SCHEDULE 13G: Crosslink Capital and Michael J. Stark Disclose 5.9% Passive Stake in Penguin Solutions, Inc.

Investment firm Crosslink Capital, Inc. and Michael J. Stark have jointly disclosed a passive beneficial ownership of 5.9% in Penguin Solutions, Inc. as of December 31, 2024.

Summary

• Crosslink Capital, Inc. and Michael J. Stark (collectively, the "Reporting Persons") have filed a Schedule 13G, disclosing their beneficial ownership in Penguin Solutions, Inc.
• As of December 31, 2024, the Reporting Persons collectively beneficially own 3,133,050 ordinary shares of Penguin Solutions, Inc.
• This ownership represents 5.9% of the total ordinary shares outstanding, based on 53,290,750 shares as of January 2, 2025, as reported in the Issuer's Form 10-Q.
• Crosslink Capital, Inc. is identified as an investment adviser, and Michael J. Stark is the control person of Crosslink.
• The shares are held by funds advised by Crosslink, and both reporting persons share voting and dispositive power over the entire stake.
• The filing certifies that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing the control of Penguin Solutions, Inc.

Sentiment

Score: 5

Explanation: The document is a factual regulatory disclosure of beneficial ownership, containing no positive or negative performance metrics or forward-looking statements from the issuer.

Positives

• The disclosure of a significant institutional investor (Crosslink Capital) holding a stake can signal confidence in the company.
• The filing indicates a passive investment, suggesting no immediate intent to influence or change control, which can provide stability.

Future Outlook

Not applicable, as this document does not contain forward-looking statements or guidance from the issuer or reporting persons regarding the issuer's future performance.

Management Comments

• "The Reporting Persons expressly disclaim status as a 'group' for purposes of this Schedule 13G."
• "By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11."

Industry Context

This filing is a standard disclosure required by the SEC when an entity or individual acquires beneficial ownership of more than 5% of a company's voting class of securities, and they intend to hold the shares passively. It provides transparency regarding significant ownership stakes in publicly traded companies.

Comparison to Industry Standards

• This is a standard regulatory filing (Schedule 13G) for passive beneficial ownership exceeding 5%.
• The filing adheres to SEC reporting standards for beneficial ownership disclosures.

Stakeholder Impact

• Shareholders: Provides transparency regarding a significant passive ownership stake, which can offer insights into institutional interest in the company.
• Regulatory Authorities: Fulfills SEC disclosure requirements, ensuring market transparency.

Key Dates

Keywords

Penguin Solutions Inc., Crosslink Capital Inc., Michael J. Stark, Schedule 13G, Beneficial Ownership, Passive Investment, Ordinary Shares, SEC Filing, Institutional Investor, Investment Adviser