Company: CWAN
Filing Date: 2025-02-11
Form Type: S-4
Source: 0001193125-25-023759
Chunk: 162

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-02-11
Form: S-4
Chunk 162
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 total consideration received by Enfusion Stockholders in the

103

Merger must consist of Clearwater Common Stock. The value of Clearwater Common Stock received by Enfusion Stockholders as Merger Consideration will not be determined until the second to last
trading day prior to (but not including) the Closing Date. The “continuity of interest” requirement is expected to be satisfied unless the value of Clearwater Common Stock declines significantly from its value as of the last business day
prior to the execution of the Merger Agreement on January 10, 2025.

Because the value of the Merger Consideration is based in part
on the value of Clearwater Common Stock during the ten-trading day perioding ending on (and including) the second to last trading day prior to (but not including) the Closing Date, the Corporate Mergers, taken
together, could fail to meet the “continuity of interest” requirement, and therefore fail to qualify as a “reorganization” under Section 368(a) of the Code, if the value of all Clearwater Common Stock received by holders of
Enfusion Common Stock in the Merger represents less than 40% of the total value of the Merger Consideration received by holders of Enfusion Common Stock in the Merger (i.e., as a result in a decline in the value of Clearwater Common Stock). There
are therefore factual uncertainties concerning the qualification of the Corporate Mergers, taken together, as a “reorganization” under Section 368(a) of the Code as of the date of this Proxy Statement/Prospectus.

Tax consequences if the Corporate Mergers, taken together, qualify as a “reorganization”

Assuming that the Corporate Mergers, taken together, qualify as a “reorganization” under Section 368(a) of the Code, the
material U.S. federal income tax consequences of the Corporate Mergers to a U.S. Holder generally will depend on whether such U.S. Holder exchanges its shares of Enfusion Common Stock solely for Clearwater Common Stock (i.e., Per Share Stock
Consideration), solely for cash Merger Consideration (i.e., Per Share Cash Consideration) or for a combination of Clearwater Common Stock and cash Merger Consideration (i.e., Per Share Mixed Consideration). U.S. Holders’ Merger Consideration
elections are subject to proration according to the terms of the Merger Agreement to the extent any election is oversub