Company: TRUE
Filing Date: 2025-11-24
Form Type: DEFM14A
Source: 0001104659-25-115451
Chunk: 79

Company: TrueCar, Inc.
Filing Date: 2025-11-24
Form: DEFM14A
Chunk 79
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 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 Fair’s request that the Company grant a waiver of the restrictions of Section 203 of the DGCL. A representative of Alston described the provisions of DGCL Section 203 and the impact of granting such a waiver. After discussion, the Board authorized a waiver to permit Fair to engage in preliminary negotiations with specified Company Stockholders with respect to a Support Agreement and/or a rollover of their equity in the Company, subject to the final approval of the Board with regard to the final terms of any such agreement. A representative from Morgan Stanley also provided an update with respect to the status of the strategic review process and its outreach to other potential counterparties.

Between April 8 and 9, 2025, representatives of Alston and Perkins held a number of telephone calls to discuss the terms of the draft Merger Agreement and the form of equity commitment letter, and Mr. Painter and Mr. Reigersman spoke by telephone to discuss timing and financing for the transaction.

On April 11, 2025, Alston provided a revised draft Merger Agreement to Perkins providing for a termination fee equal to 3.0% of equity transaction 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, which would be placed into escrow upon signing of the Merger Agreement, of 5.75% of the equity transaction value, if Fair failed to complete the Merger when required to do so and deleting the previously proposed minimum cash condition, among other changes.

On April 14, 2025, Perkins provided to Alston a draft of a form of Support Agreement pursuant to which certain Company Stockholders would agree to vote in favor of the Merger and the Merger Agreement, as well as a draft Rollover Agreement pursuant to which unnamed subject stockholders would receive an equity interest in Fair instead of receiving cash in the Merger. Each of these forms