Fermi removes Project Matador contract deadline from loan

Q: What amendment fee did FRMI pay?

Fermi paid $25 million in amendment fees in connection with the amendment. MUFG Bank, Ltd. remains administrative agent for a new syndicate of lenders.

Fermi paid $25 million in amendment fees, while MUFG remains administrative agent for a new syndicate of lenders.

Filing Impact

(Moderate)

Filing Sentiment

(Neutral)How Sentiment works

Sentiment and the balance of points

Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.

How Sentiment works How the balance works

Form Type

8-K

Rhea-AI Filing Summary

Fermi Inc. (FRMI), through its indirect wholly owned subsidiaries Fermi Turbine Warehouse LLC, the borrower, and Firebird Equipment Holdco LLC, amended the Equipment Supply Loan Financing Agreement with MUFG Bank, Ltd. The agreement is dated February 10, 2026. The amendment removes the covenant requiring Fermi to enter into a lease or offtake arrangement for 400 MW at Project Matador by November 10, 2026, and eliminates the potential increase in amortization tied to failure to meet that covenant.

Fermi believes the amendment eliminates potential required principal payments of approximately $22 million in the fourth quarter of 2026, $19 million in the first quarter of 2027 and $15 million in the second quarter of 2027. The company paid $25 million in amendment fees. MUFG remains administrative agent for a new syndicate of lenders.

1 point · 0 major

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance works How Sentiment works

0 major · 0 points

Hollow bars mark forward-looking points. How the balance works

Positive

Moderate point. Forward-looking: it has not happened yet and may not happen.Fermi believes the amendment eliminates potential principal payments of approximately $22 million in Q4 2026. 1% of market cap

Negative

None.

8-K Event Classification

Item 8.01 — Other Events

1 item

Item 8.01 Other Events Other

Voluntary disclosure of events the company deems important to shareholders but not covered by other items.

Key Figures

Potential required principal payments: Approximately $22 million Potential required principal payments: Approximately $19 million Potential required principal payments: Approximately $15 million +2 more

5 metrics

Potential required principal payments Approximately $22 million Fourth quarter of 2026; Fermi believes the amendment eliminates this potential payment.

Potential required principal payments Approximately $19 million First quarter of 2027; Fermi believes the amendment eliminates this potential payment.

Potential required principal payments Approximately $15 million Second quarter of 2027; Fermi believes the amendment eliminates this potential payment.

Amendment fees $25 million Paid by Fermi in connection with the amendment.

Lease or offtake arrangement covenant 400 MW At Project Matador; the covenant required entry into an arrangement by November 10, 2026 and was eliminated.

Key Terms

amortization, offtake arrangement, syndicate of lenders, covenant

4 terms

amortization financial

"potential increase in amortization"

Amortization is the process of spreading a large cost over a series of future periods, either by gradually writing off the value of an intangible asset (like a patent or license) or by showing how loan principal is paid down over time. For investors it matters because amortization affects reported profits and cash flow — similar to slicing a big bill into smaller monthly payments — and therefore influences valuations, comparisons between companies, and expectations for future earnings.

offtake arrangement financial

"lease or offtake arrangement for 400 MW"

An offtake arrangement is a contract where a buyer agrees to purchase a company’s future production—such as raw materials, energy, or finished goods—often at predetermined quantities, prices, or conditions. For investors, it matters because this kind of deal provides predictable revenue and lowers sales risk, similar to a long-term subscription or pre-order that helps a business secure income and makes it easier to obtain financing or value the company.

syndicate of lenders financial

"administrative agent for a new syndicate of lenders"

covenant financial

"eliminates the covenant requiring the Company to enter into a lease"

A covenant is a promise written into a loan or bond agreement that requires a borrower to do certain things or refrain from others—like keeping a steady level of cash, limiting extra borrowing, or providing regular reports. Think of it as house rules set by lenders to reduce the chance of surprise problems; for investors, covenants matter because they affect a borrower’s freedom to act, can signal credit risk, and may trigger repayment or renegotiation if broken.

FAQ

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

How much potential principal repayment does FRMI's amendment eliminate?

What covenant did FRMI remove from its loan agreement?

The amendment eliminated the covenant requiring Fermi to enter into a lease or offtake arrangement for 400 MW at Project Matador by November 10, 2026. It also eliminated the potential increase in amortization resulting from failure to satisfy that covenant.

What amendment fee did FRMI pay?

Fermi paid $25 million in amendment fees in connection with the amendment. MUFG Bank, Ltd. remains administrative agent for a new syndicate of lenders.

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

Understanding 8-K Material Events →

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

Add on Google

Available on EDGAR 10/16/2026 - 06:07 AM EDT Accepted by SEC EDGAR 10/16/2026 - 06:06 AM EDT

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) October 16, 2026

Fermi Inc.

(Exact name of registrant as specified in its charter)

Texas		001-42888		33-3560468
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

1845 Woodall Rodgers Fwy, Suite 1100

Dallas, TX 75201

79101

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (214) 894-7855

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.001 par value	FRMI	The Nasdaq Stock Market LLC
Common Stock, $0.001 par value	FRMI	The London Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☒

Item 8.01 Other Events.

On October 16 2026, Fermi Inc. (the “Company”) announced that Fermi Turbine Warehouse LLC (the “Borrower”) and Firebird Equipment Holdco LLC, each an indirect wholly owned subsidiary of the Company, entered into a Limited Waiver and Amendment No. 1 to the Equipment Supply Loan Financing Agreement (the “Amendment”) with MUFG Bank, Ltd., as administrative agent and lender (“MUFG”). The Amendment amends the Equipment Supply Loan Financing Agreement, dated as of February 10, 2026 (the “Financing Agreement”). Among other things, the Amendment eliminates the covenant requiring the Company to enter into a lease or offtake arrangement for 400 MW on the Project Matador site by November 10, 2026. Additionally, the amendment eliminated the potential increase in amortization resulting from the failure to satisfy such covenant. The Company believes this eliminates potential required principal payments by approximately $22 million in the fourth quarter of 2026, approximately $19 million in the first quarter of 2027 and approximately $15 million in the second quarter of 2027. In connection with the Amendment, MUFG remains administrative agent for a new syndicate of lenders and the Company paid amendment fees totaling $25 million.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	FERMI INC.

Date: October 16, 2026	By:	/s/ George Wentz
	Name:	George Wentz
	Title:	General Counsel

Source: View Original Filing on SEC EDGAR

Filing Exhibits & Attachments

4 documents