Company: CWAN
Filing Date: 2025-03-20
Form Type: 424B3
Source: 0001193125-25-058975
Chunk: 230

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-20
Form: 424B3
Chunk 230
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 subject to proration according to the terms of the Merger Agreement to the extent any election is oversubscribed, either:

| (a) | (i) cash in an amount equal to $5.85 and (ii) a number of shares of Clearwater Common Stock equal to the Per 
 Share Parent Stock Amount;                                                                                   |

| (b) | a number of shares of Clearwater Common Stock equal to the Exchange Ratio; or |

| (c) | cash in an amount equal to the Aggregate Consideration Per Share; and |

in each case, cash in lieu of fractional shares of Clearwater Common Stock that such holder of Eligible Share would otherwise be entitled to receive. Regardless of the Merger Consideration elected, the value per share of Enfusion Common Stock will be equalized in connection with the consummation of the Transactions such that the value of each Merger Consideration election will be substantially the same for each Eligible Share. An additional $30 million will also be paid to terminate the TRA. Upon Closing, Enfusion Common Stock, including treasury stock, will be delisted from the NYSE and deregistered under the Exchange Act as a result of the Transactions. The Transactions are expected to be completed in the second quarter of 2025, subject to approval by Enfusion Stockholders, the receipt of required regulatory approvals and other customary closing conditions. The Transactions will be accounted for as a business combination using the acquisition method of accounting in accordance with Accounting Standards Codification (“ ASC”) Topic 805, “Business Combinations” (“ ASC 805”) under U.S. GAAP, with Clearwater as the accounting acquirer. Clearwater is expected to be the accounting acquirer primarily based on the transfer of cash consideration by Clearwater to the former economic interest holders of Enfusion and the relative share ownership, voting rights, composition of the governing body, and the designation of certain senior management positions of the combined entity. Under this method of accounting, the purchase price of the Transactions will be allocated to the assets acquired and liabilities assumed based on their fair values at the Closing Date. The excess purchase price over the fair values of identifiable assets and liabilities will be recorded as goodwill. Financing In connection with the execution of the Merger Agreement, on January 10, 2025, Clearwater entered into the Debt Commitment Letter for a seven-year term loan credit agreement (“ 2025 Term Loan”) which provides 148

Clearwater with the ability to borrow up to $800 million at the consumm