Company: TRUE
Filing Date: 2025-11-24
Form Type: DEFM14A
Source: 0001104659-25-115451
Chunk: 83

Company: TrueCar, Inc.
Filing Date: 2025-11-24
Form: DEFM14A
Chunk 83
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 to evaluate strategic alternatives.

On May 21, 2025, the Transaction Committee met and Mr. Reigersman provided an update with respect to the call with Stockholder C and the status of negotiations with Fair, including Mr. Painter’s message of continued pressure on price from Fair’s potential sources of financing.

From May 24 through May 31, 2025, representatives of the Company and Morgan Stanley, at the direction of the Board contacted several potential counterparties to explore such parties’ interest in a potential acquisition of the Company. The group included several parties previously contacted that were perceived as possibly having reevaluated their interest, as well as three (3) new parties, including “

#### Party C
.”

On May 28, 2025, Mr. Painter, on behalf of Fair, provided an email to Mr. Reigersman to offer formally to purchase all of the outstanding shares of Common Stock at a price of $2.50 per share, citing the Company’s recent performance and macroeconomic conditions as reasons for the decline in price. This proposal was made subject to the completion of due diligence and negotiation of a mutually agreeable definitive Merger Agreement and requested that the Company negotiate exclusively with Fair for a period of thirty (30) days, but did not set forth additional information regarding Fair’s financing sources. This offer further proposed a direct equity investment into the Company on unspecified terms if the price of $2.50 per share was not viewed favorably by the Board. The Company’s Common Stock closed at a trading price of $1.63 per share on May 28, 2025.

On May 29, 2025, the Transaction Committee met to discuss the latest proposal from Fair. The Transaction Committee determined that it was not in the Company’s best interest to pursue a direct equity investment from Fair, but the Company should still consider working toward an acquisition transaction at an acceptable price.

On May 31, 2025, the Board met, with representatives of management, Morgan Stanley and Alston present. Management and representatives of Morgan Stanley outlined the latest proposal from Fair and noted that, although the Company had been in contact with other potential bidders in recent days, substantive discussions had yet to materialize with such parties. Morgan Stanley further discussed Fair’s most recent proposal of $2.50 per share relative to its prior proposals, noting its premium to the Company’s share price as well as the valuation implied by such price using various valuation methodologies. Morgan Stanley also noted that Fair, through its representatives at