On March 16, 2023, Nellore Capital Management LLC announced that it has urged all shareholders of Magnet Forensics Inc. to use gold proxy to vote against the proposed C$1.8 billion takeover by Thoma Bravo before March 20,2023 . Further, Nellore stated that it believes shareholders should be aligned with the independent proxy advisor Glass Lewis, which recommended rejection of the takeover citing inadequate valuation and vote the gold proxy for financial interest. As well as, in the absence of equal and fair treatment, shareholders must vote against underpriced takeover until it is offered a sufficient price for the bright future.