Company: CWAN
Filing Date: 2025-03-20
Form Type: 424B3
Source: 0001193125-25-058975
Chunk: 68

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-20
Form: 424B3
Chunk 68
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 there can be no assurance that Clearwater’s current ratings will be maintained in the future. Downgrades in Clearwater’s credit ratings could adversely affect
Clearwater’s businesses, cash flows, financial condition and operating results.

Clearwater also expects that the agreements
governing the indebtedness that it will incur will contain covenants that may, under certain circumstances, place limitations on certain actions that Clearwater could seek to undertake. Various risks, uncertainties and events beyond
Clearwater’s control could affect its ability to comply with the covenants contained in its debt agreements. Failure to comply with any of the covenants in its existing or future financing agreements could result in a default under those
agreements and under other agreements containing cross-default provisions. A default would permit lenders to accelerate the maturity of the indebtedness under these agreements. In addition, the limitations imposed by financing agreements on
Clearwater’s ability to incur additional indebtedness and to take other actions might impair its ability to obtain other financing on terms acceptable to Clearwater.

Risks Relating to Tax Matters

You should read the discussion under the section titled “The Transactions—Material U.S. Federal Income Tax Consequences of the
Corporate Mergers” for a more complete discussion of the U.S. federal income tax considerations relating to the Corporate Mergers and the ownership and disposition of any Clearwater Common Stock received in the Merger.

If the Corporate Mergers, taken together, do not qualify as a “reorganization” under Section 368(a) of the Code, the U.S. Holders of Enfusion Common Stock may be required to pay U.S. federal income taxes on the value of any Clearwater Common Stock received in the Merger.

For the Corporate Mergers to qualify as a “reorganization” under Section 368(a) of the Code, certain requirements must be
satisfied. These requirements include the “continuity of interest” requirement as described in Treasury Regulations Section 1.368-1(e). Under regulatory guidance, for the “continuity of
interest” requirement to be satisfied, at least 40% (by value) of the aggregate total consideration received by Enfusion Stockholders in the Merger must consist of Clearwater Common Stock. The value of Clearwater Common Stock received by
Enfusion Stockholders as Merger Consideration will not be determined until the second to last trading day prior to (but not including) the Closing Date. The “continuity of interest” requirement is expected to be satisfied