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Neugebauer Addresses $375mm Convertible Note Offering that Resulted in Former Fermi CFO Miles Everson's Resignation from Fermi Board; Reaffirms Confidence in Company Securing Its Tenant

  • Fermi Inc. (Nasdaq: FRMI) announced that Miles Everson resigned from the Board following a $375mm convertible note offering.
  • Everson, former Fermi CFO & principal author of the COSO Internal Control Framework, cited failure to receive board minutes or governance records for months as the reason for his departure.
  • Toby Neugebauer, co-founder & largest shareholder, accused the Board of bypassing protocol by not notifying the full board before the financing transaction.
  • Neugebauer stated the Board's actions are inexcusable given Everson's historical knowledge of financing rounds & tenant negotiations.
  • The Melissa A. Neugebauer 2020 Trust retains nomination rights & is vetting candidates to replace Everson.
  • Neugebauer owns 146,516,035 shares of Common Stock via Vicksburg Investments Management LLC, the Trust, & vested restricted stock units.
  • Neugebauer maintains confidence in Fermi's "Project Matador," recently called the "most valuable asset in the AI race" on Seeking Alpha.