SCHEDULE 13G/A: Cannell Capital Discloses 7.09% Stake in TrueCar, Inc. via Amended 13G Filing
Beneficial Ownership Report
Cannell Capital LLC and J. Carlo Cannell have disclosed an updated beneficial ownership of 7.09% in TrueCar, Inc., totaling 6,163,382 shares, as of December 31, 2024.
Summary
- J. Carlo Cannell and Cannell Capital LLC collectively beneficially own 6,163,382 shares of TrueCar, Inc. common stock.
- This ownership represents 7.09% of TrueCar, Inc.'s outstanding common stock.
- The beneficial ownership includes 5,975,782 shares of common stock and 187,600 shares issuable upon the exercise of call options.
- Both reporting persons hold shared voting power and shared dispositive power over all 6,163,382 shares.
- The filing is an Amendment No. 3 to a Schedule 13G, indicating an update to a previously reported position.
- The securities were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing control of the issuer, except for activities related to nominations under Rule 240.14a-11.
Sentiment
Score: 6
Explanation: The filing is a neutral, factual disclosure of beneficial ownership. The continued significant stake by an investment adviser could be interpreted as a mild positive signal of confidence, but the document itself contains no explicit positive or negative sentiment regarding company performance.
Positives
- The continued significant stake by an investment adviser like Cannell Capital could be seen as a positive signal of confidence in TrueCar's long-term prospects.
- The certification states the holding is in the ordinary course of business, suggesting a long-term investment intent rather than short-term speculation.
Corporate Governance
| Change Type | Description | Effective Date | Impact Assessment |
|---|---|---|---|
| Certification | The reporting persons certified that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer, other than activities solely in connection with a nomination under Rule 240.14a-11. | 02/13/2025 | This certification clarifies the intent behind the significant ownership, indicating it is primarily for investment purposes rather than an immediate control contest, though it leaves open the possibility of director nominations, which could influence corporate governance. |
Stakeholder Impact
- Shareholders: Provides transparency regarding significant institutional ownership and potential long-term investment interest from a notable investment adviser.
- Management: Awareness of a significant shareholder's position and their stated intent regarding control and potential nominations, which could influence strategic decisions.
Key Dates
| Date | Description |
|---|---|
| 12/31/2024 | Date of event which requires filing of this statement, representing the beneficial ownership position as of this date. |
| 02/13/2025 | Date of signing and filing of the Schedule 13G Amendment No. 3. |
Keywords
TrueCar Inc., TRUE, Cannell Capital LLC, J. Carlo Cannell, Schedule 13G, Beneficial Ownership, SEC Filing, Common Stock, Institutional Ownership, Investment Adviser
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