Item 8.01. Other Events.
On March 8, 2023, 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 (collectively, the “Selling Stockholders”) and J.P. Morgan Securities LLC, as representative of the several underwriters named therein (the “Underwriters”), relating to the public offering of 13,000,000 shares of Class A common stock by the Selling Stockholders (the “Offering”). Pursuant to the Underwriting Agreement, the Selling Stockholders have granted the Underwriters an option (the “Option”) to purchase up to an additional 1,950,000 shares of Class A common stock at the public offering price, less underwriting discounts and commissions.
The Underwriting Agreement contains customary representations, warranties, covenants and indemnification obligations of the Company, the Selling Stockholders and the Underwriters, 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 Securities and Exchange Commission on March 8, 2023, and a related prospectus supplement dated March 8, 2023.
The Offering closed on March 13, 2023. The Company did not sell any securities in the Offering and will not receive any proceeds from the sale of the shares offered by the Selling Stockholders.
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 or its subsidiaries or 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 or 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.