Company: TRUE
Filing Date: 2025-11-13
Form Type: PREM14A
Source: 0001104659-25-111498
Chunk: 84

Company: TrueCar, Inc.
Filing Date: 2025-11-13
Form: PREM14A
Chunk 84
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TABLE OF CONTENTS

record of go-shop provisions in eliciting superior proposals and the possibility that, despite the extensive solicitation process undertaken to this point, a go-shop provision may provide a helpful opportunity for participants in the process to reevaluate their interest against a firm price. After discussion, the Board instructed management and the Company’s advisors to request that Fair improve its proposed purchase price to $2.80 per share contingent upon the inclusion of a go-shop provision in the definitive merger agreement. On May 30, 2025, the last trading day before this meeting of the Board, the closing price for the Common Stock was $1.45 per share.

On June 2, 2025, the Company entered into a non-disclosure and standstill agreement with Party C.

On June 4, 2025, Mr. Reigersman met in person with Mr. Painter and a representative of one of Fair’s proposed sources of debt financing to discuss the Company’s business and state of the industry.

On June 17, 2025, Fair submitted an updated offer to acquire the Company, co-signed by two (2) potential financing sources, at a price of $2.50 per share, including a preliminary summary of transaction financing sources and uses and requesting thirty (30) days of exclusivity, but expressing no further views on legal or financing terms. The Company’s Common Stock closed at a trading price of $1.61 per share on June 17, 2025.

On June 18, 2025, the Transaction Committee met and discussed the latest offer from Fair and directed Mr. Reigersman to continue to push for an increase in the per share price.

Over the course of June 18 and 19, 2025, Mr. Reigersman reiterated to Mr. Painter the Board’s guidance that Fair should improve the terms of its proposal.

On June 19, 2025, Fair submitted an updated offer to acquire the Company at a price of $2.56 per share, subject to confirmation of a lower number of fully diluted outstanding shares of the Company than contemplated in the June 17 proposal and contingent upon specified, significant Company Stockholders agreeing to rollover their ownership of the Company’s Common Stock into ownership of Fair and including a summary of open due diligence items. The Company’s Common Stock closed at a trading price of $1.64 per share on June 19, 2025.

Also on June 19, 2025, the