:	RADIO TELEPHONE COMMUNICATIONS [4812]
		ORGANIZATION NAME:           	06 Technology
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38102
		FILM NUMBER:		241569644

	BUSINESS ADDRESS:	
		STREET 1:		11, EULJIRO2-GA
		STREET 2:		JUNG-GU
		CITY:			SEOUL KOREA
		STATE:			M5
		ZIP:			100-999
		BUSINESS PHONE:		82-2-6100-1639

	MAIL ADDRESS:	
		STREET 1:		11, EULJIRO2-GA
		STREET 2:		JUNG-GU
		CITY:			SEOUL
		STATE:			M5
		ZIP:			100-999

	FORMER NAME:	
		FORMER CONFORMED NAME:	KOREA MOBILE TELECOMMUNICATIONS CORP
		DATE OF NAME CHANGE:	19960530

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Astra AI Infra LLC
		CENTRAL INDEX KEY:			0002048719
		ORGANIZATION NAME:           	
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38102
		FILM NUMBER:		241569643

	BUSINESS ADDRESS:	
		STREET 1:		C/O SK TELECOM CO., LTD.
		STREET 2:		SK T-TOWER 65, EULJI-RO, JUNG-GU
		CITY:			SEOUL
		STATE:			M5
		ZIP:			04539
		BUSINESS PHONE:		82-10-3577-1992

	MAIL ADDRESS:	
		STREET 1:		C/O SK TELECOM CO., LTD.
		STREET 2:		SK T-TOWER 65, EULJI-RO, JUNG-GU
		CITY:			SEOUL
		STATE:			M5
		ZIP:			04539

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Penguin Solutions, Inc.
		CENTRAL INDEX KEY:			0001616533
		STANDARD INDUSTRIAL CLASSIFICATION:	SEMICONDUCTORS & RELATED DEVICES [3674]
		ORGANIZATION NAME:           	04 Manufacturing
		IRS NUMBER:				981013909
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			0830

	BUSINESS ADDRESS:	
		STREET 1:		39870 EUREKA DRIVE
		CITY:			NEWARK
		STATE:			CA
		ZIP:			94560-4809
		BUSINESS PHONE:		(510) 623-1231

	MAIL ADDRESS:	
		STREET 1:		39870 EUREKA DRIVE
		CITY:			NEWARK
		STATE:			CA
		ZIP:			94560-4809

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SMART Global Holdings, Inc.
		DATE OF NAME CHANGE:	20140813
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>ownership.xml
<DESCRIPTION>3
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0206</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2024-12-13</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0001616533</issuerCik>
        <issuerName>Penguin Solutions, Inc.</issuerName>
        <issuerTradingSymbol>PENG</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001015650</rptOwnerCik>
            <rptOwnerName>SK TELECOM CO LTD</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>SK T-TOWER</rptOwnerStreet1>
            <rptOwnerStreet2>65, EULJI-RO, JUNG-GU</rptOwnerStreet2>
            <rptOwnerCity>SEOUL</rptOwnerCity>
            <rptOwnerState>M5</rptOwnerState>
            <rptOwnerZipCode>04539</rptOwnerZipCode>
            <rptOwnerStateDescription>KOREA, REPUBLIC OF</rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>false</isDirector>
            <isOfficer>false</isOfficer>
            <isTenPercentOwner>true</isTenPercentOwner>
            <isOther>false</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0002048719</rptOwnerCik>
            <rptOwnerName>Astra AI Infra LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O SK TELECOM CO., LTD.</rptOwnerStreet1>
            <rptOwnerStreet2>SK T-TOWER 65, EULJI-RO, JUNG-GU</rptOwnerStreet2>
            <rptOwnerCity>SEOUL</rptOwnerCity>
            <rptOwnerState>M5</rptOwnerState>
            <rptOwnerZipCode>04539</rptOwnerZipCode>
            <rptOwnerStateDescription>KOREA, REPUBLIC OF</rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>false</isDirector>
            <isOfficer>false</isOfficer>
            <isTenPercentOwner>true</isTenPercentOwner>
            <isOther>false</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <derivativeTable>
        <derivativeHolding>
            <securityTitle>
                <value>Convertible Preferred Shares</value>
                <footnoteId id="F1"/>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F5"/>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F2"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F3"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Ordinary Shares</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>6096103</value>
                    <footnoteId id="F4"/>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See footnote</value>
                    <footnoteId id="F6"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeHolding>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">On December 13, 2024, pursuant to a Securities Purchase Agreement dated as of July 14, 2024 between the Issuer and SK Telecom Co., Ltd., Astra AI Infra LLC, a wholly owned subsidiary of SK Telecom Co., Ltd., paid an aggregate $200 million to purchase 200,000 convertible preferred shares (the &quot;Convertible Preferred Shares&quot;) of the Issuer.</footnote>
        <footnote id="F2">The Convertible Preferred Shares are convertible at the holder's option into shares of the Issuer's Ordinary Shares having a par value of US$0.03 per share (the &quot;Ordinary Shares&quot;).</footnote>
        <footnote id="F3">The holder's right to convert does not expire. Upon the occurrence of certain events specified in the Certificate of Designation of the Convertible Preferred Shares of the Issuer (the &quot;Certificate&quot;) attached as Exhibit 3.1 to the Issuer's Current Report on Form 8-K filed on December 16, 2024, the Issuer may require mandatory conversion of the Convertible Preferred Shares. In addition, after five years have passed from the Original Issue Date (as defined in the Certificate), the Issuer can repurchase shares of the Convertible Preferred Shares at the Repurchase Price (as defined in the Certificate).</footnote>
        <footnote id="F4">The number of Ordinary Shares into which the Convertible Preferred Shares may convert is calculated as of December 13, 2024, and is subject to adjustment, as described in the Certificate.</footnote>
        <footnote id="F5">The Convertible Preferred Shares are convertible into such number of Ordinary Shares of the Issuer as is determined by (a) multiplying the number of Convertible Preferred Shares to be converted by the sum of (i) the Accumulated Stated Value, plus (ii) accumulated Compounded Dividends (if such Dividends have not yet been added to the Accumulated Stated Value) and, without duplication, accrued but unpaid Dividends up to, but excluding, the conversion date of such Convertible Preferred Shares to be converted and then (b) dividing the result by the Conversion Price (US$32.80784 initially) in effect at the time of conversion. Capitalized terms used in this footnote 5 are defined in the Certificate.</footnote>
        <footnote id="F6">The Convertible Preferred Shares are held directly by Astra AI Infra LLC, which is a wholly owned subsidiary of SK Telecom Co., Ltd.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Yang Seob Kim, Yang Seob Kim, SK Telecom Co., Ltd.</signatureName>
        <signatureDate>2024-12-23</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Young Sun Go, Young Sun Go, CEO, Astra AI Infra LLC</signatureName>
        <signatureDate>2024-12-23</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
