Company: CWAN
Filing Date: 2025-02-11
Form Type: S-4
Source: 0001193125-25-023759
Chunk: 53

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-02-11
Form: S-4
Chunk 53
---
 the Merger Agreement Proposal and the Adjournment Proposal. In addition, Enfusion Stockholders should read and consider the risks associated with each of the businesses of Clearwater and Enfusion because these risks will relate to Clearwater following the completion of the Transactions. Descriptions of some of these risks can be found in Clearwater’s Annual Report on Form 10-Kfor the fiscal year ended December 31, 2023 and Enfusion’s Annual Report on Form 10-Kfor the fiscal year ended December 31, 2023 and, in each case, any amendments thereto, as such risk factors may be updated or supplemented in each company’s subsequently filed Quarterly Reports on Form 10-Qor Current Reports on Form 8-K,which are incorporated by reference into this Proxy Statement/Prospectus. You should also consider the other information in this Proxy Statement/Prospectus and the other documents incorporated by reference into this Proxy Statement/Prospectus. See the section titled “Where You Can Find More Information.”

Risks Relating to the Transactions

Because the market price of Clearwater Common Stock has fluctuated and will continue to fluctuate, Enfusion Securityholders cannot be sure of the value of the consideration they will receive.

Upon completion of the Merger, each issued and outstanding share of Enfusion Common Stock
(other than (i) cancelled shares, (ii) dissenting shares and (iii) excluded shares) will be converted into the right to receive, at the election of the stockholder and subject to proration, (i) the Per Share Mixed Consideration,
(ii) the Per Share Stock Consideration or (iii) the Per Share Cash Consideration, each of which will be determined, in part, by the volume-weighted average trading price of Clearwater Common Stock during the
ten-trading-day period ending on (and including) the second to last trading day prior to (but not including) the Closing Date of the Transactions.

The market price of Clearwater Common Stock at the time of completion of the Transactions may vary significantly from the market price of
Clearwater Common Stock on the date the Merger Agreement was executed, the date of this Proxy Statement/Prospectus, the date of the Special Meeting and the date on which Enfusion Stockholders make their election. Because the Per Share Mixed
Consideration, Per Share Stock Consideration and Per Share Cash Consideration are each determined in part based on the trading price of Clearwater Common Stock, the value of the aggregate consideration that Enfusion