Company: CWAN
Filing Date: 2025-03-06
Form Type: S-4/A
Source: 0001193125-25-048570
Chunk: 146

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-06
Form: S-4/A
Chunk 146
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 merits of the Transactions as compared to any strategic alternatives that may be available to Enfusion; nor does it address any legal, regulatory, tax or accounting matters. Goldman Sachs’ opinion
addresses only the fairness from a financial point of view to the holders (other than Clearwater and its affiliates) of shares of Enfusion Common Stock, as of the date of the opinion, of the aggregate Merger Consideration to be paid to such holders
pursuant to the Merger Agreement. Goldman Sachs’ opinion does not express any view on, and does not address, any other term or aspect of the Merger Agreement, the Operating Agreement or the TRA or the Transactions, or any term or aspect of any
other agreement or instrument contemplated by the Merger Agreement, the Operating Agreement or the TRA or entered into or amended in connection with the Transactions, any payments (and any waiver of rights to receive any such payments) pursuant to
the Merger Agreement, the Operating Agreement or the TRA (other than the payment of the aggregate Merger Consideration to be paid to the holders (other than Clearwater and its affiliates) of shares of Enfusion Common Stock pursuant to the Merger
Agreement, to the extent contemplated in the opinion), any allocation of the aggregate Merger Consideration, the fairness of the Transactions to, or any consideration received in connection therewith by, the holders of Enfusion Class B Common
Stock, or any other class of securities, creditors, or other constituencies of the Company, or the cancellation of Enfusion Class B Common Stock pursuant to the Merger Agreement; nor as to the fairness of the amount or nature of any
compensation to be paid or payable to any of the officers, directors or employees of Enfusion, or any class of such persons, in connection with the Transactions, whether relative to the aggregate Merger Consideration to be paid to the holders (other
than Clearwater and its affiliates) of shares of Enfusion Common Stock pursuant to the Merger Agreement or otherwise. In addition, Goldman Sachs did not express any opinion as to the prices at which shares of Enfusion Common Stock or Clearwater
Common Stock will trade at any time, as to the potential effects of volatility in the credit, financial and stock markets on Enfusion or Clearwater or the Transactions, or as to the impact of the Transactions on the solvency or viability of Enfusion
or Clearwater or the ability of Enfusion or Clearwater to pay their respective obligations when they come due.