10:33 AM EST, 12/16/2024 (MT Newswires) -- Penguin Solutions ( PENG ) said Monday that SK Telecom's (SKM) $200 million investment in Penguin has closed.

SK Telecom, through its special purpose vehicle Astra AI Infra, acquired 200,000 convertible preferred shares of Penguin at $1,000 per share, the company said.

The convertible preferred shares are convertible into ordinary shares of Penguin at a conversion price of $32.80784 per preferred share, subject to adjustment upon the occurrence of some events, the company said.

Penguin said it added Min Yong Ha to its board as a designee of SK Telecom in connection with the investment.

Penguin also said it's updating its EPS outlook for fiscal 2025 due to the impact of SK Telecom's investment. The company now expects non-GAAP diluted EPS of $1.50 plus or minus $0.20. The previous outlook was $1.70 plus or minus $0.20.

Analysts polled by FactSet expect fiscal 2025 non-GAAP EPS of $1.75.

Shares of Penguin Solutions ( PENG ) were down 2.4% in recent trading.

Price: 19.40, Change: -0.47, Percent Change: -2.37