Penguin Solutions (PENG) said Monday that its board approved a plan to move the parent company of its group to the United States from the Cayman Islands.

Under the plan, the company said the shareholders would exchange their Cayman Islands shares for equivalent shares in a newly formed Delaware corporation.

The company said the new US entity, Penguin Solutions Delaware, will become the ultimate parent company, operating the business as before.

Upon completion, Penguin Solutions said its common stock will trade on Nasdaq under the existing ticker symbol "PENG."

The redomiciliation plan requires approval through a shareholder vote and the sanction of the Cayman Court, the company said, adding if approved, the company expects the process to be completed by Q3.