Company: TRUE
Filing Date: 2025-11-13
Form Type: PREM14A
Source: 0001104659-25-111498
Chunk: 327

Company: TrueCar, Inc.
Filing Date: 2025-11-13
Form: PREM14A
Chunk 327
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 “Merger”) of Merger Subsidiary with and into the Company. Pursuant to the Merger, the Company will become a wholly owned subsidiary of Parent, and each outstanding share of common stock, par value $0.0001 per share, of the Company (the “Company Common Stock”), other than (i) shares held by the Company as treasury stock, (ii) shares held by Parent, (iii) shares held by any subsidiary of Parent or the Company, (iv) Rollover Shares (as defined in the Merger Agreement) or (v) Dissenting Shares (as defined in the Merger Agreement) (collectively, (i)-(v), “Excluded Shares”), will be converted into the right to receive $2.55 per share in cash (the “Consideration”). The terms and conditions of the Merger are more fully set forth in the Merger Agreement.

You have asked for our opinion as to whether the Consideration to be received by the holders of shares of the Company Common Stock pursuant to the Merger Agreement is fair from a financial point of view to the holders of shares of the Company Common Stock (other than holders of Excluded Shares).

For purposes of the opinion set forth herein, we have:

1)

Reviewed certain publicly available financial statements and other business and financial information of the Company;

2)

Reviewed certain internal financial statements and other financial and operating data concerning the Company;

3)

Reviewed certain financial projections prepared by the management of the Company (collectively, the “Financial Projections”);

4)

Discussed the past and current operations and financial condition and the prospects of the Company with senior executives of the Company;

5)

Reviewed the reported prices and trading activity for the Company Common Stock;

6)

Compared the financial performance of the Company and the prices and trading activity of the Company Common Stock with that of certain other publicly-traded companies comparable with the Company and its securities;

7)

Reviewed the financial terms, to the extent publicly available, of certain comparable acquisition transactions;

8)

Reviewed certain publicly available research analyst reports for the Company, including price targets and consensus financial projections;

9)

Participated in certain discussions and negotiations among representatives of the Company and Parent and certain parties and their financial and legal advisors;

10)

Reviewed the Merger Agreement, the draft commitment letters from Alpha Auto 2, LLC (the “Investor”) substantially in the form of the draft dated October 13, 2025 (the “Commitment Letter”) and certain related documents;