Company: CWAN
Filing Date: 2025-03-06
Form Type: S-4/A
Source: 0001193125-25-048570
Chunk: 61

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-06
Form: S-4/A
Chunk 61
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 negative impacts on its stock 
 price;                                                                                                         |

| • |     | Enfusion may experience negative reactions from its customers and suppliers; |

| • |     | Enfusion may experience negative reactions from its employees and may not be able to retain key management 
 personnel and other key employees;                                                                         |

| • |     | Enfusion will have incurred, and will continue to incur, significant                      
 non-recurring costs in connection with the Transactions that it may be unable to recover; |

| • |     | the Merger Agreement places certain restrictions on the conduct of Enfusion’s business prior to completion                                                                                                                                         
 of the Transactions, the waiver of which is subject to the consent of Clearwater (not to be unreasonably withheld, conditioned or delayed), which may prevent Enfusion from making certain acquisitions, taking certain other specified actions or 
 otherwise pursuing business opportunities during the pendency of the Transactions that may be beneficial to Enfusion (see the section titled “The Merger Agreement—Conduct of Businesses of Enfusion Prior to Completion of the                    
 Transactions” for a description of the restrictive covenants applicable to Enfusion); and                                                                                                                                                          |

| • |     | matters relating to the Transactions (including integration planning) will require substantial commitments of                                                         
 time and resources by Enfusion management, which could otherwise be devoted to day-to-day operations and other opportunities that may be beneficial to Enfusion as an 
 independent company.                                                                                                                                                  |

In addition, upon termination of the Merger Agreement, under certain circumstances, Enfusion is required to pay Clearwater a termination fee of $52,350,000, including Enfusion entering into a definitive agreement with respect to a superior proposal, an adverse recommendation change or a willful breach in a material respect of Enfusion’s non-solicitationobligations under the Merger Agreement. Finally, Enfusion could be subject to litigation related to any failure to complete the Transactions or related to any enforcement proceeding commenced against Enfusion to perform its obligations under the Merger Agreement. If the Transactions are not completed, any of these risks may materialize and may adversely affect Enfusion’s businesses, financial condition, financial results and stock price. Clearwater expects to obtain financing in connection with the Transactions and cannot guarantee that it will be able to obtain such financing on favorable terms or at all. Clearwater anticipates that the funds needed to complete the Transactions will be derived from a combination of (i) available cash on hand and (ii) third-party debt financing. Clearwater’s ability to obtain any such new