Company: AWK
Filing Date: 2025-12-17
Form Type: S-4
Source: 0001193125-25-321389
Chunk: 2

Company: American Water Works Company, Inc.
Filing Date: 2025-12-17
Form: S-4
Chunk 2
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 effective. This joint proxy statement/prospectus does not constitute an offer to sell or a solicitation of an offer to buy any securities in any jurisdiction where an offer, solicitation, or sale is not permitted.

PRELIMINARY — SUBJECT TO COMPLETION — DATED DECEMBER 16, 2025

MERGER PROPOSED — YOUR VOTE IS VERY IMPORTANT To the Shareholders of American Water Works Company, Inc. and Essential Utilities, Inc.: On behalf of the board of directors of American Water Works Company, Inc., which is referred to as American Water, and Essential Utilities, Inc., which is referred to as Essential, we are pleased to enclose the accompanying joint proxy statement/prospectus relating to the proposed merger of American Water and Essential. We are requesting that you take certain actions as a holder of American Water common stock or Essential common stock, as more fully described in the accompanying joint proxy statement/prospectus. Each of the boards of directors of American Water and Essential has authorized, adopted, and approved, and determined to be advisable, an Agreement and Plan of Merger, dated as of October 26, 2025, which, as it may be amended from time to time, is referred to as the merger agreement, by and among American Water, Alpha Merger Sub, Inc., a direct, wholly owned subsidiary of American Water, which is referred to as Merger Sub, and Essential, pursuant to which the parties agreed to combine their respective companies in an all-stockmerger transaction. Subject to the terms and conditions of the merger agreement, which are more fully described in the accompanying joint proxy statement/prospectus, Merger Sub will merge with and into Essential, which transaction is referred to as the merger, with Essential surviving the merger as a wholly owned subsidiary of American Water. At the effective time of the merger, which is referred to as the effective time, each share of common stock, par value $0.50 per share, of Essential, which is referred to as Essential common stock, issued and outstanding immediately prior to the effective time, other than any shares of Essential common stock owned by American Water or Merger Sub or by Essential as treasury stock (in each case, other than Essential restricted shares), will be converted into the right to receive 0.305 shares, which is referred to as the exchange ratio, of validly issued, fully paid, and nonassessable common stock, par value $0.01 per share, of American Water, which is referred to