Company: CWAN
Filing Date: 2025-03-20
Form Type: 424B3
Source: 0001193125-25-058975
Chunk: 101

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-20
Form: 424B3
Chunk 101
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 strategic transaction process to share high level information about each bid with FTV and ICONIQ because the Special Committee was unlikely to recommend proceeding with any transaction unless
it was reasonably certain that each of FTV, ICONIQ and Mr. Movchan would be supportive of such transaction given each stockholder’s voting power and that any bidder would likely condition signing a definitive merger agreement on receipt of a
voting and support agreement from each of FTV, ICONIQ and Mr. Movchan.

Also on November 15, 2024, Party B declined to further engage
in the sale process, citing that Enfusion’s financial profile would be challenging to underwrite at a competitive valuation.

65

On November 16, 2024, Party N declined to further engage in the sale process, citing
that Enfusion’s financial profile would be challenging to underwrite at a competitive valuation.

On November 18, 2024, Party D
declined to further engage in the sale process, citing that Enfusion’s financial profile would be challenging to underwrite at a competitive valuation.

Also on November 18, 2024, Party Q declined to further engage in the sale process, citing that Enfusion’s business was not a focus
area for the company at this time.

On November 19, 2024, Clearwater submitted a written
non-binding indication of interest to acquire 100% of the outstanding capital stock of Enfusion for $11.50 per share of Enfusion Common Stock, assuming that Clearwater would pay no more than $50 million
to terminate the TRA and that any additional waived value beyond such amount would accrue to the benefit of Enfusion Stockholders on a dollar-for-dollar basis. Based on
the information available to it, the Special Committee determined that this indication of interest equated to a per share price of approximately $10.82 if no portion of the TRA was waived. This proposed price of $10.82 implied a premium to the
Unaffected Price of approximately 26.5% (the “”). The Clearwater November 19 Proposal indicated that to fund the transaction, Clearwater expected to use $180 million of the
cash on its balance sheet, issue up to $500 million in debt and issue approximately $900 million of equity.

Also on
November 19, 2024, the Party E Consortium submitted a written non-binding indication of interest to acquire 100% of the outstanding capital stock of Enfusion for $10.25 per share of Enfusion