Company: TRUE
Filing Date: 2025-11-13
Form Type: PREM14A
Source: 0001104659-25-111498
Chunk: 98

Company: TrueCar, Inc.
Filing Date: 2025-11-13
Form: PREM14A
Chunk 98
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 Form 8-K providing a summary of the terms of the transaction.

Beginning on October 15, Morgan Stanley, at the direction of the Board, contacted fifty-four (54) potential strategic counterparties in the automotive, consumer financial technology and digital marketplace sectors as well as selected financial sponsors, which were perceived as likely to have the greatest interest, to explore such parties’ interest in a potential acquisition of the Company. These potential counterparties included thirty-four (34) parties who were previously contacted by Morgan Stanley regarding their interest in an acquisition of the Company. The Company subsequently entered into non-disclosure agreements with two (2) of such potential counterparties.

Recommendation of Board of Directors and Reasons for the Merger

In evaluating the Merger and the other transactions contemplated by the Merger Agreement, the Board consulted with members of TrueCar’s senior management, Morgan Stanley and Alston. After careful and thorough consideration, the Board determined that entering into the Merger Agreement was advisable, fair to and in the best interests of TrueCar and the TrueCar Stockholders. In arriving at this determination and in recommending that TrueCar Stockholders vote their shares of Common Stock in favor of the approval and adoption of the Merger Agreement, the Board considered many factors, including the following non-exhaustive list of factors (not necessarily in order of relative importance), which the Board viewed as weighing in favor of its recommendation that the TrueCar Stockholders vote “FOR” the Merger Proposal, “FOR” the Advisory Compensation Proposal and “FOR” the Adjournment Proposal:

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The fact that the proposed consideration is all cash, which provides certainty of value and liquidity to TrueCar Stockholders, while eliminating the effect of long-term business and execution risk, compared to continuing to operate TrueCar as a standalone company.

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The proposed consideration is at a premium above TrueCar’s stock price:

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approximately 78% above the closing price per share of TrueCar’s Common Stock on October 13, 2025 (the last trading day prior to the public announcement of the Merger);

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approximately 26% above the 30-day volume weighted average price per share of Common Stock on October 13, 2025 (the last trading day prior to the public announcement of the Merger); and

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approximately 33% above the 90-day volume weighted average price per share of Common Stock on October 13, 2025 (the last trading day prior to the public announcement