Company: TRUE
Filing Date: 2025-11-24
Form Type: DEFM14A
Source: 0001104659-25-115451
Chunk: 71

Company: TrueCar, Inc.
Filing Date: 2025-11-24
Form: DEFM14A
Chunk 71
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TABLE OF CONTENTS

specific Company Stockholders, but Mr. Reigersman indicated that the Board would not be likely to support such engagement at this time.

On October 17, 2024, the Board met, with representatives of management, Morgan Stanley, and Alston in attendance. The Board reviewed and discussed a set of financial forecasts prepared by the Company’s senior management, accounting for prevailing macroeconomic factors and recent performance and trends in the Company’s businesses. Following the conclusion of this discussion, the Board approved the updated financial forecasts to be provided to potential acquirers and for use by Morgan Stanley in connection with its financial analyses of a potential transaction. Also on this date, the Company entered into a non-disclosure and standstill agreement with Fair, which included a side letter restricting the Company from soliciting acquisition proposals from a specified financing source and its affiliates who had previously been in contact with Fair about a transaction with the Company. Neither the non-disclosure and standstill agreement nor the side letter required the Company to negotiate exclusively with Fair.

Throughout October and November 2024, at the direction of the Board, representatives of Morgan Stanley contacted thirty-six (36) potential strategic counterparties in the automotive, consumer financial technology and digital marketplace sectors to explore such parties’ interest in a potential acquisition of the Company and with financial sponsors perceived as likely to have a strong level of potential interest. Of this group, sixteen (16) parties executed a non-disclosure agreement with the Company, each of which included a customary standstill provision with a term of twenty-four (24) months or less, but permitted such parties to make private offers or proposals and provided that such provisions would cease to apply following the execution of a definitive agreement with respect to a change of control transaction or other fundamental change event involving the Company. Among the parties approached by Morgan Stanley and executing a non-disclosure agreement was an existing Company Stockholder (“

#### Stockholder A
”). Also during that time, those parties who executed a non-disclosure agreement, including Fair, were provided with access to an electronic data room containing due diligence information about the Company, and eight (8) such parties accepted the invitation of Morgan Stanley, acting at the direction of the Board, to receive a presentation from the Company’s management about the Company’s business.

On October 30, 2024, the Board met, with representatives from management, Morgan Stanley and Alston present. Morgan Stanley provided an update regarding recent discussions between the Company and Fair, Morgan Stanley’s initial outreach to