Company: CWAN
Filing Date: 2025-03-06
Form Type: S-4/A
Source: 0001193125-25-048570
Chunk: 88

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-06
Form: S-4/A
Chunk 88
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 33 of your Eligible Shares.                                                                                                                         |

56

Each holder of record of Eligible Shares will, until the Election Deadline, be entitled to
elect to (i) receive the Per Share Mixed Consideration, (ii) receive the Per Share Stock Consideration, (iii) receive the Per Share Cash Consideration or (iv) not make an election, in exchange for each Eligible Share that is
outstanding immediately prior to the Effective Time. A holder of Eligible Shares who does not make an election will be treated as having elected to receive cash consideration or stock consideration in accordance with the proration methodology in the
Merger Agreement, which is described in the section titled “The Merger Agreement—Effect of the Transactions—Proration and Allocation of Merger Consideration.”

As noted above, the value of the stock consideration will fluctuate as the market price of Clearwater Common Stock fluctuates because the
stock consideration is payable in a fixed number of shares of Clearwater Common Stock. As a result, the value of the stock consideration that holders of Eligible Shares will receive upon completion of the Merger could be greater than, less than or
the same as the value of the stock consideration on the date of this Proxy Statement/Prospectus, at the time of the Special Meeting or on the date on which holders of Eligible Shares make their election, but in any event, will be subject to a 10%
collar around a reference price of $27.7926 per share of Clearwater Common Stock, average of the volume-weighted average price of Clearwater Common Stock for the ten-trading day periods ending on January 6, 2025 and January 7, 2025, as
agreed to among the parties to the Merger Agreement. Accordingly, Enfusion and Clearwater encourage you to obtain current stock price quotations for Clearwater Common Stock before deciding how to vote with respect to the Merger Agreement proposal.
Clearwater Common Stock and Enfusion Common Stock trade on the New York Stock Exchange, under the symbols “CWAN” and “ENFN,” respectively.

For each day from the date of the mailing of this Proxy Statement/Prospectus through the Election Deadline, the volume-weighted average price
of Clearwater Common Stock for the ten-trading day period ending on (and including) the trading day preceding the date on which Enfusion Stockholders access this information will be available by 4:30 p.m., New York City time, at
https://