Clark Joseph Gates 4

What Happened
Clark Joseph Gates, SVP and President of Optimized LED at Penguin Solutions (PENG), sold 5,000 shares on May 8, 2026 at $39.99 per share, generating proceeds of $199,950. The transaction is reported as an "open market or private sale" and is coded as a sale (S).

Key Details

• Transaction date: 2026-05-08
• Filing date / Accession: Filed 2026-05-12 (Accession No. 0001944970-26-000017) — appears timely under Form 4 rules.
• Price per share: $39.99; Shares sold: 5,000; Total proceeds: $199,950.
• Transaction code: S (sale), described as "open market or private sale."
• Footnote: Executed pursuant to a previously established Rule 10b5-1 trading plan adopted by the reporting person on November 11, 2025.
• Shares owned after transaction: Not specified in the provided filing summary.

Context
The sale was made under a pre-existing 10b5-1 plan, which allows insiders to schedule trades in advance and can limit the ability to infer motive or insider timing from the transaction. Sales are common and may be routine (e.g., for diversification or liquidity); purchases are generally more indicative of insider bullishness.