Company: TRUE
Filing Date: 2025-11-13
Form Type: PREM14A
Source: 0001104659-25-111498
Chunk: 83

Company: TrueCar, Inc.
Filing Date: 2025-11-13
Form: PREM14A
Chunk 83
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 reevaluated their interest, as well as three (3) new parties, including “

#### Party C
.”

On May 28, 2025, Mr. Painter, on behalf of Fair, provided an email to Mr. Reigersman to offer formally to purchase all of the outstanding shares of Common Stock at a price of $2.50 per share, citing the Company’s recent performance and macroeconomic conditions as reasons for the decline in price. This proposal was made subject to the completion of due diligence and negotiation of a mutually agreeable definitive Merger Agreement and requested that the Company negotiate exclusively with Fair for a period of thirty (30) days, but did not set forth additional information regarding Fair’s financing sources. This offer further proposed a direct equity investment into the Company on unspecified terms if the price of $2.50 per share was not viewed favorably by the Board. The Company’s Common Stock closed at a trading price of $1.63 per share on May 28, 2025.

On May 29, 2025, the Transaction Committee met to discuss the latest proposal from Fair. The Transaction Committee determined that it was not in the Company’s best interest to pursue a direct equity investment from Fair, but the Company should still consider working toward an acquisition transaction at an acceptable price.

On May 31, 2025, the Board met, with representatives of management, Morgan Stanley and Alston present. Management and representatives of Morgan Stanley outlined the latest proposal from Fair and noted that, although the Company had been in contact with other potential bidders in recent days, substantive discussions had yet to materialize with such parties. Morgan Stanley further discussed Fair’s most recent proposal of $2.50 per share relative to its prior proposals, noting its premium to the Company’s share price as well as the valuation implied by such price using various valuation methodologies. Morgan Stanley also noted that Fair, through its representatives at B. Riley, had again proposed the possibility of a direct equity investment in the Company as a potential alternative transaction, as noted in the May 28 offer. Management and the Company’s advisors noted that a direct equity investment presented a number of disadvantages and did not merit further consideration. In light of Fair’s ongoing requests for exclusivity, the Board also discussed the advantages and disadvantages of including a “go-shop” provision in any definitive merger agreement that would allow the Company to actively solicit competing acquisition proposals for a period of time after entering into a definitive merger agreement. The Board discussed the historical track

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