Company: CWAN
Filing Date: 2025-02-11
Form Type: S-4
Source: 0001193125-25-023759
Chunk: 49

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-02-11
Form: S-4
Chunk 49
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section titled “The Transactions—TRA Amendment.”

Risk Factors(see page 30)

Before voting at the Special Meeting, you should carefully read all of the information contained in or incorporated by reference into this
Proxy Statement/Prospectus and give special consideration to the risk factors discussed in the section titled “Risk Factors.” See the section titled “Where You Can Find More Information” for more information about the SEC filings
incorporated by reference into this Proxy Statement/Prospectus.

26

MARKET PRICE AND DIVIDEND INFORMATION Market Prices Clearwater Common Stock is listed on the NYSE under the symbol “CWAN,” and Enfusion Common Stock is listed on the NYSE under the symbol “ENFN.” The following table sets forth the closing price per share of Clearwater Common Stock and per share of Enfusion Common Stock as reported on the NYSE on January 10, 2025, the trading day before the public announcement of the execution of the Merger Agreement, and on , 2025, the trading day before the date of this Proxy Statement/Prospectus. The table also presents the volume-weighted average price of Clearwater Common Stock for the ten-trading-dayperiods ending on (and including) January 10, 2025 and , 2025. The table also shows the estimated implied value of the Merger Consideration for each share of Enfusion Common Stock calculated as of each of the below dates.

|                  |     | Clearwater   
 Common Stock |       |     | 10-Day Average    
 Clearwater Common 
 Stock VWAP        |         |     | Enfusion     
 Common Stock |      |     | Implied Value per 
 Share of Enfusion 
 Common Stock      |       |
|:-----------------|:----|:-------------|------:|:----|:------------------|--------:|:----|:-------------|-----:|:----|:------------------|------:|
| January 10, 2025 |     | $            | 27.03 |     | $                 | 27.4360 |     | $            | 9.94 |     | $                 | 11.25 |
| , 2025           |     | $            |       |     | $                 |         |     |              |      |     |                   |       |

The market prices of Clearwater Common Stock and Enfusion Common Stock have fluctuated since the date of the announcement of the execution of the Merger Agreement and will