Company: CWAN
Filing Date: 2025-03-20
Form Type: 424B3
Source: 0001193125-25-058975
Chunk: 100

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-20
Form: 424B3
Chunk 100
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 that had occurred during the previous week.

On November 12, 2024, Party F 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 13, 2024,
Party O declined to further engage in the sale process, citing that Enfusion’s business was not a focus area for the company at this time.

Also on November 13, 2024, Party M 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 13, 2024, at the direction of the Special Committee,
representatives of Goldman Sachs made the TRA Guidance available to potential bidders, so the potential bidders could reference the estimated TRA payment obligations when preparing their bids. The TRA Guidance provided that bidders should assume the
early termination payments due under the terms of the TRA based on the per share price as follows: $131.4 million for a purchase price of $10.00 per share, $144.3 million for a purchase price of $12.00 per share, $157.2 million for a
purchase price of $14.00 per share, $170.1 million for a purchase price of $16.00 per share, $183.0 million for a purchase price of $18.00 per share and $195.9 million for a purchase price of $20.00 per share.

On November 14, 2024, Party I 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 15, 2024, the Special Committee held a meeting with
representatives of Dechert and Goldman Sachs in attendance. Representatives of Goldman Sachs briefed the Special Committee on the status of the strategic transaction process, including the engagement with bidders that had occurred during the
previous week and expectations with respect to which potential counterparties would submit a bid by the November 19, 2024 deadline. After representatives of Goldman Sachs exited the meeting, the Special Committee discussed with
representatives of Dechert what bid information could be shared with FTV, ICONIQ and Mr. Movchan, assuming they had not changed their previously stated intentions with respect to a potential transaction. The Special Committee discussed and
determined that it would be in the best interest of the