Company: TRUE
Filing Date: 2025-11-13
Form Type: PREM14A
Source: 0001104659-25-111498
Chunk: 97

Company: TrueCar, Inc.
Filing Date: 2025-11-13
Form: PREM14A
Chunk 97
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 the drafts of the Merger Agreement and Equity Commitment Letter.

Also on October 12, 2025, the Board met, with representatives of management, Morgan Stanley and Alston present, to discuss the latest developments in the deal terms. At this meeting, Alston provided an overview of the Board’s fiduciary duties and provided a summary of the terms of the transaction documents. Alston then provided an update regarding the finalization of documentation. Morgan Stanley provided an update regarding its financial analyses. Management presented an updated version of the Company’s current financial forecast, updated for actual results through the first three (3) quarters of 2025, along with expectations for future financial performance as a standalone company. The Board approved this plan and the use of these expectations to form the basis of Morgan Stanley’s upcoming fairness opinion.

On October 14, 2025, the Board met, with representatives from management, Morgan Stanley and Alston present. Representatives of Morgan Stanley presented Morgan Stanley’s financial analyses regarding TrueCar and the potential transaction with Parent and rendered its opinion to the Board to the effect that, as of October 14, 2025, 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 the holders of the Excluded Shares) pursuant to the Merger Agreement was fair, from a financial point of view, to such holders of shares of Common Stock. The opinion of Morgan Stanley delivered in connection with the Merger is described in more detail in the section entitled “— Opinion of Morgan Stanley & Co. LLC.”

Also at the October 14, 2025 meeting of the Board, Alston reviewed the items to be approved by the Board, including, but not limited to, the approval of the Merger and the Merger Agreement and the recommendation that the Company Stockholders approve and adopt the Merger Agreement and the transactions contemplated thereby, the approval of the preparation and filing of this proxy statement and inclusion of the Company Board Recommendation herein, exempting the transactions from any applicable takeover laws, and establishing a Special Meeting Committee with authority to make certain determinations with respect to the Special Meeting. Following the Board meeting, the parties executed the transaction documents and the Investor wired the Deposit Amount to the Company.

On October 15, 2025, before the trading markets opened, the parties issued a press release announcing the transaction and filed a