Company: TRUE
Filing Date: 2025-11-13
Form Type: PREM14A
Source: 0001104659-25-111498
Chunk: 70

Company: TrueCar, Inc.
Filing Date: 2025-11-13
Form: PREM14A
Chunk 70
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 transaction involving the Company.

On October 8, 2024, the Company engaged Morgan Stanley as a financial advisor to advise on the potential transaction due to, among other things, Morgan Stanley’s qualifications, expertise and familiarity with TrueCar’s business and industry. Also on October 8, 2024, the Board met, with representatives of management, Morgan Stanley and Alston in attendance. The Board reviewed a memorandum from Morgan Stanley outlining certain investment banking relationships with Fair and a number of Fair’s prospective financing sources, none of which the Board deemed material to Morgan Stanley’s ability to assist the Company. Mr. Reigersman reviewed the September 30 letter from Fair. Representatives of Morgan Stanley provided the Board with preliminary financial analyses of Fair’s $4.63 per share proposal and reviewed potential responses to Fair’s September 30 letter, including communicating to Fair that the Company was not interested in a transaction, conducting a private market check with a group of strategic buyers or announcing the public exploration of strategic alternatives and the possible benefits and downsides of each such strategy. Representatives of Alston provided an update on ongoing negotiations with Fair with respect to a nondisclosure and standstill agreement, including instances in which the standstill would no longer apply and the intended effect of those provisions on a market check process. The Board also discussed the request from Fair not to negotiate directly with certain of Fair’s potential financing sources, none of whom were among the parties that Morgan Stanley was otherwise proposing to contact. Following discussion, the Board instructed Morgan Stanley to proceed with a private market check with a select group of strategic buyers and authorized the entry into a nondisclosure and standstill agreement with Fair.

Between October 11 and October 15, 2024, Mr. Painter and Mr. Reigersman met by telephone to discuss the terms of a non-disclosure and standstill agreement. Mr. Painter further requested to meet with

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specific Company Stockholders, but Mr. Reigersman indicated that the Board would not be likely to support such engagement at this time.

On October 17, 2024, the Board met, with representatives of management, Morgan Stanley, and Alston in attendance. The Board reviewed and discussed a set of financial forecasts prepared by the Company’s senior management, accounting for prevailing macroeconomic factors and recent performance and trends in the Company’s businesses. Following the conclusion of this discussion, the Board approved the updated financial forecasts to be provided to potential acquirers and for use