12:31 PM EDT, 07/16/2024 (MT Newswires) -- Smart Global Holdings ( SGH ) said Tuesday it will rebrand itself to Penguin Solutions to reflect its focus on artificial intelligence.

The transition, which needs shareholder approval, is expected to be completed later this year, the company said.

Smart Global ( SGH ) said its Cree LED business unit will remain unchanged and will continue to do business as Cree LED.

Smart Global's ( SGH ) rebranding announcement comes a day after it announced a $200 million equity investment from SK Telecom to advance end-to-end AI infrastructure solutions.

The investment is expected to close by the end of this year, Smart Global ( SGH ) said late Monday.

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