Toby Neugebauer Incredibly Bullish on Project Matador and Calls for Sale of Company to Maximize Shareholder Value

Fermi (Nasdaq: FRMI) co-founder Toby Neugebauer urged a formal sale process to maximize shareholder value and praised progress on Project Matador.

Rhea-AI Summary

Fermi (Nasdaq: FRMI) co-founder Toby Neugebauer urged a formal sale process to maximize shareholder value and praised progress on Project Matador. Key disclosed milestones include >2 GW of assembled generation hardware, a 6 GW Clean Air Permit, NRC acceptance of a large-scale COL application, and >$1 billion in financing.

Mr. Neugebauer and related parties hold ~40% of shares and say they remain aligned with shareholders despite his recent removal as CEO; he offered to help run a sale led by an independent bank.

Positive

• 2+ GW of generation hardware assembled
• 6 GW Clean Air Permit (nation's second largest)
• NRC accepted a large-scale COL application (first in 15 years)
• $1 billion+ financing secured with financial partners
• ~40% insider ownership (Neugebauer and family)

Negative

• CEO removed from role, notified by board on April 2026
• Departure of other C-suite executives introduces leadership instability
• Board-shareholder conflict as founder calls for an immediate sale process

Argus Apr 21 session

-6.30% close to close Open Argus

Details

News Market Reaction – FRMI

On Apr 21, the first trading day after this news, FRMI closed 6.30% below the previous close.

Data tracked by StockTitan Argus for the Apr 21 session.

Market Context

On Apr 21, the first trading day after this news, the stock closed 6.3% below the previous close. A ...

Analysis

On Apr 21, the first trading day after this news, the stock closed 6.3% below the previous close. A negative reaction despite the bullish tone fits a pattern where positive project updates sometimes coincided with declines. The statement follows 8-K filings describing CEO removal and broader leadership changes, which may have weighed more than the reiterated confidence in Project Matador and its >$1 billion of financing. Concentrated ownership of about 40% by Toby Neugebauer, family, and former executives, alongside recent insider sales reported in Form 4s, could add to governance and liquidity concerns.

Key Figures

Insider/exec ownership: ~40% of shares Power infrastructure scale: Over 2 gigawatts Clean Air Permit size: 6 GW +5 more

Insider/exec ownership

~40% of shares

Held by Toby Neugebauer, family, and former executives

Power infrastructure scale

Over 2 gigawatts

Physical infrastructure and long-lead items for total generation

Clean Air Permit size

6 GW

Nation’s second largest Clean Air Permit for Project Matador

COL application gap

15 years

First large-scale nuclear COL application accepted in 15 years

Project financing

Over $1 billion

Financing inked with financial partners for private energy campus

Price change

-17.56%

Share move over the last 24 hours before this release

52-week high

$36.9899

Pre-news 52-week high level

52-week low

$4.47

Pre-news 52-week low level

Historical Context

5 past events · Latest: Mar 30

5 events

1. Mar 30

   FY 2025 earnings

   24h Move

   -13.3%

   First-year results and shareholder letter with webcast details.

2. Mar 27

   Permit application

   24h Move

   -13.3%

   Filed 5 GW Clean Air Permit to expand Project Matador capacity.

3. Mar 27

   Financing secured

   24h Move

   +1.6%

   Secured $165M equipment financing for six Siemens turbines.

4. Mar 13

   Capacity expansion plan

   24h Move

   -1.7%

   Announced plan for additional 5 GW permit, targeting ~17 GW campus.

5. Mar 11

   Nuclear build update

   24h Move

   +7.8%

   Showcased Project Matador as advanced nuclear build at NRC conference.

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

Key Terms

clean air permit, nuclear regulatory commission (nrc), combined operating license (col)

3 terms

clean air permit regulatory

"garnered the nation's second largest 6 GW Clean Air Permit"

A clean air permit is a government-issued license that allows a factory, power plant or other facility to release specific amounts of air pollutants while meeting legal limits and monitoring requirements. It matters to investors because the permit sets operational limits, ongoing compliance costs and potential liability — like a driver’s license for emissions — and losing, violating, or needing to modify the permit can force costly upgrades, fines or production limits that affect revenue and valuation.

nuclear regulatory commission (nrc) regulatory

"secured Nuclear Regulatory Commission (NRC) acceptance of the nation's first"

The Nuclear Regulatory Commission (NRC) is an independent government agency that sets and enforces safety and security rules for civilian uses of nuclear energy and radioactive materials, including power plants, medical and industrial applications. Its licenses, inspections and decisions act like a referee and rulebook: they shape costs, timelines, legal risks and public confidence, so NRC actions can materially affect the value and operational outlook of companies tied to nuclear activity.

combined operating license (col) regulatory

"first large-scale nuclear Combined Operating License (COL) application in 15 years"

A combined operating license (COL) is a single regulatory approval that permits both the construction and eventual operation of a nuclear power plant, subject to meeting specified safety and inspection conditions. For investors it matters because a COL reduces regulatory uncertainty and milestone risk—similar to receiving both a building permit and an occupancy certificate at once—making project timelines, financing and risk assessments clearer and more reliable.

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

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

• Toby Neugebauer Praises Team for Creating the Nation's Most Attractive Power Asset
• Toby Neugebauer, His Immediate Family and Former Executives Hold ~40% of Fermi Shares – Toby Has Not Sold Single Share Since IPO - Aligned with Shareholders
• Toby Neugebauer Committed to Helping Run a Sale Process in Order to Maximize Shareholder Value

DALLAS, April 20, 2026 /PRNewswire/ -- Toby Neugebauer, Co-Founder and largest shareholder of Fermi Inc. (d/b/a Fermi America) (Nasdaq: FRMI) ("Fermi" or the "Company"), a company that is building the world's largest private power grid to ensure global hyperscaler companies can continue innovating at scale, today celebrated his team's accomplishments and reiterated his bullish stance on Project Matador, while indicating that he currently favors a formal sale process to maximize shareholder value.

Fermi is creating the most efficient and effective solution for the AI energy crisis, defining a completely new market product with the world's largest private power grid that is tenant-ready and of national consequence. 

Since handed the keys to the property last July, Mr. Neugebauer and his management team assembled the physical infrastructure and globally-coveted long-lead time items for over 2 gigawatts of total power generation, garnered the nation's second largest 6 GW Clean Air Permit, secured Nuclear Regulatory Commission (NRC) acceptance of the nation's first large-scale nuclear Combined Operating License (COL) application in 15 years, completed the initial phase of horizontal construction, and inked over $1 billion of financing with world-class financial partners for the world's largest private energy campus. The team's accomplishments have been recognized by vendors, political leaders, investors and potential customers who have visited the site and marveled at the progress.

Mr. Neugebauer and his immediate family members, and other c-suite executives and management that departed Friday, own ~40% of the shares. While other co-founders sold, Mr. Neugebauer and his immediate family members have not traded a single share beyond the amount the company automatically withheld to cover taxes.  Mr. Neugebauer has been and continues to be aligned with what is in the best interest of all shareholders, including the employee shareholders who are building a world-class asset in real time.

Mr. Neugebauer, who was notified by the board on Friday that he was he was removed as CEO without cause, ultimately cares about making money for all shareholders more than finishing what he and his team started, and is therefore calling on the Fermi board to conduct an immediate process, led by an independent investment bank, for the sale of the Company to a third party.  As the largest shareholder of the Company, he stands ready to fully support the sale effort.

Contacts
Nick Lamplough / Dan Moore
Collected Strategies
212-379-2072

View original content:https://www.prnewswire.com/news-releases/toby-neugebauer-incredibly-bullish-on-project-matador-and-calls-for-sale-of-company-to-maximize-shareholder-value-302748092.html

SOURCE Toby Neugebauer

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Toby Neugebauer announce about Project Matador and FRMI on April 21, 2026?

He called for a formal sale process to maximize shareholder value and praised Project Matador progress. According to the company, Project Matador has assembled over 2 GW of generation hardware, secured a 6 GW Clean Air Permit and >$1 billion in financing.

How much of FRMI does Toby Neugebauer and his affiliates own as of April 2026?

He and related parties own approximately 40% of Fermi, remaining largely unsold since IPO. According to the company, Neugebauer has not traded shares beyond tax-withholding amounts, signaling insider alignment with shareholders.

What regulatory milestones has FRMI achieved for Project Matador (FRMI)?

FRMI achieved NRC acceptance of a large-scale Combined Operating License application and a major clean-air permit. According to the company, the COL acceptance is the first of its scale in 15 years and a 6 GW Clean Air Permit was obtained.

What financing has FRMI secured for Project Matador and why does it matter for FRMI shareholders?

FRMI secured over $1 billion of financing with world-class partners to build the energy campus. According to the company, this financing supports construction and underscores external investor backing of the project's scale.

Why is Toby Neugebauer urging a sale of FRMI and will he support it?

He favors an immediate sale process led by an independent bank to maximize shareholder value. According to the company, Neugebauer, the largest shareholder, offered to fully support and help run the sale effort.