You can not truncate the table as it has foreign keys and dependencies and building those back again is tedious and not supported by us.
Probably is best to work with this article:
https://kc.mcafee.com/corporate/index?page=content&id=KB68961
It will guide you to find the top 10 events and purge them from the DB along with shrinking the DB.
Also i can advise you to modify the script and do it by batches, so the part that mentions this:
delete top(10000)
Try reducing the amount of events so that it give you a chance to work on regaining the space
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