Company: CWAN
Filing Date: 2025-03-20
Form Type: 424B3
Source: 0001193125-25-058975
Chunk: 124

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-20
Form: 424B3
Chunk 124
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 could adversely affect Enfusion’s operating results; |

| • |     | the ability of Enfusion to continue to obtain financing on economically attractive terms to support the future 
 growth of its business;                                                                                        |

| • |     | the risk that current and future economic uncertainty and other unfavorable conditions in Enfusion’s              
 industry or the global economy may limit Enfusion’s growth and adversely affect Enfusion’s operating results; and |

78

| • |     | Certainty of Value and Immediate Liquidity. The Special Committee considered the fact that more than half                                                                                                                                                 
 the Merger Consideration is a fixed cash amount, providing Enfusion Stockholders with certainty of value and liquidity immediately upon the Closing, along with a significant equity component, providing Enfusion Stockholders with participation in the 
 upside potential of a larger, more diversified company or with liquidity should any Enfusion Stockholder not wish to retain its shares of Clearwater Common Stock (including that Clearwater Common Stock received in the Merger would be freely          
 tradeable upon Closing and represent a relatively small portion of the outstanding shares of Clearwater Common Stock). The Special Committee believed this certainty of value was compelling, especially when viewed against the risks and uncertainties  
 associated with Enfusion’s stand-alone strategy and the potential impact of such risks and uncertainties on the trading price of shares of Enfusion Common Stock, including the other risks and uncertainties discussed in Enfusion’s public              
 filings with the SEC as described above. The Special Committee also considered the fact that the value of the Merger Consideration as of the completion of the Transactions would not decrease if the market price of Clearwater Common Stock trades      
 within the 10% collar prior to completion of the Transactions and that the value of the Merger Consideration as of the completion of the Transactions could increase compared to the value at the time that the Enfusion Board considered approving the   
 Transactions in the event that the market price of Clearwater Common Stock increases above the upper end of the 10% collar prior to completion of the Merger.                                                                                             |

| • |     | Premium to Price in the Public Market. The Special Committee considered the current and historical market                                                                                                                                     
 prices, volatility and trading information with respect to shares of Enfusion Common Stock, including the fact that the Merger Consideration valued at $11.25 per share of Enfusion Common Stock represented a 31.6% premium to Enfusion’s    
 unaffected closing stock price of $8.55 per share on September 19, 2024, the last full trading day prior