NEW YORK, June 30, 2026, 10:04 EDT
- Clearwater last traded at $24.56, a penny over the cash deal price of $24.55. Volume hit 24.7 million shares on June 24.
- The SEC filing from June 25 showed Clearwater’s merger is done, with the company asking the NYSE to delist its shares. Equity holders are owed roughly $7.4 billion in cash.
- S&P Capital IQ said CWAN is out of the Russell indexes, and MIAX put out a notice to delist CWAN options on June 26. That’s according to .
Clearwater Analytics Holdings, Inc. NYSE:CWAN closed out on the NYSE with its last trade at $24.56 on June 24, just a penny above the $24.55-per-share deal price from Permira and Warburg Pincus’s investor group in the $8.4 billion all-cash buyout. The company later announced its Class A shares have stopped trading.
The one-cent difference made up 0.04%, a tiny spread for a software stock that spent months hovering near deal terms. At the take-private price, Clearwater’s valuation came to about 9.6 times its $872 million in annualized recurring revenue for March 31, according to company data and a calculation from reported numbers.
| Price check | Figure | Investor read |
|---|---|---|
| Last available CWAN price | $24.56 | Shares trade a penny over the cash deal level |
| Cash consideration | $24.55/share | Set payout, no upside for holders once it closes |
| Reported final volume | 24.7 million shares | Turnover works out to roughly $607 million at last trade |
| Stated premium | 47% | From the Nov. 10 undisturbed close |
The financing puts a different light on public comps. After closing, the company signed a credit deal for a $2.7 billion senior secured term loan, a $500 million delayed-draw term loan, and a $325 million revolver. It paid off the old April 2025 credit deal fully and ended those commitments.
| Operating and deal data | Public-company read | Post-close read |
|---|---|---|
| Q1 revenue | $221.2 million, up 74% | Latest reported quarterly sales base |
| Q1 ARR | $872 million, up 77% | Deal puts value at about 9.6x ARR |
| Q1 free cash flow | $11.2 million | Was $23.0 million in the same period last year |
| New credit facilities | Not part of Q1 numbers | $3.525 billion total stated facilities |
Clearwater posted big year-on-year gains in Q1, one of the last sets of public results before it goes private. Revenue climbed 74% and adjusted EBITDA was up 72%. But free cash flow dropped to $11.2 million from $23.0 million, hit as operating cash flow slipped and spending on software and equipment increased.
Clearwater CEO Sandeep Sahai said the company was set up to give investment teams “a single, real-time view of everything they own.” He said taking the company private should allow Clearwater to scale its existing platform and work on a GenAI agentic platform. Permira
Sellers tracking the indexes had their own deadline. S&P Capital IQ notices on MarketScreener showed CWAN was removed from the Russell 2000, Russell 3000 and Russell 3000 Growth indexes. MIAX said it will delist CWAN options from its options exchanges as of Friday, June 26.
| Market plumbing | Date | Status |
|---|---|---|
| NYSE Class A shares | June 25 | Clearwater asked to halt trading and get shares off the exchange |
| Russell 2000 | June 23 notice | Removed |
| Russell 3000 | June 23 notice | Removed |
| MIAX options | June 26 effective date | No longer listed |
The timing’s key because Russell index changes drive real money flows. FTSE Russell said $12.2 trillion is tied to or tracks Russell U.S. indexes. At the June 2025 reconstitution close, $217.2 billion traded. Catherine Yoshimoto, who oversees U.S. indexes at FTSE Russell, said “US equity markets broadened over the past year.” LSEG
Stocks were trading on the NYSE at 10:04 EDT Tuesday. June 30, 2026, is not shown as a holiday on the exchange calendar. The next scheduled U.S. market closure is July 3 for Independence Day observed. CWAN shareholders got cash, indexes dropped the name, and software funds lost a major public comp that had $10 trillion in client assets on platform.
Clearwater said in a filing it has requested the NYSE to file Form 25, starting the process to delist and deregister its Class A shares under Section 12(b). Once that’s done, the company intends to file Form 15 to end registration under Section 12(g) and halt reporting for the Class A shares.
