Company: CWAN
Filing Date: 2025-03-06
Form Type: S-4/A
Source: 0001193125-25-048570
Chunk: 55

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-06
Form: S-4/A
Chunk 55
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 Stock has fluctuated and will continue to fluctuate, Enfusion Securityholders cannot be sure of the value of the consideration they will receive.

Upon completion of the Merger, each issued and outstanding share of Enfusion Common Stock
(other than (i) cancelled shares, (ii) dissenting shares and (iii) excluded shares) will be converted into the right to receive, at the election of the stockholder and subject to proration, (i) the Per Share Mixed Consideration,
(ii) the Per Share Stock Consideration or (iii) the Per Share Cash Consideration, each of which will be determined, in part, by the volume-weighted average trading price of Clearwater Common Stock during the
ten-trading-day period ending on (and including) the second to last trading day prior to (but not including) the Closing Date of the Transactions.

The market price of Clearwater Common Stock at the time of completion of the Transactions may vary significantly from the market price of
Clearwater Common Stock on the date the Merger Agreement was executed, the date of this Proxy Statement/Prospectus, the date of the Special Meeting and the date on which Enfusion Stockholders make their election. Because the Per Share Mixed
Consideration, Per Share Stock Consideration and Per Share Cash Consideration are each determined in part based on the trading price of Clearwater Common Stock, the value of the aggregate consideration that Enfusion Securityholders will receive upon
completion of the Transactions may be higher or lower than the value of the aggregate consideration on such earlier dates. In addition, as discussed below, the Merger Consideration will be subject to proration. Accordingly, Enfusion Stockholders
will not know or be able to calculate at the time of the Special Meeting the market value of the consideration they will receive upon completion of the Transactions. Additionally, Enfusion does not have the right to exercise any walk-away rights or
other rights to terminate the Transactions solely based on any decline in the market price of Clearwater Common Stock. See also “Summary — Merger Consideration” for a table illustrating the impact of changes in the market price of
Clearwater Common Stock on the Merger Consideration to be received by Enfusion Stockholders.

Stock price changes may result from a
variety of factors, including, among others, general market and economic conditions, changes in Clearwater’s and Enfusion’s respective businesses, operations and prospects, market assessments of the likelihood that the Transactions will be
completed, the timing of the Transactions,