Company: TRUE
Filing Date: 2025-11-13
Form Type: PREM14A
Source: 0001104659-25-111498
Chunk: 80

Company: TrueCar, Inc.
Filing Date: 2025-11-13
Form: PREM14A
Chunk 80
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. Reigersman reiterated that he did not have authority from the Board to proceed at any price lower than $4.20 per share. Mr. Reigersman further stated if Fair was unable to further advance its financing, then the Company may be unwilling to proceed further in light of management’s need to focus on operating the Company’s business. Also on that date, Perkins sent a revised draft of the Merger Agreement that contemplated termination fees of 4.0% of the Company’s enterprise value payable by the Company or by

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Fair, but without any minimum cash condition or any requirement for the Company to place its termination fee into escrow upon signing of the Merger Agreement.

Also on April 18, the Transaction Committee met and Mr. Reigersman provided an update regarding the meeting with Fair and its representatives.

Over the course of April 19 through April 20, 2025, Mr. Reigersman and Mr. Painter spoke multiple times regarding their respective valuation perspectives and the status of Fair’s financing commitments.

On April 22, 2025, Mr. Painter e-mailed Mr. Reigersman on behalf of Fair to reconfirm that Fair’s financing sources were not supportive of proceeding with a transaction at a price of $4.02 per share in light of continued uncertainty regarding the impact of macroeconomic conditions, including tariffs, on the Company’s results and to offer formally to purchase all of the Company’s outstanding shares at a price of $3.14 per share. Mr. Painter’s email further stated that Fair’s due diligence was substantially complete and that he believed that financing commitments could be finalized over the next several days. The Company’s Common Stock closed at a trading price of $1.36 per share on April 22, 2025.

Also on April 22, 2025, Perkins provided revised drafts of the forms of Support Agreement and Rollover Agreement to Alston.

On April 23, 2025, the Board met, with representatives of management, Morgan Stanley and Alston present. The Board discussed the latest proposal from Fair and the ongoing impact of macroeconomic conditions, including tariffs, on the Company’s results. The Board instructed management to prepare an alternative version of the Company’s financial forecast reflecting the Company’s potential sensitivities to recent macroeconomic developments. A representative of Alston provided an update on the status of various transaction documents and substantive considerations related thereto, including with respect to Fair’s financing commitments,