Company: CWAN
Filing Date: 2025-04-17
Form Type: 425
Source: 0001193125-25-083584
Chunk: 7

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-04-17
Form: 425
Chunk 7
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 by the total number of Eligible Shares. The “Exchange Ratio” will be determined by dividing the Aggregate Consideration Per Share by the Final Parent Stock Price. Assuming the Transaction closes, as currently expected, on April 21, 2025, (A) the Final Parent Stock Price, based on the volume-weighted average price per share of Clearwater Class A common stock for the ten-tradingday period ending on (and including) April 16, 2025, is $23.2440; and (B) the total number of Eligible Shares is expected to be 129,995,464 Eligible Shares. Based on the foregoing, and because the Final Parent Stock Price is less than $25.0133, (i) the Per Share Parent Stock Amount would be equal to 0.2159, (ii) the Aggregate Consideration would be equal to $1,412,840,049.03, (iii) the Aggregate Consideration Per Share would be equal to $10.87, (iv) the Per Share Cash Consideration would be equal to $10.87, and (v) the Exchange Ratio would be equal to 0.4676. In addition, assuming that the Transaction closes on April 21, 2025 and based on the expected Final Parent Stock Price and total number of Eligible Shares described above, CWAN and ENFN currently expect that the Corporate Mergers (as defined in the Proxy Statement/Prospectus) will qualify as a “reorganization” under Section 368(a) of the Internal Revenue Code of 1986, as amended, and that the conditions to consummating the Second Merger (as defined in the Proxy Statement/Prospectus) of Enfusion with and into the Acquirer, including the delivery of certain tax opinions related thereto, will be satisfied. Based on available information as of the Election Deadline, the preliminary results of the merger consideration election are as follows:

| • |     | Enfusion shareholders of record of approximately 45.5% of the outstanding Eligible Shares of Enfusion elected to 
 receive the Per Share Mixed Consideration, subject to proration ;                                                |

| • |     | Enfusion shareholders of record of approximately 6.1% of the outstanding Eligible Shares of Enfusion elected to 
 receive the Per Share Stock Consideration;                                                                      |

| • |     | Enfusion shareholders of record of approximately 40.9% of the outstanding Eligible Shares of Enfusion elected