Company: TRUE
Filing Date: 2025-11-13
Form Type: PREM14A
Source: 0001104659-25-111498
Chunk: 81

Company: TrueCar, Inc.
Filing Date: 2025-11-13
Form: PREM14A
Chunk 81
---
 the Company’s ability to accept superior proposals prior to closing and the treatment of employee equity awards. A representative from Morgan Stanley provided an update with respect to the status of the strategic review process. The Board instructed management and the Company’s advisors to continue discussions with Fair, including a proposed price of $3.35 per share. Later on that date, Alston provided an updated draft of the Merger Agreement to Perkins providing for a termination fee equal to 3.75% of the Company’s enterprise value if the Company terminated the Merger Agreement in order to accept a financially superior proposal from a third party and a reverse termination fee of 6.0% of the Company’s enterprise value. Also on that date, Perkins provided an updated form of Support Agreement to Alston.

On April 24, 2025, Alston provided comments on the form of Support Agreement to Perkins, and Alston and Perkins discussed the terms reflected in the draft Merger Agreement that Alston provided to Perkins on the previous day.

Also on April 24, 2025, Mr. Reigersman provided Mr. Painter with a comprehensive proposal to resolve the remaining outstanding issues, including a proposed price of $3.35 per share, a termination fee equal to 3.75% of the Company’s enterprise value if the Company terminated the Merger Agreement in order to accept a financially superior proposal from a third party and a reverse termination fee of 6.0% of the Company’s enterprise value if Fair failed to complete the Merger when required to do so. The proposal further contemplated changes intended to enhance the certainty of a closing taking place. The Company’s Common Stock closed at a trading price of $1.54 per share on April 24, 2025.

On April 25, 2025, the Board met with representatives of management, Morgan Stanley, and Alston present. Mr. Reigersman summarized for the Board discussions with Fair that had taken place since the Board’s meeting on April 23. Representatives of Morgan Stanley summarized Fair’s prior proposals and recent macroeconomic developments and the impacts thereof on the Company’s stock price. Mr. Foley and representatives of Morgan Stanley discussed the updated sensitivity case with respect to the Company’s financial forecasts developed by management, including updates to the assumptions applied in the financial forecasts provided by management and approved by the Board for use by Morgan Stanley in its financial analyses of the Company. Representatives of Morgan Stanley reviewed updated preliminary financial analyses of the Company after giving effect to the updated sensitivity case and compared the results to