Company: CWAN
Filing Date: 2025-03-20
Form Type: 424B3
Source: 0001193125-25-058975
Chunk: 61

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-20
Form: 424B3
Chunk 61
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future as securities class action lawsuits and derivative lawsuits are often brought against public companies that have entered into acquisition, merger or other business combination agreements like the Merger Agreement. Even if such a lawsuit is
without merit, defending against these claims can result in substantial costs and divert management time and resources. An adverse judgment could result in monetary damages, which could have a negative impact on Clearwater’s and Enfusion’s
respective liquidity and financial condition.

Further, one of the conditions to the completion of the Transactions is that no injunction
or law by any governmental entity of competent jurisdiction will be in effect that has the effect of restraining, enjoining or otherwise prohibiting the consummation of the Transactions. As such, if an injunction prohibiting the consummation of the
Transactions is obtained, that injunction may prevent the Transactions from becoming effective or from becoming effective within the expected timeframe.

Risks Relating to Clearwater Following Completion of the Transactions

The market price for Clearwater Common Stock following the Effective Time may be affected by factors different from those that historically have affected or currently affect Clearwater Common Stock and Enfusion Common Stock.

Following the completion of the Transactions, Clearwater
Stockholders and former Enfusion Stockholders will own interests in a combined company operating an expanded business with more assets and a different mix

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of liabilities. Clearwater’s financial position after the Transactions may differ from its financial position before the Transactions, and the financial position, results of operations and cash flows of the combined company may be affected by factors that are different from those currently or historically affecting the results of operations of Clearwater and those currently or historically affecting the results of operations of Enfusion. Accordingly, the market price and performance of Clearwater Common Stock is likely to be different from the performance of Clearwater Common Stock or Enfusion Common Stock in the absence of the Transactions, which may adversely affect the value of a Enfusion Stockholder’s investment following completion of the Transactions, regardless of the combined company’s actual operating performance. Following completion of the Transactions, the market price of Clearwater Common Stock may be volatile, and holders of Clearwater Common Stock could lose a significant portion of their investment due to drops in the market price of Clearwater Common Stock following completion of the Transactions. Following the Transactions, the market price of Clearwater Common Stock may be volatile, and stockholders may not be able to resell their shares of Clearwater Common Stock at or above the price at which they acquired their shares pursuant to the Merger Agreement or otherwise due to fluctuations in its