Company: TRUE
Filing Date: 2025-11-24
Form Type: DEFM14A
Source: 0001104659-25-115451
Chunk: 103

Company: TrueCar, Inc.
Filing Date: 2025-11-24
Form: DEFM14A
Chunk 103
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 Investor are well-known participants in the automotive retail industry with potentially significant assets, these affiliates are not parties to the Equity Commitment Letter or other transaction documents and TrueCar will not have recourse to their assets; and

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The possibility that these limited obligations provide Parent and the Investor leverage to renegotiate the Merger Agreement after TrueCar has exposed itself to the disruption of public announcement.

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The likelihood that even though the Merger Agreement allows TrueCar to seek alternative Acquisition Proposals for a thirty (30) day go-shop period, as well as respond to unsolicited Acquisition Proposals thereafter, that the number of parties previously contacted and who declined to proceed with a transaction reduces the likelihood of a Superior Proposal coming forth.

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The fact that certain No-Shop Parties have 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 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