Company: CWAN
Filing Date: 2025-03-20
Form Type: 424B3
Source: 0001193125-25-058975
Chunk: 130

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-20
Form: 424B3
Chunk 130
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 Common Stock other than through their ownership of shares of Clearwater Common Stock (although the value reflected in the Merger Consideration 
 would be fair compensation for the potential loss of future stockholder benefit that could reasonably be expected to be realized by Enfusion);                                                                                                       |

| • |     | the fact that the value of the Merger Consideration as of the completion of the Transactions could decrease                                                                                                                                              
 compared to the value at the time that the Enfusion Board considered approving the Transactions in the event that the market price of Clearwater Common Stock decreases below the low end of the 10% collar prior to completion of the Transactions, and 
 that the market price of Clearwater Common Stock could decrease following the completion of the Transactions and before a former Enfusion Stockholder has sold such Clearwater Common Stock;                                                             |

| • |     | the risk that disruptions from the Transactions may harm (1) Enfusion’s business, including current                                                                                                                                                 
 plans and operations and relationships with Enfusion’s customers, suppliers, business partners and other third parties, including during the pendency of the Transactions, and (2) the ability of Enfusion to retain and hire key personnel.        
 The Special Committee also considered the potential adverse reactions or changes to business relationships resulting from the announcement or completion of the Transactions and that potential business uncertainty, including changes to existing 
 business relationships, during the pendency of the Transactions could affect Enfusion’s operating results and financial performance;                                                                                                                |

| • |     | the fact that there is no “go-shop” in the Merger Agreement.                                                                                                                                                                                     
 However, the Special Committee considered that it had conducted an extensive process involving numerous potential counterparties over an extended period of time, that it negotiated for an acceptable termination fee payable by Enfusion if it 
 determined to enter into a definitive agreement concerning a transaction that constitutes a Superior Proposal and the fact that the Merger Agreement allows for consideration of Superior Proposals under appropriate circumstances;             |

| • |     | the tax consequences of receipt of the Merger Consideration for Enfusion Stockholders, and the ability to 
 structure the Transactions to account for such tax consequences;                                          |

| • |     | the restrictions imposed by the Merger Agreement on Enfusion’s solicitation of alternative acquisition   
 proposals from third parties (although Enfusion is, under specified circumstances in response to certain |

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| alternative acquisition proposals, able to furnish information to and conduct discussions and negotiations with third parties prior to the receipt of the Enfusion Stockholder approval, as                                                          
 described above)