Company: CWAN
Filing Date: 2025-03-06
Form Type: S-4/A
Source: 0001193125-25-048570
Chunk: 69

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-06
Form: S-4/A
Chunk 69
---
 and other conditions as in effect on, and the information made
available to Goldman Sachs as of, the date of such opinion and Goldman Sachs assumes no responsibility for updating, revising or reaffirming its opinion based on circumstances, developments or events occurring after the date of such opinion. The
Special Committee has not requested an updated opinion as of the date of this Proxy Statement/Prospectus, and does not expect to request an updated opinion prior to completion of the Transactions. Changes in the operations and prospects of Enfusion,
general market and economic conditions and other factors that may be beyond the control of Clearwater or Enfusion may have altered the value of Enfusion or the prices of the shares of Enfusion Common Stock since the date of Goldman Sachs’
opinion, or may significantly alter such value or price by the time the Transactions are completed. Goldman Sachs’ opinion does not speak as of the time the Transactions will be completed or as of any date other than the date of such opinion.
The Enfusion Board’s recommendation that Enfusion Stockholders vote in favor of the Merger Agreement Proposal and the Adjournment Proposal, however, are made as of the date of this Proxy Statement/Prospectus.

After the Transactions are completed, Enfusion Stockholders will have their rights as stockholders governed by Clearwater’s organizational documents.

Upon completion of the Transactions, Enfusion Stockholders will no longer be stockholders to Enfusion, but will instead
become Clearwater Stockholders. Former Enfusion Stockholders will instead have rights as Clearwater Stockholders that differ from the rights they had as Enfusion Stockholders before the Transactions. For a detailed comparison of the rights of
Clearwater Stockholders to the rights of Enfusion Stockholders, see the section titled “Comparison of Rights of Common Stockholders of Clearwater and Enfusion.”

After the completion of the Transactions, Clearwater will be more leveraged than it is currently and the financing arrangements that Clearwater will enter into may, under certain circumstances, contain restrictions and limitations that could impact its ability to operate its business.

In connection with the Transactions, Clearwater has obtained commitments of $1.0 billion in new debt financing (the “”), subject to customary conditions, to fund, together with cash on hand, the cash portion of the aggregate Merger Consideration payable under the Merger Agreement and fees and expenses related to the Transactions. After the
completion of the Transactions, Clearwater is expected to have consolidated indebtedness of approximately $0.8 billion. The increased indebted