Company: TRUE
Filing Date: 2025-11-13
Form Type: PREM14A
Source: 0001104659-25-111498
Chunk: 103

Company: TrueCar, Inc.
Filing Date: 2025-11-13
Form: PREM14A
Chunk 103
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 previously worked with Fair to explore participating in a transaction but are excluded from TrueCar’s thirty (30)-day go-shop period, meaning that these parties would be required to approach TrueCar without solicitation and TrueCar would be required to pay the larger Termination Fee to enter into an agreement with such a party.

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The requirement under certain circumstances that TrueCar pay Parent a Termination Fee following termination of the Merger Agreement, including if the Merger Agreement is terminated by TrueCar to enter into an Alternative Acquisition Agreement providing for a Superior Proposal.

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Even though the Merger Consideration of $2.55 per share represents a premium to the closing price per share of TrueCar’s Common Stock on October 13, 2025 (the last trading day prior to the

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public announcement of the Merger), it is below the 52-week high closing price for Common Stock of $4.62 as of October 13, 2025.

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The difficult and protracted negotiations with Fair and the perceived likelihood that similar difficulties could arise during the period after the execution of the Merger Agreement and before the consummation of the Merger.

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The possibility that additional financing obtained by Fair to complete the Merger may require notification and termination of the waiting period the HSR Act or other regulatory approvals be obtained to complete the Merger, which presents a risk that the consummation of the Merger may be delayed or that such approval may not be obtained at all.

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The fact that an all-cash transaction would be taxable to TrueCar Stockholders that are U.S. persons for U.S. federal income tax purposes.

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The risk that the Merger might not be completed and the effect of the resulting public announcement of termination of the Merger Agreement on the trading price of the Common Stock.

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The fact that TrueCar’s directors and officers may have interests in the Merger that may be different from, or in addition to, those of TrueCar Stockholders generally.

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The significant costs involved in connection with entering into the Merger Agreement and completing the Merger, some of which are payable regardless of whether the Merger is completed.

The foregoing discussion of reasons for the recommendation by the Board that TrueCar Stockholders vote “FOR” the Merger Proposal, “FOR” the Advisory Compensation Proposal and “FOR” the Adjournment Proposal is not meant to be exhaustive but addresses the material information and factors considered by the Board in consideration of its recommendation