SANTA MONICA, Calif., Nov. 12, 2014 (GLOBE NEWSWIRE) -- TrueCar (Nasdaq:TRUE), the negotiation-free car buying and selling platform, today announced the pricing of its follow-on public offering of 6,402,601 shares of its common stock at a price to the public of $17.00 per share.
TrueCar is offering 1,000,000 shares of common stock in the offering as well as any shares to be sold to the underwriters pursuant to their option to purchase additional shares, and certain existing stockholders of the company are offering 5,402,601 shares in the offering. TrueCar will not receive any proceeds from the sale of the shares by the selling stockholders.
Additionally, as a part of this offering, Scott Painter, TrueCar's Founder and Chief Executive Officer, has indicated an interest in purchasing up to 29,411 shares of common stock at the public offering price for an aggregate purchase price of up to approximately $500,000.
J.P. Morgan Securities LLC and Goldman, Sachs & Co. are acting as lead book-running managers for the offering, and Morgan Stanley & Co. LLC and RBC Capital Markets, LLC are acting as book-running managers for the offering. JMP Securities LLC and Cowen and Company, LLC are acting as co-managers.
A registration statement relating to these securities has been filed with, and declared effective by, the Securities and Exchange Commission. The offering is being made only by means of a prospectus, which is part of the registration statement. Copies of the final prospectus related to the offering may be obtained, when available, from: J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, telephone: (866) 803-9204; or Goldman, Sachs & Co., Prospectus Department, 200 West Street, New York, NY 10282, telephone: (201) 793-5170, or by emailing prospectus-ny@gs.com.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.