Company: TRUE
Filing Date: 2025-11-24
Form Type: DEFM14A
Source: 0001104659-25-115451
Chunk: 69

Company: TrueCar, Inc.
Filing Date: 2025-11-24
Form: DEFM14A
Chunk 69
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 a draft form of non-disclosure agreement to be executed by Fair.

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TABLE OF CONTENTS

On September 16, 2024, Mr. Painter contacted Mr. Reigersman to discuss potential per share prices at which Fair would be interested in acquiring the Company and to provide additional information regarding potential sources of financing for such a transaction. Mr. Reigersman responded that it would be important for the Company to assess the viability of such a transaction in a pre-signing market check and advised Mr. Painter that the Company was prepared to retain Morgan Stanley to assist in evaluating a possible transaction. In addition, Mr. Reigersman noted to Mr. Painter that, while he appreciated the direct engagement, it would be important for these details to be set forth in writing for the Board to be able to evaluate the potential transaction.

On September 19, 2024, Fair provided a letter to Mr. Reigersman that explicitly declined to make a specific offer to acquire the Company, but indicated that its valuation analysis suggested a price per share below $3.00 and that its post-closing plans for the Company justified a price per share above $4.00. The Company’s Common Stock closed at a trading price of $3.31 on September 19, 2024.

On September 21, 2024, Mr. Painter and Mr. Reigersman met by telephone to discuss preliminary aspects of Fair’s proposal. Mr. Reigersman reemphasized the need for a written proposal with a definitive price that would be compelling to the Board, and Mr. Painter noted his intent to send a revised proposal.

On September 23, 2024, the Board took action by written consent to form a Transaction Committee, consisting of Ms. Carbone, Mr. Reigersman and Mr. Rodriguez.

On October 1, 2024, Fair provided a letter dated September 30 to Mr. Reigersman proposing to acquire the Company at a price of $4.63 per share and naming several investors who would hypothetically be supportive of a transaction led by Fair and referred to additional, unnamed sources of financing. The letter proposed a thirty (30)- to-forty-five (45)-day due diligence process, which would be followed by the submission of a more detailed letter of intent. The Company’s Common Stock closed at a trading price of $3.23 on October 1, 2024.

Also on October 1, the Transaction Committee met to