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Fermi's Co-Founder and Largest Shareholder, Toby Neugebauer: "Fermi's Shareholders, the Markets and Texas Voters Have Rejected Rick Perry and Fermi's 'We Can Do Whatever We Want' Board"

FRMI
  • Toby Neugebauer, co-founder & largest shareholder of Fermi Inc. (Nasdaq: FRMI), issued a statement on November 6, 2026, following the October 30 annual meeting & November 4 Form 8-K filing.
  • Fermi's stock has lost more than 80% of its value since Neugebauer suspended his proxy campaign on July 3, 2026, when the share price was over five times the current closing level.
  • Only 38.9% of outstanding shares voted to re-elect Rick Perry, with 61.1% voting against him or abstaining.
  • Excluding the Perry family's holdings, only 31.5% of remaining shares voted for Perry, who trailed the other director on every measure.
  • Neugebauer attributes Perry's loss to August 11 bylaw changes that required a majority of all outstanding shares for director re-election, a rule Neugebauer claims was designed to block shareholder removal of directors.
  • Neugebauer disputes Fermi's claim that he breached the Director Nomination Agreement, citing Caddis (Griffin Perry's company) ownership of only 40% of its IPO shares rather than the required 50%.
  • The former senior management team prioritized negotiations with TensorWave & another company over "Tenant 1" due to better risk-adjusted returns, though the board has not announced if critical closing conditions like secured financing are met.
  • Neugebauer proposes a dual-track process to sell Fermi or partner while closing a tenant deal, arguing the company needs a partner with lower capital costs & construction expertise.
  • Discovery is underway in Neugebauer's lawsuit against the company regarding his termination & alleged breach of duties by the board.
  • Neugebauer praised the Fermi Nuclear Team for achieving the fastest & cheapest COLA & securing Korean investment, attributing current failures to internal politics rather than technical execution.
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