Neugebauer Highly Confident Tenant Will Be Announced Soon

News Market Reaction – FRMI

+10.14%

20 alerts

+10.14% News Effect

+17.3% Peak in 3 hr 25 min

+$469M Valuation Impact

$5.09B Market Cap

0.7x Rel. Volume

On the day this news was published, FRMI gained 10.14%, reflecting a significant positive market reaction. Argus tracked a peak move of +17.3% during that session. Our momentum scanner triggered 20 alerts that day, indicating elevated trading interest and price volatility. This price movement added approximately $469M to the company's valuation, bringing the market cap to $5.09B at that time.

Data tracked by StockTitan Argus on the day of publication.

What This Means

The stock surged +10.1% in the session following this news. A strong positive reaction aligns with a...

Analysis

The stock surged +10.1% in the session following this news. A strong positive reaction aligns with activist confidence in a tenant deal and strategic alternatives. Prior governance headlines have produced mixed moves, and insider net selling could become a constraint if enthusiasm fades or execution risks rise.

Key Figures

Stock move on partner search: 36% Supermajority requirement: 70% Equity lock-up period: 3 years +5 more

8 metrics

Stock move on partner search 36% FRMI share move during week they were in the market for partners

Supermajority requirement 70% Shareholder vote needed for certain board structure changes per Neugebauer letter

Equity lock-up period 3 years Some shareholders described as locked up for three years

Major banks contacted 3 banks Three major banks reportedly reached out to Neugebauer’s investment banker

Interested parties 7 parties Banks representing in excess of seven parties regarding potential transactions

Total beneficial ownership 146,516,035 shares Shares beneficially owned by Toby Neugebauer and related entities

Vicksburg holdings 44,656,376 shares Common stock held by Vicksburg Investments Management LLC

Trust holdings 94,359,659 shares Common stock held by the Melissa A. Neugebauer 2020 Trust

Peers on Argus

FRMI traded lower while no REIT - Specialty peers appeared in the momentum scann...

FRMI traded lower while no REIT - Specialty peers appeared in the momentum scanner, pointing to a stock-specific move tied to company governance and proxy developments rather than a sector-wide rotation.

Historical Context

5 past events · Latest: Jun 22 (Neutral)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Jun 22	Governance dispute	Neutral	-5.1%	Company challenges former CEO’s claims amid ongoing proxy and governance conflict.
Jun 18	Proxy campaign	Positive	-5.6%	Neugebauer highlights market support for changes to maximize shareholder value.
Jun 15	Consent revocation	Positive	+4.8%	Company files definitive consent revocation statement and communicates with shareholders.
May 18	Consent revocation	Positive	+0.6%	Preliminary consent revocation filing supports incumbent board’s governance stance.
May 14	Bylaw amendment	Positive	-11.7%	Board raises thresholds for board changes, framed as protecting shareholder interests.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Recent governance and proxy-related headlines have often coincided with downside or mixed price reactions for FRMI.

Regulatory & Risk Context

Short Interest: 10.14%

Short Interest

10.14% of float

0% 15% 30%+

moderate as of 2026-05-29 Days to cover: 2.11

Short interest appears moderate, suggesting scope for elevated volatility and some squeeze risk if sentiment or fundamentals shift abruptly.

Key Terms

restricted stock units, beneficially owns, schedule 14a, proxy statement, +1 more

5 terms

restricted stock units financial

"7,500,000 shares underlying RSUs that vested upon his termination without cause."

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

beneficially owns financial

"Mr. Neugebauer beneficially owns 146,516,035 shares:"

Beneficially owns means a person or entity enjoys the economic benefits and control of a security even if the legal title or registration is held in another name. Think of it like having the keys and profits from a car that is registered to a friend: you use it, benefit from it, and make decisions about it even though the official paperwork lists someone else. For investors, this matters because it reveals who truly controls shares, affects voting power, potential conflicts of interest, and regulatory disclosure obligations.

schedule 14a regulatory

"filed a definitive proxy statement on Schedule 14A and other relevant documents"

Schedule 14A is a document that companies file with regulators to share important information with shareholders before a big vote, like approving a merger or election of directors. It matters because it helps investors understand what’s happening so they can make informed decisions about the company’s future.

proxy statement regulatory

"filed a definitive proxy statement on Schedule 14A and other relevant documents"

A proxy statement is a document companies send to shareholders ahead of a meeting that lays out the items up for a vote—like who will sit on the board, executive pay, and major corporate decisions—and provides background so shareholders can decide how to cast their votes or appoint someone to vote for them. Think of it as an agenda plus a ballot and briefing notes, important because the outcomes can change control, strategy, and value.

special meeting regulatory

"solicitation for shareholders to call a Special Meeting of Shareholders"

A special meeting is a shareholder gathering called outside the regular annual meeting to decide on urgent or specific corporate matters, such as mergers, major asset sales, changes to the board, or shareholder proposals. It matters to investors because decisions made there can quickly alter a company’s strategy, ownership or value—like a sudden boardroom decision that changes the game—so shareholders may need to vote, adjust holdings, or reassess risk based on the outcome.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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We have so many choices – let's choose the best one 
Assuming it's the same group Neugebauer told market they were contracting on the earnings call before Toby was terminated, the family likes that tenant group a lot.
Proxy is not about can Fermi get a tenant;
Proxy is about restoring normal governance,
And evaluating all potential strategic full value transactions,
To ensure the best risk-adjusted outcome for all shareholders, employees, and the people of the Texas Panhandle

DALLAS, June 24, 2026 /PRNewswire/ -- Toby Neugebauer, co-founder and largest individual shareholder of Fermi Inc. (NASDAQ: FRMI), today issued the following letter about his solicitation for shareholders to call a Special Meeting of Shareholders to allow shareholders to have their first voice on the future of Fermi.

Dear Fellow Fermi Shareholder:

I have a high degree of confidence a tenant deal will be announced soon. I can say that because our deal team was in the contracting phase before our departure. As I said on my last earnings call, we were focused on financing and partnering on the expanded scope of what our customers wanted:

"When we got the air permit is when the C-suites of our customers got very, very serious about buying. . . . We're in the contracting phase of this process."¹

Adding to my confidence good news is on the horizon, TDK recently announced what appears to be a closing of our Fermi 2.0 Engineering and Project Management Agreement and Fermi recently advised shareholders:

"Although no assurances can be made, the Company is increasingly confident it will announce one or more transactions with a tenant and/or joint venture partner."²

Assuming the Company's announcement is the group we teed up, the Neugebauer family likes that tenant a lot. We had killed Fermi 1.0 and rebuilt as Fermi 2.0 last December so we could deliver on the terms serious customers demand. Former Fermi CFO, Miles Everson, hired Broadhaven, who was effusive in its praise of our efforts to find partners and capital for the expanded tenant ask, and the stock moved 36% the week we were in the market. I know the project financing market was ready as well—we built that trust with them most notably from our firm stance on tenant one.

We put Fermi on the green. I know Marius can sink the putt with the counterparties he has close relationships with.

I can only assume the stock will pop once the Company announces the good news. We will all celebrate. And three minutes after traders sell and the board has its stolen valor moment "saving" the company from me— then what? A tenant deal is the beginning of an execution challenge, not the end of the story. The Company will be left with a lot of execution risk, which may be great. But that can only be judged in comparison to all alternatives. To say you have evaluated alternatives is just not true. Three major banks, including two of Elon's favorites, have reached out to my investment banker, representing in excess of seven parties.

To long-term shareholders, my former colleagues holding RSUs, and Class B shareholders: you are shouldering the execution risk. Unlike Steven, Charlie, Jacobo, the Perrys and even me – who can sell at any time — many of you are locked up for three years. I had you in mind when I proposed a strategic value maximizing change of control process. It's time for you all to be honest with yourselves and the Board about what Fermi 2.0 was about. How much has changed. Your family wealth should not be influenced by the Texas-sized egos at work – who are more interested in being "right" than being rich and who want to take credit for "saving" the company.

The proxy was never about a tenant. It was about restoring normal governance to Fermi, ensuring all strategic alternatives are honestly evaluated, and giving every shareholder the best risk-adjusted outcome. A tenant deal and broken governance can both be true at the same time. Demanding a 70% supermajority to silence shareholders and give the Perrys control over a company they did not create, changing the rules mid-contest, operating through undisclosed committees—the majority Board has earned a reputation for unprecedented bad governance. If elected, my highly-qualified 100% independent board nominees (none of whom had a relationship with me prior to this process but were identified by a third-party based on each nominee's stellar finance, energy, tech and publicly traded company board experience) would restore good governance so that all shareholders are heard and value is maximized. As I said in last week's Open Letter, I'm committed to 'protecting my baby," so I will respect a healthy board's decision, even if that confirms the best path for maximum shareholder value is the current track, because it will have taken into consideration the board's logical fiduciary responsibility to run a full-value risk-adjusted strategic process.

We have so many choices – let's choose the best one,
Toby Neugebauer

If you hold FRMI shares through multiple brokers, banks, or directly with the transfer agent, Odyssey, you will receive a separate GREEN agent designation card or GREEN voting instruction form for each account you hold. 

It is important that you vote every GREEN card or GREEN voting instruction form you receive. Each GREEN card applies only to the shares held in the specific account from which it was sent. Shares held in accounts for which no GREEN card is returned will not be voted and will have no impact on the outcome of the election.

To ensure that all of your shares are represented, please promptly vote every GREEN card and every GREEN ONLINE voting instruction form you receive, whether by mail or email.

Follow the instructions to vote ONLINE in your email or mailbox. For those who can't vote online, sign, date, and return the GREEN agent designation card. This is not a vote on any proposal or nominee. It simply gives shareholders a voice. Do not return any White revocation cards. Discard them.

What we are asking — and what we are NOT asking:

• Voting online or returning a GREEN card is not a vote to sell the Company.
• It calls a Special Meeting where shareholders vote on Board composition.
• No predetermined outcome. A new Board evaluates all options and chooses the best risk-adjusted result.
• Failure to vote online or return the GREEN card counts as opposing the call. Every share matters.

Vote CONSENT ONLINE or on Your GREEN Agent Designation Card Today.

Your vote to CONSENT is NOT a vote in favor of any proposals. If the Special Meeting is called, the Fermi Founder Parties will distribute a BLUE proxy card for the meeting's proposals.

Questions? Contact Saratoga Proxy Consulting: (212) 257-1311 | (888) 368-0379 | info@saratogaproxy.com

Important Information

Toby Neugebauer and his affiliated entities, Vicksburg Investments Management LLC and Melissa A. Neugebauer 2020 Trust (collectively, the "Fermi Founder Parties"), David A. Daglio, Charles M. Elson, John T. Jimenez, Janet Yang, Sheila Hooda and Juan A. Pujadas (collectively, the "Participants") have filed a definitive proxy statement on Schedule 14A and other relevant documents with the SEC in connection with the solicitation of agent designations for calling a special meeting of shareholders.

THE PARTICIPANTS STRONGLY ADVISE ALL SHAREHOLDERS TO READ THE DEFINITIVE PROXY STATEMENT AND OTHER PROXY MATERIALS AS THEY BECOME AVAILABLE. SUCH MATERIALS ARE AVAILABLE AT NO CHARGE AT HTTP://WWW.SEC.GOV.

Mr. Neugebauer beneficially owns 146,516,035 shares: (i) Vicksburg Investments Management LLC — 44,656,376 shares; (ii) Melissa A. Neugebauer 2020 Trust — 94,359,659 shares; (iii) 7,500,000 shares underlying RSUs that vested upon his termination without cause. None of the other Participants beneficially own any shares.

¹ Q4 Earnings Call, March 30, 2026.
² Company press release dated June 15, 2026.

View original content:https://www.prnewswire.com/news-releases/neugebauer-highly-confident-tenant-will-be-announced-soon-302809954.html

SOURCE Toby Neugebauer