Company: CWAN
Filing Date: 2025-03-20
Form Type: 424B3
Source: 0001193125-25-058975
Chunk: 57

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-20
Form: 424B3
Chunk 57
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 the section titled “The Transactions—Interests of Enfusion’s Directors
and Executive Officers in the Transactions” for a more detailed description of the interests of Enfusion’s directors and executive officers. The Enfusion Board was aware of and considered these potential interests, among other matters, in
evaluating and negotiating the Merger Agreement, in approving the Merger and in recommending that Enfusion Stockholders approve the Merger Agreement Proposal.

The Merger Agreement limits Enfusion’s ability to pursue alternatives to the Transactions and may discourage other companies from trying to acquire Enfusion.

The Merger Agreement contains provisions that make it more difficult for Enfusion to sell its business to a party other
than Clearwater. These provisions include a general prohibition on Enfusion soliciting any company takeover proposal or offer for a competing transaction. In addition, upon termination of the Merger Agreement, Enfusion is required to pay Clearwater
a termination fee of $52,350,000 if the Merger Agreement is terminated in certain circumstances including Enfusion entering into a definitive agreement with respect to a superior proposal, an adverse recommendation change or a willful breach in a
material respect of Enfusion’s non-solicitation obligations under the Merger Agreement.

It
is possible that the no-shop provision or the other provisions of the Merger Agreement could discourage a potential acquiror that might have had an interest in acquiring all or a significant part of Enfusion
from considering or proposing that acquisition, even if it were prepared to pay consideration with a higher per share cash or market value than the consideration Clearwater proposes to pay in the Transactions or might result in a potential competing
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