Fermi 10% holder proposes $5.22M share sale

The notice's separate three-month history includes 2,750,000 shares sold by the Melissa A. Neugebauer 2020 Trust on October 13, 2026.

Available on EDGAR 11/03/2026 - 06:41 PM EST Accepted by SEC EDGAR 11/03/2026 - 06:41 PM EST Learn about SEC filing dates

Rhea-AI Filing Summary

Fermi Inc. (FRMI) is the issuer named in a Rule 144 notice covering a proposed sale of 2,563,800 common shares for the account of Toby Neugebauer, identified as a 10% stockholder. The notice attributes 1,281,900 shares to Vicksburg Investments Management LLC and 1,281,900 shares to the Melissa A. Neugebauer 2020 Trust; Toby Neugebauer and Melissa Neugebauer are listed as trustees. Goldman Sachs & Co. LLC submitted the notice on Toby Neugebauer’s behalf.

The notice also lists earlier sales during the prior three months: the trust sold 2,750,000 shares on October 13, 2026, and 420,749 shares on October 20, while Vicksburg sold 1,297,200 shares on October 14.

Key Figures

Proposed shares to be sold: 2,563,800 common shares Aggregate market value: $5,217,333 Shares outstanding: 641,259,703 shares +3 more

6 metrics

Proposed shares to be sold 2,563,800 common shares Rule 144 notice

Aggregate market value $5,217,333 Proposed sale

Shares outstanding 641,259,703 shares Figure reported with the proposed sale

Prior trust sale 2,750,000 shares October 13, 2026

Prior Vicksburg sale 1,297,200 shares October 14, 2026

Prior trust sale 420,749 shares October 20, 2026

Key Terms

Rule 144, 10% Stockholder, private transaction

3 terms

Rule 144 regulatory

"paragraph (a) of Rule 144"

Rule 144 is a U.S. securities regulation that sets conditions under which restricted or insider-held shares can be legally resold to the public, such as required holding periods, availability of public information, limits on how much can be sold at once, and certain filing requirements. For investors it matters because it determines when previously locked-up shares can enter the market — like a release valve that can increase supply, affect share price, and signal insider intent.

10% Stockholder regulatory

"10% Stockholder"

private transaction financial

"Acquired from issuer in private transaction"

A private transaction is the sale or transfer of securities, assets, or ownership stakes carried out directly between a small number of parties rather than on a public exchange. For investors it matters because these deals are less visible and often less liquid than public trades, so pricing can be harder to verify, the investment can be harder to sell quickly, and buyers or sellers may gain strategic advantages not available in open markets — like negotiated terms similar to a private garage sale versus a crowded marketplace.

FAQ

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

How many FRMI shares does the Rule 144 notice cover?

It covers a proposed sale of 2,563,800 common shares for Toby Neugebauer’s account. The notice attributes 1,281,900 shares to Vicksburg Investments Management LLC and 1,281,900 shares to the Melissa A. Neugebauer 2020 Trust.

Which earlier FRMI share sales does the notice list?

The listed transactions are 2,750,000 shares sold by the Melissa A. Neugebauer 2020 Trust on October 13, 2026; 1,297,200 shares sold by Vicksburg Investments Management LLC on October 14, 2026; and 420,749 shares sold by the trust on October 20, 2026.

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

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Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK	0001098464
Filer CCC	XXXXXXXX
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer	Fermi Inc.
SEC File Number	001-42888
Address of Issuer	1845 Woodwall Rodgers Fwy Suite 1100 Dallas TEXAS 75201
Phone	1-214-894-7855
Name of Person for Whose Account the Securities are To Be Sold	Toby Neugebauer
See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.
Relationship to Issuer	10% Stockholder

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Common Stock	Goldman Sachs & Co. LLC 200 West Street New York NY 10282	2563800	5217333	641259703	11/03/2026	NASD

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Common Stock	01/10/2025	Acquired from issuer in private transaction	Issuer			1281900	01/10/2025	None
Common Stock	01/10/2025	Acquired from issuer in private transaction	Issuer			1281900	01/10/2025	None

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Name and Address of Seller	Title of Securities Sold	Date of Sale	Amount of Securities Sold	Gross Proceeds
Melissa A. Neugebauer 2020 TR DTD 12/11/2020 Toby Neugebauer& Melissa Neugebauer, TTEE 1845 Woodwall Rodgers Fwy Suite 1100 Dallas TX 75201	Common Stock	10/13/2026	2750000	10266575
Vicksburg Investments Management, LLC 1845 Woodwall Rodgers Fwy Suite 1100 Dallas TX 75201	Common Stock	10/14/2026	1297200	4089293.28
Melissa A. Neugebauer 2020 TR DTD 12/11/2020 Toby Neugebauer& Melissa Neugebauer, TTEE 1845 Woodwall Rodgers Fwy Suite 1100 Dallas TX 75201	Common Stock	10/20/2026	420749	1277225.66

144: Remarks and Signature

Remarks	Total number of shares to be sold includes 1,281,900 shares sold by VICKSBURG INVESTMENTS MANAGEMENT LLC and 1,281,900 shares sold by MELISSA A. NEUGEBAUER 2020 TRUST.
Date of Notice	11/03/2026
ATTENTION:
The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.
Signature	Goldman Sachs & Co. LLC on behalf of Toby Neugebauer
ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)