Clark Joseph Gates 4

What Happened Clark Joseph Gates, Senior Vice President and President of Optimized LED at Penguin Solutions (PENG), sold a total of 10,351 shares on June 1, 2026 in a series of open‑market/private sale transactions, generating approximately $609,414 in proceeds. The individual trades reported were:

• 1,000 shares at a weighted avg $55.53 — $55,535 (trades ranged $55.01–$55.93)
• 1,100 shares at a weighted avg $56.54 — $62,189 (trades ranged $56.08–$56.78)
• 900 shares at a weighted avg $57.73 — $51,960 (trades ranged $57.24–$58.19)
• 1,439 shares at $58.50 — $84,181 (trades ranged $58.27–$58.67)
• 4,612 shares at $59.97 — $276,560 (trades ranged $59.62–$60.60)
• 1,300 shares at $60.76 — $78,989 (trades ranged $60.62–$60.95)

These were sales (code S), not purchases. The filing indicates the transactions were effected pursuant to a previously established Rule 10b5‑1 trading plan adopted by Mr. Gates on November 11, 2025.

Key Details

• Transaction date: June 1, 2026; Form 4 filed June 2, 2026 (filed timely).
• Reported total shares sold: 10,351; reported total proceeds: about $609,414.
• Prices shown are weighted averages; several entries were executed as multiple trades at the ranges noted above.
• Footnote: transactions were effected under a 10b5‑1 plan (adopted 11/11/2025). The filer offers to provide detailed per‑trade quantities/prices on request.
• Shares owned after transaction: not disclosed in the summary provided here — see the full Form 4 for post‑transaction holdings.

Context

• Sales under a 10b5‑1 plan are typically pre‑scheduled and are considered routine; they do not by themselves indicate insider sentiment about the company. This was a cash sale (disposition) rather than an exercise, grant, or gift.
• Retail investors should view this as insider liquidity rather than a direct buy/sell signal; check the full Form 4 for any additional ownership or related-party details.