Company: TRUE
Filing Date: 2025-11-24
Form Type: DEFM14A
Source: 0001104659-25-115451
Chunk: 74

Company: TrueCar, Inc.
Filing Date: 2025-11-24
Form: DEFM14A
Chunk 74
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. Mr. Reigersman also suggested that allowing engagement with select Company Stockholders would allow further development of Fair’s offer. The Transaction Committee approved such engagement, subject to the entry into an appropriate non-disclosure agreement by such Company Stockholders. In accordance with the instructions of the Transaction Committee, subsequently on that date, an expanded electronic data room was made available to Fair, and Alston provided Perkins with a draft Merger Agreement.

On February 6, 2025, the Board met, with representatives from management, Morgan Stanley and Alston present. Morgan Stanley provided an update regarding its outreach to potential counterparties and provided the Board with preliminary financial analyses of Fair’s $4.63 per share proposal. The Board also discussed Fair’s request to initiate discussions with certain of the larger Company Stockholders. Following discussion, the Board indicated its approval of management’s proposal to communicate to Fair’s management that it should increase their proposed purchase price to a range of approximately mid-$5.00 per share.

On February 10, 2025, Mr. Reigersman met with representatives of Party A to discuss the strategic fit of a combination between the Company and Party A and encouraged them to submit a formal proposal. No proposal was ultimately received from Party A.

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Also on February 10, the Company executed a side letter to Fair’s non-disclosure agreement to permit confidential, preliminary discussions between Fair and each of Stockholder A, Caledonia, and another Company Stockholder (“

#### Stockholder B
”) regarding terms on which those Company Stockholders may be interested in being a source of financing, through rollover of their existing equity stake in the Company or otherwise, in an acquisition of the Company led by Fair.

On February 28, 2025, Mr. Reigersman and Mr. Painter spoke by telephone and discussed Mr. Painter’s plans with respect to Company Stockholder outreach, as well as various provisions of the draft Merger Agreement, including the termination fee, financing, treatment of Company Equity Awards and tax treatment of the proposed Merger.

During the first half of 2025 a number of tariffs were imposed on automotive components as well as finished automobiles produced outside of the United States, which in turn increased the risk of significant disruptions in consumer demand for new and used automobiles. On February 18, 2025, the Company announced financial results for the year ended December 31, 2024 that were below the consensus of analysts’ expectations and highlighted