Company: TRUE
Filing Date: 2025-11-24
Form Type: DEFM14A
Source: 0001104659-25-115451
Chunk: 20

Company: TrueCar, Inc.
Filing Date: 2025-11-24
Form: DEFM14A
Chunk 20
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 of the Company and the Company Stockholders; (ii) approved the execution, delivery and performance by the Company of the Merger Agreement and the Support Agreements, and the consummation of the transactions contemplated thereby, including the Merger (collectively, with the financing contemplated by the Equity Commitment Letter, the “

#### Transactions
”); (iii) declared advisable the Merger Agreement and the Transactions on the terms and subject to the conditions set forth in the Merger Agreement; (iv) resolved to recommend that the Company Stockholders vote to approve and adopt the Merger Agreement and the Transactions, including the Merger (the “

#### Company Board Recommendation
”); and (v) directed that the Merger Agreement be submitted to the Company Stockholders for their approval. The Board unanimously recommends that Company Stockholders vote “

#### FOR
” the Merger Proposal, “

#### FOR
” the Advisory Compensation Proposal, and “

#### FOR
” the Adjournment Proposal, if necessary or appropriate to reach a quorum or solicit additional proxies. For additional information on the factors considered by the Board in reaching this decision and the recommendation of the Board, please see “The Merger (Proposal 1) — Recommendation of the Board of Directors and its Reasons for the Merger.”

#### Opinion of Morgan Stanley & Co. LLC (See page61)
TrueCar retained Morgan Stanley to act as financial advisor to the Board in connection with the proposed Merger. At the meeting of the Board on October 14, 2025, Morgan Stanley rendered its oral opinion, subsequently confirmed by delivery of a written opinion, that as of such date, and based on and subject to the assumptions made, procedures followed, matters considered and qualifications and limitations on the scope of the review undertaken by Morgan Stanley in rendering its opinion, the Merger Consideration to be received by the holders of shares of Common Stock (other than holders of shares of Common Stock (i) held by TrueCar as treasury stock, (ii) owned by Parent or any of its subsidiaries, (iii) Rollover Shares or (iv) as to which dissenters’ rights have been perfected (clauses (i), (ii), (iii) and (iv), collectively, the “

#### Excluded Shares
”)) pursuant to the Merger Agreement was fair, from a financial point of view, to such holders. The full text of the written opinion of Morgan Stanley, dated October 14, 2025, which set forth, among