Company: CWAN
Filing Date: 2025-03-06
Form Type: CORRESP
Source: 0001193125-25-048573
Chunk: 3

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-06
Form: CORRESP
Chunk 3
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 Clearwater and Enfusion because the parties wanted the Enfusion stockholders to
make an election close in time to the Effective Date of the Transactions and recognized that the Effective Date may be delayed due to the time needed to obtain regulatory approvals. However, the only required regulatory or antitrust approval at
issue was the expiration or early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”). On February 24, 2025, the waiting period under the HSR Act expired, and in
light of such expiration, the Issuer expects that the election of Enfusion stockholders will occur substantially contemporaneously with the vote of the Enfusion stockholders, consistent with the fact pattern in “Situation B” described in
the Release. Closing of the Transactions is expected to occur two business days after the approval of the Transactions by the Enfusion stockholders. The parties intend that the Election Deadline occur one business day immediately prior to the
Enfusion stockholder vote, and the Company has revised the disclosure on page 4 of the Amended Registration Statement to disclose this intention.

Should there be an unexpected regulatory or other delay causing the Election Deadline to fall on a date after the date of the Enfusion Special
Meeting, the Company believes any such delay would be short, and that in all events the application of the SEC’s tender offer rules to the election process would be unwarranted and not provide any new or relevant disclosure for Enfusion
stockholders. We also note that in a series of no-action letters issued subsequent to the Release, the Staff expanded the scope of its position on tender offers beyond “Situation B” and permitted the
election process to be conducted after the shareholder vote on the related merger without requiring compliance with the SEC’s tender offer rules. See United

Securities and Exchange Commission Division of Corporation Finance Office of Technology March 6, 2025 Page 5 Virginia Bankshares, Inc. (available March 21, 1983); Chemical New York Corporation (available May 4, 1987); Fidelcor, Inc. (available June 27, 1983); Dauphin Deposit Corporation (available February 7, 1983); The Kansas Power and Light Company (available February 13, 1991); and Entergy Corporation (available November 13, 1992). Moreover, the situation in which the Staff expressed concern in prior no-actionletters (where a significant amount