Company: TRUE
Filing Date: 2025-11-13
Form Type: PREM14A
Source: 0001104659-25-111498
Chunk: 73

Company: TrueCar, Inc.
Filing Date: 2025-11-13
Form: PREM14A
Chunk 73
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 the pace of the Company’s evaluation of proposals received to date, alleging various process deficiencies regarding movement in deadlines and a lack of due diligence materials being made available. Fair’s letter further demanded that the Company negotiate exclusively with Fair, offer Fair an opportunity to present directly to the Board and unspecified major Company Stockholders and that the Company make available additional due diligence, after which Fair would make a fully committed offer to acquire the Company.

On January 8, 2025, the Transaction Committee met and discussed the January 7 letter and the proposed response thereto.

On January 9, 2025, the Company sent a response letter to Fair, declining to negotiate exclusively or to permit direct contact with any major Company Stockholders and requesting that Fair improve its proposal, including greater detail with respect to Fair’s sources of financing.

On January 13, 2025, representatives of B. Riley Securities, Inc. (“

#### B. Riley
”), financial advisor to Fair, provided Morgan Stanley with an illustrative sources and uses of funds, including potential sources of capital to finance a transaction involving the Company. B. Riley also informed Morgan Stanley that Fair was unwilling to improve its per share price at that time absent further visibility regarding process and timing, additional due diligence and price feedback from the Company, which Morgan Stanley reported to the Board.

Throughout the balance of January 2025, Party A and Party B participated in a number of business and operational due diligence sessions with members of the Company’s management, but did not submit further proposals describing terms on which they were willing to transact, citing concerns about strategic fit and other organizational priorities.

On January 31, 2025, Mr. Reigersman suggested by e-mail to the Transaction Committee that providing Fair with access to an expanded electronic data room and a draft merger agreement would allow the Company to preserve positive momentum toward a transaction and potentially serve as a basis for Fair to improve its proposed terms. Mr. Reigersman also suggested that allowing engagement with select Company Stockholders would allow further development of Fair’s offer. The Transaction Committee approved such engagement, subject to the entry into an appropriate non-disclosure agreement by such Company Stockholders. In accordance with the instructions of the Transaction Committee, subsequently on that date, an expanded electronic data room was made available to Fair, and Alston provided Perkins with a draft Merger Agreement.

On February 6, 2025, the Board met, with representatives from management, Morgan Stanley and Alston present. Morgan Stanley provided an update regarding its outreach to potential