Company: TRUE
Filing Date: 2025-11-13
Form Type: PREM14A
Source: 0001104659-25-111498
Chunk: 89

Company: TrueCar, Inc.
Filing Date: 2025-11-13
Form: PREM14A
Chunk 89
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 strategic alternatives.

On August 19, 2025, the Transaction Committee met and Ms. Carbone provided an update on her conversation with Stockholder C and Mr. Reigersman provided an update on the latest negotiations with Fair, including the current status of Fair’s financing efforts.

Throughout the balance of late August and early September, Fair and its advisors, as well as the Company and its advisors, had multiple discussions regarding Fair’s ability to raise sufficient financing on acceptable terms to support a transaction for all of the Common Stock at a price of $2.80 per share. Also during that time, the Company was informed that Mr. Painter and other representatives of Fair participated in a number of discussions with affiliates of the Investor regarding the Investor’s interest in providing equity or debt financing in support of a potential transaction.

On August 28, 2025, the Transaction Committee met and Mr. Reigersman provided an update regarding the continued negotiations with Fair and the status of Fair’s financing efforts.

On September 5, 2025, Mr. Reigersman and Mr. Painter met for lunch and discussed the ability of Fair to finalize a transaction with the amount and sources of financing that were available to Fair and to clarify

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the calculations with respect to the amount required to complete the transaction. Subsequently on September 5, 2025, Alston and Perkins met to discuss structures that would allow for an automatic increase in the per share merger consideration if Fair was able to enter into additional rollover agreements between signing and closing. Later that day, Fair and an affiliate of the Investor submitted an updated offer letter at a purchase price of $2.37 per share, which was shared with the Board by e-mail and noted that such affiliate of the Investor would be leading Fair’s equity financing. The Company’s Common Stock closed at a trading price of $2.16 per share on September 5, 2025.

On September 7, 2025, the Company provided a letter to Fair indicating that, among other things, the Board would support continued negotiations only with respect to a potential transaction that included a path toward consideration of at least $2.80 per share. The letter further acknowledged the timing considerations associated with entering into a rollover agreement with Stockholder B prior to execution of a definitive merger agreement and proposed that up to $0.22 per share of merger consideration be subject to entry into rollover agreements with Company Stockholders after signing a definitive merger agreement