Company: TRUE
Filing Date: 2025-11-13
Form Type: PREM14A
Source: 0001104659-25-111498
Chunk: 95

Company: TrueCar, Inc.
Filing Date: 2025-11-13
Form: PREM14A
Chunk 95
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 the insertion of minimum cash and maximum limit on transaction expenses as

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TABLE OF CONTENTS

conditions to closing, the availability of the specific performance remedy, go shop and no shop provisions, circumstances in which termination fees must be paid, whether the Parent Termination Fee was to be deposited or held in escrow, antitrust analysis, expense reimbursement requirements and unvested equity award protections.

On October 2, 2025, Mr. Reigersman, Mr. Painter and the Investor met with representatives from Alston, Greenberg Traurig LLP, counsel to the Investor (“

#### Greenberg
”), and Perkins to discuss the issues list provided by Alston.

On October 3, 2025, Greenberg called Alston to discuss the terms of the proposed equity financing and conveyed the Investor’s willingness to proceed with a transaction that did not include any minimum cash or transaction expense conditions to closing, if the merger consideration were to be reduced to $2.50 per share. The Company’s Common Stock closed at a trading price of $1.77 per share on October 3, 2025.

Also on October 3, 2025, the Board met, with representatives from management, Alston, and Morgan Stanley present. Mr. Reigersman summarized the status of the Company’s negotiations with Fair and the Investor, and a discussion ensued. Although the Board was supportive of further engagement toward finalizing a transaction, the Board discussed the risk of further deterioration of transaction terms and instructed management and advisors to keep working to finalize the terms of the transaction.

Following the Board meeting, Mr. Reigersman engaged in discussions with Mr. Painter and the Investor regarding the amount of cash on the Company’s balance sheet expected to be available at closing.

On October 4, 2025, Mr. Reigersman and the Investor continued to engage in discussions regarding available cash, purchase price and termination fees, as well as the importance of a robust “go shop” process. Mr. Painter and the Investor expressed a willingness to continue working on documentation on the basis of a $2.55 per share purchase price, and elimination of the cash closing condition and the condition related to the maximum amount of transaction expenses. Mr. Reigersman updated the Board accordingly via email.

Later on October 4, 2025, representatives from Alston, Greenberg and Perkins met via videoconference to review the draft Merger Agreement.

On October 6, 2025, Alston delivered