Company: CWAN
Filing Date: 2025-03-06
Form Type: S-4/A
Source: 0001193125-25-048570
Chunk: 97

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-06
Form: S-4/A
Chunk 97
---
 also determined that the chair of the Special Committee should serve as a liaison between the Special Committee and Enfusion management for any administrative matters that would require expeditious action by the Special Committee.
The Special Committee directed representatives of Dechert to update the Management Guidelines accordingly.

Later on
September 13, 2024, the Special Committee held a follow-up interview with two investment banks, including Goldman Sachs.

Later on September 13, 2024, the Special Committee held a meeting with representatives of Dechert in attendance. The Special
Committee determined to proceed to engage Goldman Sachs as the Special Committee’s

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financial advisor based on Goldman Sachs’ qualifications, reputation, independence and expertise, including knowledge of the industry in which Enfusion operates and experience advising
technology companies and special committees in connection with the review and implementation of strategic alternatives, including strategic transactions, and further directed Dechert to negotiate an engagement letter with Goldman Sachs.

On September 16, 2024, at the direction of the Special Committee, representatives of Dechert shared the revised Management
Guidelines with the General Counsel and Assistant General Counsel of Enfusion for further distribution to the management team of Enfusion.

On September 19, 2024, the closing price for shares of Enfusion Common Stock on the NYSE was $8.55 per share (the
“”). The next day, on September 20, 2024, prior to the close of trading, Reuters published an article stating that Enfusion was in talks with investment banks to evaluate options that could include a
potential sale. The closing price for shares of Enfusion Common Stock on September 20, 2024, was $8.98 per share.

On
September 23, 2024, the Special Committee held a meeting with representatives of Dechert in attendance. Representatives of Dechert briefed the Special Committee on the negotiations of the engagement letter with Goldman Sachs. The Special
Committee also delegated certain authority to the chair of the Special Committee, including that the chair could make decisions on behalf of the Special Committee with respect to certain administrative matters. The Special Committee discussed the
September 20, 2024 Reuters article and the leak strategy that the Special Committee had previously reviewed with representatives of Dechert and directed Dechert to instruct Enfusion management to respond with “no comment” to any
related inquiries from the press or other third parties. Representatives of Goldman Sachs then joined the meeting and made a presentation to the Special Committee, including regarding