Clearwater Analytics Holdings Inc.
11/13/2024 | Press release | Distributed by Public on 11/13/2024 05:03
Material Event Form 8 K
Item 8.01. Other Events.
On November 11, 2024, Clearwater Analytics Holdings, Inc. ("Clearwater" or the "Company") entered into an Underwriting Agreement (the "Underwriting Agreement"), by and among the Company, CWAN Holdings, LLC, certain affiliates of Welsh, Carson, Anderson & Stowe, Permira Advisers LLC and Warburg Pincus LLC (collectively, the "Selling Stockholders") and J.P. Morgan Securities LLC, as the sole underwriter (the "Underwriter"), relating to the public offering of 25,000,000 shares of the Company's Class A common stock, par value $0.001 per share (the "Common Stock"), by the Selling Stockholders (the "Offering").
The Underwriting Agreement contains customary representations, warranties, covenants and indemnification obligations of the Company, the Selling Stockholders and the Underwriter, as well as termination and other customary provisions.
The Offering was made pursuant to the Company's automatic shelf registration statement on Form S-3 (File No. 333-270350) that became effective under the Securities Act of 1933, as amended, when filed with the United States Securities and Exchange Commission (the "SEC") on March 8, 2023, a related prospectus supplement dated November 6, 2023, and the final prospectus supplement, November 11, 2024.
The Company did not sell any Common Stock in the Offering and will not receive any proceeds from the sale of the shares of Common Stock by the Selling Stockholders in the Offering. The Offering closes on November 13, 2024.
The foregoing description of the Underwriting Agreement is qualified in its entirety by reference to the full text of the Underwriting Agreement, which is filed as Exhibit 1.1 to this Current Report on Form 8-K and incorporated herein by reference.
The Underwriting Agreement and the above descriptions have been included to provide investors and security holders with information regarding the terms of the Underwriting Agreement. They are not intended to provide any other factual information about the Company, its subsidiaries, affiliates or equity holders. The representations, warranties and covenants contained in the Underwriting Agreement were made only for purposes of that agreement and as of specific dates, were solely for the benefit of the parties to the Underwriting Agreement, and may be subject to limitations agreed upon by the parties, including being qualified by confidential disclosures made by each contracting party to the other as a way of allocating contractual risk between them that differ from those applicable to investors. Moreover, the subject matter of the representations and warranties is subject to more recent developments. Accordingly, investors should be aware that these representations, warranties and covenants, and any description thereof alone, may not describe the actual state of affairs of the Company or its subsidiaries, affiliates, businesses or equity holders as of the date they were made or at any other time.
Kirkland & Ellis LLP has issued an opinion, dated November 13, 2024, regarding certain legal matters with respect to the Offering, a copy of which is filed as Exhibit 5.1 hereto.