Penguin Solutions 13D filing reveals SK hynix acquires $377M stake

SK hynix takes 9.1% beneficial ownership in AI infrastructure firm Penguin Solutions, consolidating SK Group's bet on the AI data center buildout. SK hynix just made its AI infrastructure ambitions considerably more concrete. The South Korean memory giant disclosed via a Schedule 13D/A filing on November 2 that it acquired 200,000 shares of Penguin Solutions convertible preferred stock for $377.16 million, a transaction that closed on October 29. The deal gives SK hynix a 9.1% beneficial ownership stake in Penguin Solutions on an as-converted basis, priced at $1,885.81 per share. How the stake moved within SK Group The shares did not come from the open market. They transferred from Astra AI Infra LLC, a subsidiary of SK Telecom, to SHIFTIX1 LLC, a wholly-owned subsidiary of SK hynix NAND Product Solutions Corp. In plain terms: the stake never left the SK Group family. SK Telecom originally paid $200 million for these same preferred shares in December 2024, so the internal transfer values the position at nearly double what SK Telecom put in less than two years ago. The preferred shares carry a 6% cumulative dividend and come loaded with governance rights, including board nomination ...