PALO
ALTO, Calif., Feb. 10,
2023 /CNW/ - Nellore Capital Management LLC
("Nellore"), the largest holder of subordinate voting shares ("SV
Shares") of Magnet Forensics Inc. (TSX: MAGT) ("Magnet"), announces
that on February 10, 2023, it
acquired an aggregate of 35,500 SV Shares on the open market
through the facilities of the Toronto Stock Exchange (the "Market
Purchases").
Prior to the Market Purchases, Nellore had ownership and control
over 1,199,950 SV Shares, representing approximately 9.965% of the
Outstanding Shares. After giving effect to the Market Purchases,
Nellore has ownership and control over an aggregate of 1,235,450 SV
Shares, representing approximately 10.260% of the 12,041,903
issued and outstanding SV Shares (the "Outstanding Shares")
as at November 8, 2022, as reported
by Magnet in its management's discussion and analysis for the three
and nine months ended September 30,
2022. The Market Purchases were made by Nellore at an average
price of $44.2984 per SV Share for
aggregate consideration of approximately $1,572,593.20.
On February 9, 2023 Nellore
publicly announced its intention to vote against the proposed
transaction with Morpheus Purchaser Inc. (the "Purchaser"), a newly
created corporation controlled by Thoma
Bravo, pursuant to which the Purchaser would acquire all of
the outstanding shares of Magnet by way of a shareholder
approved and court approved plan of arrangement (the
"Arrangement"). The SV Shares held by Nellore are being held
for investment purposes and Nellore may, depending on market and
other conditions, (i) increase or decrease its beneficial ownership
or control of the SV Shares, (ii) engage in discussions with other
shareholders or representatives of the Issuer concerning, among
other things, the Arrangement, and the prospects, business or
strategy of Magnet, including potential changes to the foregoing,
and/or (iii) take any other such actions with respect to Magnet as
Nellore may from time to time deem appropriate.
An early warning report in connection with this press release is
being filed by Nellore in accordance with applicable Canadian
securities laws and will be available on the SEDAR website at
www.sedar.com and can also be obtained by contacting Sakya Duvvuru, Founder & Portfolio Manager
of Nellore, at 501-551-0128.
SOURCE Nellore Capital Management LLC