PALO ALTO, California, March 16, 2023 /PRNewswire/ — Nellore Capital Management LLC (“Nellore”) today issued another public letter calling on all shareholders of Magnet Forensics Inc. (“Magnet”) to: LIKE to use GOLD proxy agree AGAINST the proposed one C$1.8 billion take over by Thomas Bravo.

Nellore believes shareholders should agree with independent proxy advisor Glass Lewis, who recommended rejecting the acquisition citing “inadequate valuation”. Nellore’s press release on the Glass Lewis report is available Here. If you have already voted for another proxy, you can still vote for the proxy GOLD proxy AGAINST the takeover. Only the later vote is counted.

The full text of the letter to shareholders follows:

Dear fellow shareholders,

With just a few days left for the vote and with momentum building to stop the unequal and undervalued takeover bid for Magnet, I urge you to join me in the campaign AGAINST the “take under” transaction of CA$44.25 per Subordinate Voting Share (“SV”).

I am the founder and portfolio manager of Nellore, the largest holder of Magnet SV shares. Magnet is a special company that exhibits financial attributes that place it in the top 1% of all publicly traded software companies and as such we are proud to be the largest external shareholder. You can imagine my disappointment when we woke up January 20th^th to see our stocks being acquired at a very low price and all the upsides that we hoped to participate in for years to come.

Other shareholders with a total of around 2 million SV shares also reject the takeover. Together with Nellore’s 1.3 million SV shares, we’re almost there. But we need your help to get us over the line and make sure SV shareholders receive FULL VALUE And FAIR TREATMENT for our investment in Magnet.

Time is running out so you must vote today to ensure your vote is counted at the AGM. The deadline for voting is Monday, March 20th at 17 o’clock Toronto Time.

Here are the top 10…