Company: TRUE
Filing Date: 2025-11-13
Form Type: PREM14A
Source: 0001104659-25-111498
Chunk: 76

Company: TrueCar, Inc.
Filing Date: 2025-11-13
Form: PREM14A
Chunk 76
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 to discuss the terms of the draft Merger Agreement. After this call, Mr. Reigersman discussed with Mr. Painter the desire for the highest price possible, and that at this time, a per share price less than $4.00 would not be a basis for further engagement.

On March 20, 2025, Mr. Painter e-mailed Mr. Reigersman on behalf of Fair to formally offer to purchase all of the outstanding shares of Common Stock at a price of $4.02 per share, subject to the completion of due diligence and negotiation of a mutually agreeable definitive Merger Agreement. Mr. Painter’s email further noted that potential adjustments between signing and closing could bring the price down to as low as $3.90 per share and requested that the Company negotiate exclusively with Fair for

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a period of sixty (60) days. The Company’s Common Stock closed at a trading price of $1.76 per share on March 20, 2025. Also on that date, Perkins provided Alston with an initial draft of a form of equity commitment letter that potential sources of equity capital would execute with Fair in connection with a transaction.

Later on March 20, the Board met, with representatives of management, Morgan Stanley and Alston present. Representatives of Morgan Stanley updated the Board regarding, among other things, the latest proposal from Fair and the status of conversations with other potential counterparties. Representatives of Morgan Stanley then summarized the performance of the Company’s stock price, reviewed updated preliminary financial analyses reflecting changes to equity markets and industry trends, and discussed updates to the Company’s financial forecast, as provided to Morgan Stanley by Company management, accounting for actual performance achieved and changes in industry trends. Morgan Stanley outlined a range of possible responses to Fair, including a counteroffer, asking for further improvement in purchase price and emphasizing the importance of proceeding quickly in light of ongoing volatility in financial markets and the Company’s results. Representatives from Alston provided an update regarding the terms of the draft Merger Agreement and the form of equity commitment letter proposed by Fair. After discussion, the Board declined to commit to negotiate exclusively with Fair and instructed Mr. Reigersman to request that Fair update its per share price to a range of at least $4.25 to $4.30 per share, but also indicated that the Board would support transacting at $4.20 per share in the event Fair declined to increase the per share price provided that such per share price