Company: TRUE
Filing Date: 2025-11-13
Form Type: PREM14A
Source: 0001104659-25-111498
Chunk: 78

Company: TrueCar, Inc.
Filing Date: 2025-11-13
Form: PREM14A
Chunk 78
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 the course of March 24 through March 29, 2025, Mr. Reigersman and Mr. Painter spoke multiple times regarding their respective valuation perspectives and the status of Fair’s financing commitments.

On March 29, 2025, Mr. Reigersman and Mr. Painter spoke by telephone. Mr. Painter outlined a number of timing considerations and indicated that he perceived that Fair’s financing sources would be prepared to proceed with a transaction at a price of $4.02 per share. Mr. Reigersman reiterated the importance of moving forward quickly in light of macroeconomic conditions and the absence of Board support for

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any price per share below $4.20 or for a transaction that presented a non-standard level of closing certainty. Also on this date, Mr. Reigersman spoke with a representative of Caledonia, to discuss Caledonia engaging with Fair with a view toward maximizing the price that Fair would be willing to pay.

On April 4, 2025, Perkins provided an updated draft Merger Agreement to Alston, providing for termination fees of 4.5% of the Company’s enterprise value payable by the Company or by Fair, with each party’s fee placed into escrow upon signing of the Merger Agreement, and with the Company having the right to seek specific performance conditioned on the funding of Fair’s equity financing. The draft Merger Agreement further proposed that Parent’s obligation to complete the Merger would be conditioned on the Company and its subsidiaries having a minimum cash balance of at least $100 million.

On April 5, 2025, Mr. Reigersman met with a representative of Party B, who indicated that Party B would not be interested in proceeding toward a transaction with the Company on a standalone basis due to its lack of familiarity with U.S. automotive markets. However, Party B indicated that it may be interested in participating in a transaction involving the Company as a financing source for another buyer.

On April 7, 2025, the Transaction Committee met and Mr. Reigersman provided an update regarding Party B’s decision not to make an offer and the status of negotiations with Fair.

On April 8, 2025, the Board met, with representatives of management, Morgan Stanley and Alston present. Mr. Reigersman provided the Board with updates on the Company’s ongoing discussions with Fair, its discussions with other potential acquirers and the March 20 proposal from Fair. The Board discussed