PR Newswire·Nov 5, 2026, 11:42 PM ET

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 Nov. 5, 2026, following the Oct. 30 annual meeting results.
Only 38.9% of outstanding shares voted to re-elect Rick Perry; 61.1% did not.
Excluding the Perry family's 68.8 million shares, only 31.5% of remaining shares supported Perry's re-election.
Fermi's board changed bylaws on Aug. 11 to require a majority of all outstanding shares for director elections, a rule Neugebauer claims caused Perry's loss.
Fermi stock has lost over 80% of its value since Neugebauer suspended his proxy campaign on July 3.
Neugebauer proposed a dual-track sale or partnership process in May with indicative valuations between $10 billion & $20 billion, but the board rebuffed investment banks.
The board allegedly held a nine-minute scripted shareholder meeting, avoiding tough questions from investors.
Neugebauer disputes Fermi's claim that he breached an agreement regarding Perry's nomination, citing that Caddis (Griffin Perry's company) now holds only 40% of its IPO-era share count.
Neugebauer refuses to vote trust shares for Perry due to perceived breaches of fiduciary duty & lack of signed ownership affidavits from Caddis.
Former senior management reportedly prioritized deals with TensorWave & another company over Tenant 1 due to better risk-adjusted returns, yet the board has not announced critical financing closing conditions.
Neugebauer demands Fermi put the company up for sale immediately while closing a tenant deal to protect shareholders from recapitalization.
Discovery is underway in Neugebauer's lawsuit against the board, with calls for the release of all written communications between the parties.
Neugebauer praised the Fermi Nuclear Team for advancing American nuclear power & acknowledged Korea's investment commitments.

Company: Toby Neugebauer
Keywords: Toby Neugebauer