Company: CWAN
Filing Date: 2025-03-20
Form Type: 424B3
Source: 0001193125-25-058975
Chunk: 34

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-20
Form: 424B3
Chunk 34
---
 your Eligible Shares and Clearwater Common Stock in exchange for 33 of your Eligible Shares.                                                                                                                         |

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, representing the 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 “ENFN” and “CWAN,” respectively. Below is a table illustrating the Per Share Parent Stock Amount to be received as part of the Per Share Mixed Consideration, the Per Share Stock Consideration, the Per Share Cash Consideration and the implied value per share of Enfusion Common Stock over a range of assumed Final Parent Stock Prices.

|                               |     | Final Parent Stock Price |          |     |          |     |        |