Company: TRUE
Filing Date: 2025-11-24
Form Type: DEFM14A
Source: 0001104659-25-115451
Chunk: 21

Company: TrueCar, Inc.
Filing Date: 2025-11-24
Form: DEFM14A
Chunk 21
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 other things, the assumptions made, procedures followed, matters considered and qualifications and limitations on the scope of the review undertaken by Morgan Stanley in rendering its opinion, is attached to this proxy statement as

#### Annex B
. You are encouraged to read the opinion carefully and in its entirety. The summary of the opinion of Morgan Stanley set forth herein is qualified in its entirety by reference to the full text of the opinion. For a further discussion of the opinion that the Board received from Morgan Stanley, see the section entitled “The Merger (Proposal 1) — Opinion of Morgan Stanley & Co. LLC” beginning on page 61and the full text of the written opinion of Morgan Stanley attached as

#### Annex B
to this proxy statement.

#### Financing of the Merger (See page67)
We anticipate that the total amount of funds necessary to complete the Merger and the other Transactions, and to pay the fees and expenses required to be paid at the Closing by Parent and Merger Subsidiary under the Merger Agreement, will be approximately $248 million. This amount includes funds needed to: (1) pay TrueCar Stockholders the amounts due under the Merger Agreement for their Common Stock; (2) make payments in respect of our outstanding Company Equity Awards payable at the Closing pursuant to the Merger Agreement; and (3) pay the Company Transaction Expenses and the Parent Transaction Expenses (collectively, the “

#### Required Amount
”). The Company Transaction Expenses is defined in the section of this proxy statement captioned “Merger Agreement — Payoff Letters” and the Parent Transaction Expenses is defined in the section of this proxy statement captioned “Merger Agreement — Termination Fees and Expenses; Limitations on Liability — Parent Transaction Expenses; Refund of Deposit Amount; Enforcement Expenses.”

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TABLE OF CONTENTS

In connection with the Transactions, Parent entered into that certain Equity Commitment Letter, dated as of October 14, 2025 (as it may be amended, supplemented or otherwise modified in accordance with its terms, the “

#### Equity Commitment Letter
”) (a copy of which is attached as

#### Annex E
to this proxy statement), with the Investor, pursuant to which the Investor (a) has made to Parent an equity commitment in the amount of $164 million (the “

#### Commitment
”) on the terms and subject to the conditions set forth in the Equity Commitment Letter and (b) deposited, as an advance against the Commitment and