Company: CWAN
Filing Date: 2025-03-20
Form Type: 424B3
Source: 0001193125-25-058975
Chunk: 170

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-20
Form: 424B3
Chunk 170
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 upon such taxable disposition of shares of Clearwater Common Stock and (ii) the U.S. Holder’s adjusted tax basis in such shares of Clearwater Common Stock. Such capital gain or loss will be long-term capital gain or loss if the U.S. Holder’s holding period in the shares of Clearwater Common Stock disposed of is more than one year at the time of such taxable disposition. Long-term capital gains of non-corporatetaxpayers are generally taxed at reduced rates. Deductions for capital losses are subject to certain limitations. U.S. federal income tax consequences of the Merger (and, if completed, the Second Merger) to Non-U.S.Holders In general, subject to the discussion below regarding potential withholding, the receipt of the Merger Consideration by a Non-U.S.Holder in exchange for shares of Enfusion Common Stock pursuant to the Merger will not be subject to United States federal income tax, irrespective of whether the Second Merger is completed and the Corporate Mergers, taken together, qualify as a “reorganization” under Section 368(a) of the Code unless:

| • |     | the gain, if any, recognized by the Non-U.S. Holder on such shares is                                                                                                   
 effectively connected with a trade or business of the Non-U.S. Holder in the United States (and, if required by an applicable income tax treaty, is attributable to the 
 Non-U.S. Holder’s permanent establishment or fixed base in the United States);                                                                                          |

| • |     | the Non-U.S. Holder is an individual who is present in the United States                                                                                                                 
 for 183 days or more in the taxable year of the exchange of shares of Enfusion Common Stock for the Merger Consideration pursuant to the Merger and certain other conditions are met; or |

| • |     | the Non-U.S. Holder owned, directly or under certain constructive                                                                                                                                                                      
 ownership rules of the Code, more than 5% of Enfusion Common Stock at any time during the five-year period preceding the Merger, and Enfusion is or has been a “United States real property holding corporation” within the meaning of 
 Section 897(c)(2) of the Code at any time during the shorter or the five-year period preceding the Merger or the period that the Non-U.S. Holder held Enfusion Common Stock.                                                           |

Gain described in the first bullet point above generally will be subject to U.S. federal income tax on a net income basis in substantially the same