Company: CWAN
Filing Date: 2025-03-20
Form Type: 424B3
Source: 0001193125-25-058975
Chunk: 53

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-20
Form: 424B3
Chunk 53
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 of Clearwater Common Stock at the time of completion of the Transactions may vary significantly from the market price of
Clearwater Common Stock on the date the Merger Agreement was executed, the date of this Proxy Statement/Prospectus, the date of the Special Meeting and the date on which Enfusion Stockholders make their election. Because the Per Share Mixed
Consideration, Per Share Stock Consideration and Per Share Cash Consideration are each determined in part based on the trading price of Clearwater Common Stock, the value of the aggregate consideration that Enfusion Securityholders will receive upon
completion of the Transactions may be higher or lower than the value of the aggregate consideration on such earlier dates. In addition, as discussed below, the Merger Consideration will be subject to proration. Accordingly, Enfusion Stockholders
will not know or be able to calculate at the time of the Special Meeting the market value of the consideration they will receive upon completion of the Transactions. Additionally, Enfusion does not have the right to exercise any walk-away rights or
other rights to terminate the Transactions solely based on any decline in the market price of Clearwater Common Stock. See also “Summary — Merger Consideration” for a table illustrating the impact of changes in the market price of
Clearwater Common Stock on the Merger Consideration to be received by Enfusion Stockholders.

Stock price changes may result from a
variety of factors, including, among others, general market and economic conditions, changes in Clearwater’s and Enfusion’s respective businesses, operations and prospects, market assessments of the likelihood that the Transactions will be
completed, the timing of the Transactions, regulatory considerations and other risk factors set forth or incorporated by reference in this Proxy Statement/Prospectus. Many of these factors are beyond Clearwater’s and Enfusion’s control.
Enfusion Stockholders are urged to obtain current market quotations for Clearwater Common Stock and Enfusion Common Stock when they make their elections.

31

Enfusion Securityholders may not receive all consideration in the form they elect, and the form of consideration that they receive may have a lower value or different tax consequences than the form of consideration that they elect to receive.

Enfusion Securityholders’ consideration will be subject to proration, such that the total amount of cash consideration will be equal to
52% of the aggregate Merger Consideration and the total amount of stock consideration will be equal to 48% of the aggregate Merger Consideration. Accordingly, some of the Merger Consideration an Enfusion Security