Company: TRUE
Filing Date: 2025-11-24
Form Type: DEFM14A
Source: 0001104659-25-115451
Chunk: 73

Company: TrueCar, Inc.
Filing Date: 2025-11-24
Form: DEFM14A
Chunk 73
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 Alston present. Morgan Stanley provided a summary of the results of the strategic review process to date, including the responses from Parties A through E and Stockholder A noted above.

On January 6, 2025, the Transaction Committee met and Mr. Reigersman provided an update regarding the status of the diligence efforts of various parties that were still considering submitting proposals, as well as the continued engagement with Fair, noting that Fair still had not provided details regarding its proposed financing for a potential transaction.

On January 7, 2025, Fair provided a letter to the Company expressing frustration with its perception of 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