Company: TRUE
Filing Date: 2025-11-13
Form Type: PREM14A
Source: 0001104659-25-111498
Chunk: 92

Company: TrueCar, Inc.
Filing Date: 2025-11-13
Form: PREM14A
Chunk 92
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 various sources and uses of capital for the transaction, including expectations with respect to the Company’s cash on hand at closing and fully diluted share count.

On September 19, 2025, the Board met, with representatives of management, Morgan Stanley and Alston present, and Mr. Reigersman provided an update regarding the status of the negotiations, including current expectations with respect to the financing of the transaction and possible impact of the availability of financing may have on the per share merger consideration. The Board then discussed the remaining actions to be taken prior to finalizing a transaction, the expected timing thereof and the Board’s role with respect thereto. Alston then provided an update regarding the status of various transaction documentation and substantive considerations relating thereto.

On September 19, 2025, Perkins sent Alston a list of nineteen (19) parties that Fair proposed to make ineligible to be solicited during the “go shop” period and with respect to which entry into an Alternative Acquisition Agreement would result in the payment of the higher termination fee set forth in the Merger Agreement. These nineteen (19) parties represented entities that had previously discussed with Fair their potential participation in Fair’s acquisition of the Company.

On September 21, 2025, Mr. Painter and the Investor communicated to Mr. Reigersman that the Investor was considering acting as the sole source of financing for the transaction, which would eliminate the need for third party debt financing, as Fair and the Investor had been unable to negotiate acceptable terms with respect to debt financing to date.

On September 22, 2025, Mr. Reigersman, Mr. Painter and the Investor met by telephone to discuss potential alternative financing arrangements and the potential to reconsider rollover stockholders and equity investment in light of Fair and the Investor’s decision to move away from debt financing. Mr. Painter and the Investor again communicated a conceptual potential structure involving the Investor as the sole source of committed financing, but that would not involve a fixed amount of merger consideration. Following debate, including the related price terms, the parties could not reach agreement.

Early on September 23, 2025, Mr. Painter and the Investor called Mr. Reigersman and communicated that Fair would be submitting a revised proposal to acquire the Company at a price of $2.58 per share, with the potential for further upside on price if Fair could identify additional sources of financing or transaction expenses could be reduced. The Company’s Common Stock closed at a trading price of $2.24 on September 23, 2025