Company: TRUE
Filing Date: 2025-11-24
Form Type: DEFM14A
Source: 0001104659-25-115451
Chunk: 97

Company: TrueCar, Inc.
Filing Date: 2025-11-24
Form: DEFM14A
Chunk 97
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 CONTENTS

On October 12, 2025, Alston delivered to Greenberg and Perkins: (i) a revised draft of the Merger Agreement with minor clean-up changes to align with the Equity Commitment Letter and completing certain blanks in the draft; (ii) an updated draft of the Equity Commitment Letter with minor clean-up changes; and (iii) an updated draft of the TrueCar Disclosure Schedule, including a list of eighteen (18) parties to be excluded from the go shop process and various other updates. Greenberg responded on October 12, 2025, with minor edits to the drafts of the Merger Agreement and Equity Commitment Letter.

Also on October 12, 2025, the Board met, with representatives of management, Morgan Stanley and Alston present, to discuss the latest developments in the deal terms. At this meeting, Alston provided an overview of the Board’s fiduciary duties and provided a summary of the terms of the transaction documents. Alston then provided an update regarding the finalization of documentation. Morgan Stanley provided an update regarding its financial analyses. Management presented an updated version of the Company’s current financial forecast, updated for actual results through the first three (3) quarters of 2025, along with expectations for future financial performance as a standalone company. The Board approved this plan and the use of these expectations to form the basis of Morgan Stanley’s upcoming fairness opinion.

On October 14, 2025, the Board met, with representatives from management, Morgan Stanley and Alston present. Representatives of Morgan Stanley presented Morgan Stanley’s financial analyses regarding TrueCar and the potential transaction with Parent and rendered its opinion to the Board to the effect that, as of October 14, 2025, and subject to the assumptions made, procedures followed, matters considered and qualifications and limitations on the scope of the review undertaken by Morgan Stanley in rendering its opinion, the Merger Consideration to be received by the holders of shares of Common Stock (other than the holders of the Excluded Shares) pursuant to the Merger Agreement was fair, from a financial point of view, to such holders of shares of Common Stock. The opinion of Morgan Stanley delivered in connection with the Merger is described in more detail in the section entitled “— Opinion of Morgan Stanley & Co. LLC.”

Also at the October 14, 2025 meeting of the Board, Alston reviewed the items to be approved by the Board, including, but not limited to, the approval of the Merger and the