Company: TRUE
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001327318-25-000065
Chunk: 184

Company: TrueCar, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 1
Chunk 184
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 or TrueCar+ Trade products are provided with a conditional offer, which we refer to as a True Cash Offer, for their vehicle, all through our online platform. True Cash Offers are determined by TCWS, and, where applicable, are backed by a guarantee from TCWS to the dealer that the vehicle will be repurchased at the indicated price if the dealer does not wish to keep it. Our Payments solution helps consumers calculate accurate monthly payments to streamline the consumer’s experience from shopping to showroom.

During the three months ended September 30, 2025, we generated revenues of $43.2 million and recorded income of $5.0 million. During the three months ended September 30, 2024, we generated revenues of $46.5 million and recorded a loss of $5.8 million. During the nine months ended September 30, 2025, we generated revenues of $135.0 million and recorded a loss of $12.8 million. During the nine months ended September 30, 2024, we generated revenues of $129.4 million and recorded a loss of $25.2 million. 

Recent Developments

On October 14, 2025, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”), with Fair Holdings, Inc. (“Parent”), and Rapid Merger Subsidiary, Inc., a wholly-owned subsidiary of Parent (“Merger Subsidiary”). Subject to the terms and conditions of the Merger Agreement, Parent agreed to acquire the Company for $2.55 per issued and outstanding share of the Company’s common stock, par value $0.0001 per share, in an all-cash transaction. Upon the terms and conditions set forth in the Merger Agreement, Merger Subsidiary will merge with and into the Company (the “Merger”), with the Company surviving the Merger as a wholly-owned subsidiary of Parent.

At the effective time of the Merger (the “Effective Time”), each issued and outstanding share of the Company’s common stock (other than any Rollover Shares, any Dissenting Shares and shares of the Company’s common stock held by the 

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Company, Parent or any of their respective subsidiaries) will be cancelled and converted into the right to receive $2.55 in cash without interest and subject to any applicable withholding taxes. The consummation of the Merger remains subject to customary closing conditions, including receipt of stockholder approval