Company: TRUE
Filing Date: 2025-11-24
Form Type: DEFM14A
Source: 0001104659-25-115451
Chunk: 98

Company: TrueCar, Inc.
Filing Date: 2025-11-24
Form: DEFM14A
Chunk 98
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 Merger Agreement and the recommendation that the Company Stockholders approve and adopt the Merger Agreement and the transactions contemplated thereby, the approval of the preparation and filing of this proxy statement and inclusion of the Company Board Recommendation herein, exempting the transactions from any applicable takeover laws, and establishing a Special Meeting Committee with authority to make certain determinations with respect to the Special Meeting. Following the Board meeting, the parties executed the transaction documents and the Investor wired the Deposit Amount to the Company.

On October 15, 2025, before the trading markets opened, the parties issued a press release announcing the transaction and filed a Form 8-K providing a summary of the terms of the transaction.

Beginning on October 15, Morgan Stanley, at the direction of the Board, contacted fifty-four (54) potential strategic counterparties in the automotive, consumer financial technology and digital marketplace sectors as well as selected financial sponsors, which were perceived as likely to have the greatest interest, to explore such parties’ interest in a potential acquisition of the Company. These potential counterparties included thirty-four (34) parties who were previously contacted by Morgan Stanley regarding their interest in an acquisition of the Company. The Company subsequently entered into non-disclosure agreements with three (3) of such potential counterparties. As of the date of this proxy statement, none of the fifty-four (54) parties contacted have submitted a proposal to the Company.

Recommendation of the Board of Directors and its Reasons for the Merger

In evaluating the Merger and the other transactions contemplated by the Merger Agreement, the Board consulted with members of TrueCar’s senior management, Morgan Stanley and Alston. After careful and thorough consideration, the Board determined that entering into the Merger Agreement was advisable, fair to and in the best interests of TrueCar and the TrueCar Stockholders. In arriving at this determination and in recommending that TrueCar Stockholders vote their shares of Common Stock in favor of the approval and adoption of the Merger Agreement, the Board considered many factors, including the following non-exhaustive list of factors (not necessarily in order of relative importance), which the Board viewed as

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TABLE OF CONTENTS

weighing in favor of its recommendation that the TrueCar Stockholders vote “FOR” the Merger Proposal, “FOR” the Advisory Compensation Proposal and “FOR” the Adjournment Proposal:

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The fact that the proposed consideration is all cash, which provides certainty of value and liquidity to TrueCar Stockholders, while eliminating the effect of long