Company: TRUE
Filing Date: 2025-11-13
Form Type: PREM14A
Source: 0001104659-25-111498
Chunk: 72

Company: TrueCar, Inc.
Filing Date: 2025-11-13
Form: PREM14A
Chunk 72
---
 December 16, 2024, the Company received an updated proposal from Fair reiterating its interest in an acquisition of all of the outstanding shares of Common Stock at a price of $4.63 per share, but without providing additional details regarding sources of financing for such a transaction. The Company also received a request from a third party (“

#### Party A
”) for additional time to complete due diligence, while noting the need to assess the results of an ongoing commercial pilot program with the Company. The Company also received a proposal from another third party (“

#### Party B
”), expressing interest in an acquisition of all of the outstanding shares of Common Stock at an unspecified market price. Morgan Stanley also reported that Stockholder A verbally reiterated its interest in a transaction, but expressed a need for more time to complete due diligence. The remaining parties declined to submit proposals. In addition, two other parties (“

#### Party D
” and “

#### Party E
”, respectively) advised Morgan Stanley that they needed more time to complete due diligence, which Morgan Stanley reported to the Board. The Company’s Common Stock closed at a trading price of $4.28 per share on December 16, 2024.

On December 18, 2024, the Transaction Committee met in preparation for the December 19, 2024 Board meeting.

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Also on December 18, Morgan Stanley provided updated disclosure with respect to its relationships with the Company, Fair, the members of Fair’s expected financing consortium and those potential counterparties assessed as having the greatest likelihood of being interested in further engagement with the Company regarding a potential transaction, which included Party A, Party B and Stockholder A and none of which the Board deemed material to Morgan Stanley’s ability to assist the Company.

On December 19, 2024, the Board met, with representatives from management, Morgan Stanley and Alston present. Morgan Stanley provided a summary of the results of the strategic review process to date, including the responses from Parties A through E and Stockholder A noted above.

On January 6, 2025, the Transaction Committee met and Mr. Reigersman provided an update regarding the status of the diligence efforts of various parties that were still considering submitting proposals, as well as the continued engagement with Fair, noting that Fair still had not provided details regarding its proposed financing for a potential transaction.

On January 7, 2025, Fair provided a letter to the Company expressing frustration with its perception of