[Form 4] Fermi Inc. Insider Trading Activity

Rhea-AI Filing Summary

Fermi Inc. director Perry James Richard sold 863,637 shares of Common Stock in an open-market transaction at $7.31 per share. After the sale, he directly held 15,827,807 shares. According to a footnote, these sales were made pursuant to the exercise of options granted by certain founders in connection with Fermi’s Series C fundraising round prior to its initial public offering.

Insights

Equity markets analyst

Large but routine director sale tied to prior option arrangements.

Director Perry James Richard executed an open-market sale of 863,637 Fermi Inc. shares at $7.31. Following the transaction, he still directly holds 15,827,807 shares, indicating he retains a substantial equity position in the company.

A footnote states the sales were made pursuant to the exercise of options granted by certain founders in connection with the company’s Series C fundraising round before its IPO. This links the sale to earlier financing-related option grants rather than newly issued options, suggesting a liquidity and portfolio-management motive grounded in historical arrangements.

Insider Trade Summary

Net Seller: 863,637 shares ($6,313,186)

Net Sell 1 txn

Insider Perry James Richard

Role null

Sold 863,637 shs ($6.31M)

Type	Security	Shares	Price	Value
Sale	Common Stock	863,637	$7.31	$6.31M

Holdings After Transaction: Common Stock — 15,827,807 shares (Direct, null)

Footnotes (1)

1. [object Object]

Key Figures

Shares sold: 863,637 shares Sale price per share: $7.31 per share Shares held after transaction: 15,827,807 shares +1 more

4 metrics

Shares sold 863,637 shares Open-market sale of Fermi Inc. common stock

Sale price per share $7.31 per share Price for the 863,637 common shares sold

Shares held after transaction 15,827,807 shares Director’s direct holdings following the sale

Net share direction -863,637 shares Net-sell position from reported transactions

Key Terms

open-market sale, non-derivative, Series C fundraising round, initial public offering, +1 more

5 terms

open-market sale financial

"transaction_action": "open-market sale""

An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.

non-derivative financial

""transaction_type": "non-derivative""

Series C fundraising round financial

"in connection with the Series C fundraising round of the Issuer"

initial public offering financial

"prior to the initial public offering"

An initial public offering (IPO) is when a private company first sells its shares to the public and becomes a stock-listed company. It matters because it allows the company to raise money from a wide range of investors, helping it grow, while giving early shareholders a way to sell some of their ownership.

options financial

"pursuant to the exercise of options granted by certain founders"

Options are contracts that give investors the right to buy or sell an asset at a specific price within a certain time frame. They function like a reservation or a ticket that allows for potential profit or protection against price changes, making them useful tools for managing investment risks or speculating on market movements.

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 07/02/2026 - 08:54 PM Accepted by SEC EDGAR 07/02/2026 - 08:53 PM Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Perry James Richard

(Last) (First) (Middle)

620 S. TAYLOR ST., SUITE 301

(Street)

AMARILLO TEXAS 79101

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Fermi Inc. [ FRMI ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
06/30/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	06/30/2026		S		863,637(1)	D	$7.31	15,827,807	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The sales reported herein were pursuant to the exercise of options granted by certain founders of the Issuer in connection with the Series C fundraising round of the Issuer prior to the initial public offering.

	/s/ James Richard Perry	07/02/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

How many Fermi Inc. (FRMI) shares did Perry James Richard sell?

Perry James Richard sold 863,637 shares of Fermi Inc. common stock. The transaction was reported as an open-market sale and reflects a sizable trade while he maintained a large remaining stake after the transaction.

At what price did Perry James Richard sell Fermi Inc. (FRMI) shares?

He sold the shares at $7.31 per share. This per-share price comes directly from the reported transaction data and applies to the 863,637 Fermi Inc. common shares sold in the open-market trade.

How many Fermi Inc. (FRMI) shares does Perry James Richard hold after the sale?

After the reported sale, Perry James Richard directly holds 15,827,807 Fermi Inc. shares. This post-transaction holding figure provides context for the size of his remaining ownership relative to the 863,637 shares sold.

What type of insider transaction did Fermi Inc. (FRMI) report for Perry James Richard?

The filing reports an open-market sale of common stock by director Perry James Richard. The transaction is coded as a sale of non-derivative securities, meaning it involved common shares rather than options or other derivatives.

What does the footnote in the Fermi Inc. (FRMI) Form 4 say about the sale?

The footnote explains that the sales were made pursuant to the exercise of options granted by certain founders during Fermi’s Series C fundraising round, which occurred before the company’s initial public offering, linking the transaction to earlier financing-related option grants.

Were the Fermi Inc. (FRMI) shares sold by Perry James Richard related to derivatives?

The transaction is reported as a sale of non-derivative common stock, with no remaining derivative positions listed. However, a footnote notes the sales followed the exercise of options that had been granted by certain founders during the company’s Series C fundraising.