Company: TRUE
Filing Date: 2025-11-13
Form Type: PREM14A
Source: 0001104659-25-111498
Chunk: 85

Company: TrueCar, Inc.
Filing Date: 2025-11-13
Form: PREM14A
Chunk 85
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 Board met with representatives of management, Morgan Stanley and Alston present. Management and representatives of Morgan Stanley outlined the latest proposal from Fair and noted that although Fair’s diligence seemed to have progressed somewhat, certain diligence items remained open. Morgan Stanley also provided an update regarding discussions held among Morgan Stanley, management and certain other potential bidders not associated with Fair and the possible timing for ongoing product development and commercialization expected by management to have a favorable impact on the Company’s financial condition. Following discussion, the Board instructed management and its advisors to respond to Fair’s proposal by requesting that Fair complete its remaining diligence within a two (2)-week timeframe with a view toward improving its proposal, after which the Company would reconsider entering into exclusive negotiations. The Board also instructed management to emphasize that the Company would not expect to move forward with a transaction if Fair proposed a price lower than $2.56 after completing diligence. At the direction of the Board, Morgan Stanley subsequently communicated this message to B. Riley and requested a “best and final” proposal no later than July 7, 2025.

During late June 2025, Mr. Reigersman and Mr. Foley met with representatives from two (2) of Fair’s proposed sources of debt financing for the transaction to respond to various diligence requests and inquiries from such parties.

On June 30, 2025, at the request of Stockholder D, Ms. Carbone met with a representative of Stockholder D to discuss Stockholder D’s perspective on the Company’s results and share price valuation. Representatives of Stockholder D again expressed their viewpoint that, in light of trading prices and volumes for the Common Stock, it would be advisable for the Company to commence a formal process to evaluate strategic alternatives.

On July 4, 2025, Party C informed the Company that it was not interested in pursuing an acquisition of the Company at that time.

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On July 7, 2025, Fair submitted a revised, “best and final” offer to acquire the Company, co-signed by two (2) potential financing sources, at a price of $2.61 per share, noting that due diligence was complete and requesting that the Company negotiate exclusively with Fair for a period of fourteen (14) days. The Company’s Common Stock closed at a trading price of $1.76 per share on July 7, 2025.

On July 8, 2025, the Board met, with representatives of management, Morgan Stanley