Clearwater Analytics eliminates all super-voting shares after WCAS stake drops below 5%

Clearwater Analytics Holdings, Inc.

All outstanding super-voting Class C and Class D shares (10 votes each) auto-converted to single-vote Class B and Class A shares on June 12, 2025.
Conversion triggered by WCAS selling ~14.1M shares, reducing ownership to ~1.7%; Permira and Warburg Pincus had already exited super-voting positions.
Total outstanding shares unchanged; economic interests for former super-voting holders remain identical.
Certificate of Retirement filed to reduce authorized capital; Class A common stock continues trading as CWAN with same CUSIP.

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