Company: TRUE
Filing Date: 2025-11-24
Form Type: DEFM14A
Source: 0001104659-25-115451
Chunk: 86

Company: TrueCar, Inc.
Filing Date: 2025-11-24
Form: DEFM14A
Chunk 86
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 OF CONTENTS

On July 7, 2025, Fair submitted a revised, “best and final” offer to acquire the Company, co-signed by two (2) potential financing sources, at a price of $2.61 per share, noting that due diligence was complete and requesting that the Company negotiate exclusively with Fair for a period of fourteen (14) days. The Company’s Common Stock closed at a trading price of $1.76 per share on July 7, 2025.

On July 8, 2025, the Board met, with representatives of management, Morgan Stanley and Alston present. Management and representatives of Morgan Stanley outlined the latest proposal from Fair, including the evolution of Fair’s proposals and the Company’s stock price over time, including Fair’s statement that its most recent proposal represented its “best and final” proposal. Morgan Stanley reviewed changes in its preliminary financial analyses from the analyses previously presented to the Board, which reflected revised financial projections to account for the Company’s actual results through May 2025, as prepared by Company management and approved for Morgan Stanley’s use by the Board. The Board subsequently instructed management and Morgan Stanley to continue to negotiate with Fair with a view toward improving its proposal and finalizing documentation, including with respect to a proposed exclusivity agreement providing for fourteen (14) days of exclusivity in which to finalize documentation and terms for a transaction.

On July 10, 2025, with the Company’s permission, representatives of Fair met with representatives of Caledonia to discuss Caledonia’s willingness to support a transaction at a price of $2.61 per share. Following discussion, Caledonia informed Fair that at that time it was not inclined to support a transaction at a price of less than $2.80 per share.

On July 11, 2025, Fair submitted a revised, “best and final” offer to acquire the Company, co-signed by two (2) potential financing sources, at a price of $2.80 per share, noting that due diligence was complete and requesting that the Company negotiate exclusively with Fair for a period of fourteen (14) days. The Company’s Common Stock closed at a trading price of $1.95 per share on July 11, 2025.

Also on July 11, 2025, Mr. Reigersman confirmed with the members of the Board that they remained supportive of finalizing a transaction at a price of $2.80 per share as discussed on May 31, 2025