Penguin Solutions Stock Rises After SK Hynix Discloses Stake

Shares of Penguin Solutions Inc (NASDAQ:PENG) are trading higher on Tuesday after a regulatory filing showed that SK Hynix holds a 9.1% beneficial ownership stake in the company.

• Penguin Solutions shares are climbing with conviction. What’s fueling PENG momentum?

SK Hynix Discloses 9.1% Stake

A Schedule 13D filed with the U.S. Securities and Exchange Commission, with an event date of Oct. 29, shows SK Hynix now holds convertible preferred stock valued at about $377.2 million. The position covers 6,096,103 shares of common stock.

The preferred shares are held through SHIFTIX1 LLC, an indirect subsidiary of HYAICO Corp., which SK Hynix majority owns. The filing lists an accumulated stated value of $200 million and a conversion price of $32.81 per share.

Penguin Solutions announced Tuesday that the company will demonstrate innovations across its Full-Stack AI Factory Platform, including infrastructure software, accelerated compute systems, advanced memory technologies and operational services, at SC26 later this month.

Penguin designs, builds and manages next-generation data centers for enterprises, sovereign AI initiatives and neocloud providers.

PENG Shares Move Higher

PENG Price Action: Penguin Solutions shares were up 10.93% at $52.69 at the time of publication on Tuesday, according to Benzinga Pro.

Image: Shutterstock.com