Company: CWAN
Filing Date: 2025-03-06
Form Type: S-4/A
Source: 0001193125-25-048570
Chunk: 60

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-06
Form: S-4/A
Chunk 60
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acquiror proposing to pay a lower per share price to acquire Enfusion than it might otherwise have proposed to pay because of the termination fee that may become payable to Clearwater in certain circumstances described in the section titled
“The Merger Agreement—Termination Fees and Expenses.”

The Merger Agreement subjects Enfusion to restrictions on its business activities.

The Merger Agreement subjects Enfusion to restrictions on its business activities and obligates Enfusion to generally
conduct its business in a commercially reasonable manner and in all material respects in the ordinary course of business consistent with past practice. These restrictions could have an adverse effect on Enfusion’s results of operations, cash
flows and financial position.

The business relationships of Clearwater and Enfusion and their respective subsidiaries may be subject to disruption due to uncertainty associated with the Transactions, which could have an adverse effect on the results of operations, cash flows and financial position of Clearwater, Enfusion and, following the completion of the Transactions, Clearwater.

Parties with which Clearwater and Enfusion, or their respective subsidiaries, do business may be uncertain as to the effects the
Transactions may have on them, including with respect to current or future business relationships with Clearwater, Enfusion or their respective subsidiaries. These relationships may be subject to disruption as customers, suppliers and other persons
with whom Clearwater and Enfusion have a business relationship may delay or defer certain business decisions or might decide to terminate, change or renegotiate their relationships with Clearwater or Enfusion, as applicable, or consider entering
into business relationships with parties other than Clearwater, Enfusion or their respective subsidiaries. These disruptions could have an adverse effect on the results of operations, cash flows and financial position of Clearwater or Enfusion,
including an adverse effect on Clearwater’s ability to realize the expected synergies and other benefits of the Transactions. The risk, and adverse effect, of any disruption could be exacerbated by a delay in completion of the Transactions or
termination of the Merger Agreement.

Failure to complete the Transactions could negatively affect the stock price and the future business and financial results of Enfusion.

If the Transactions are not completed for any reason, including as a result of Enfusion
Stockholders failing to approve the Merger Agreement Proposal, the ongoing business of Enfusion may be adversely affected and,

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without realizing any of the benefits of having completed the Transactions, Enfusion could be subject to a number of negative consequences, including the following:

| • |     | Enfusion may experience negative reactions from the financial markets, including