Fermi COO sells 830,908 shares in tax trades
Fermi Inc. Chief Operating Officer Jacobo Ortiz Blanes reported tax-related stock sales.
Rhea-AI Filing Summary
Fermi Inc. Chief Operating Officer Jacobo Ortiz Blanes reported tax-related stock sales. On April 8–9, 2026, he sold a total of 830,908 shares of common stock in open-market transactions at weighted average prices of $4.91 and $4.58 per share.
Footnotes explain these were automatic broker "sell-to-cover" trades to pay withholding taxes tied to award vesting and share delivery, rather than discretionary sales. After the transactions, he directly holds 5,469,092 shares and indirectly holds 7,875,000 shares through Las Brisas Financial Services LLC, including 4,200,000 restricted shares subject to time-based vesting conditions.
Positive
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Negative
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Insider Trade Summary
Net Seller: 830,908 shares
Net Sell
3 txns
Insider
Ortiz Blanes Jacobo
Role
Chief Operating Officer
Sold
830,908 shs ($3.94M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Common Stock | 427,363 | $4.58 | $1.96M |
| Sale | Common Stock | 403,545 | $4.91 | $1.98M |
| holding | Common Stock | -- | -- | -- |
Holdings After Transaction:
Common Stock — 5,469,092 shares (Direct);
Common Stock — 7,875,000 shares (Indirect, See Footnotes)
Footnotes (4)
- F1. Represents a weighted average price calculated by a broker executing automatic "sell-to-cover" transactions to cover withholding taxes upon award vesting and share delivery. These shares were sold as part of a block trade in multiple transactions at prices ranging from $5.16 to $4.77, inclusive, and the Reporting Person undertakes to provide to Fermi Inc. (the "Issuer"), any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate sales price.
- F2. Represents a weighted average price calculated by a broker executing automatic "sell-to-cover" transactions to cover withholding taxes upon award vesting and share delivery. These shares were sold as part of a block trade in multiple transactions at prices ranging from $4.76 to $4.47, inclusive, and the Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate sales price.
- F3. Includes 4,200,000 shares of restricted common stock of the Issuer subject to time-based vesting conditions.
- F4. Reflects shares of common stock of the Issuer directly held by Las Brisas Financial Services LLC ("Las Brisas"). Mr. Ortiz Blanes is a managing member of Las Brisas and may be deemed to beneficially own common stock of the Issuer held by Las Brisas. Mr. Ortiz Blanes disclaims beneficial ownership of such securities except to the extent of his pecuniary interest therein. This report shall not be deemed an admission that Mr. Ortiz Blanes is the beneficial owner of such securities for purposes of Sections 13 or 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.
Key Figures
Total shares sold: 830,908 shares
April 8, 2026 sale: 403,545 shares at $4.91/share
April 9, 2026 sale: 427,363 shares at $4.58/share
+3 more
6 metrics
Total shares sold
830,908 shares
Net open-market sales on April 8–9, 2026 as tax-related sell-to-cover
April 8, 2026 sale
403,545 shares at $4.91/share
Open-market sale coded S with weighted average price
April 9, 2026 sale
427,363 shares at $4.58/share
Open-market sale coded S with weighted average price
Direct holdings after trades
5,469,092 shares
Common stock directly held by Ortiz Blanes following April 9, 2026 transaction
Indirect holdings via Las Brisas
7,875,000 shares
Common stock held by Las Brisas Financial Services LLC associated with Ortiz Blanes
Restricted common stock
4,200,000 shares
Restricted shares subject to time-based vesting conditions within overall holdings
Key Terms
sell-to-cover, withholding taxes, restricted common stock, time-based vesting conditions, +2 more
6 terms
sell-to-cover financial
"weighted average price calculated by a broker executing automatic "sell-to-cover" transactions to cover withholding taxes"
Sell-to-cover is when part of newly issued or exercised company stock is immediately sold to pay required taxes and fees, so the recipient keeps the remaining shares. For investors this matters because it reduces the number of shares insiders or employees actually hold after a grant, can create small, routine share sales that aren’t signal of cashing out, and slightly increases share supply on the market—like selling a portion of a paycheck to cover the tax bill.
withholding taxes financial
"automatic "sell-to-cover" transactions to cover withholding taxes upon award vesting and share delivery"
Withholding taxes are amounts a payer or government takes out of payments — such as wages, interest, or dividends — before the recipient gets the money, functioning like a cashier keeping part of a bill to pay taxes on your behalf. For investors this matters because it reduces the cash they actually receive, affects net returns and yield calculations, and may require additional paperwork or treaty claims to recover or offset the withheld amount against final tax bills.
restricted common stock financial
"Includes 4,200,000 shares of restricted common stock of the Issuer subject to time-based vesting conditions"
Restricted common stock is company shares that carry limits on selling or transferring for a set period or until certain conditions are met, like time-based vesting or regulatory clearance. Think of them as shares in a locked box that gradually open; they can become freely tradable later but initially reduce the number of shares available on the market. Investors watch restricted stock because its eventual release can change a company’s share supply, affect stock price, and influence control and dilution.
time-based vesting conditions financial
"shares of restricted common stock of the Issuer subject to time-based vesting conditions"
beneficially own financial
"may be deemed to beneficially own common stock of the Issuer held by Las Brisas"
Beneficially own means having the economic rights and risks of a security—such as the right to receive dividends, sell the shares, or profit from price changes—whether or not your name appears on the official share register. Think of it like renting a car: you use it and reap the benefits even if the title lists someone else. Investors care because beneficial ownership determines who truly controls value, must be disclosed under securities rules, and can signal potential influence or trading activity that affects a stock’s price.
pecuniary interest financial
"disclaims beneficial ownership of such securities except to the extent of his pecuniary interest therein"
FAQ
What did Fermi (FRMI) COO Jacobo Ortiz Blanes report in this Form 4 filing?
He reported selling 830,908 shares of Fermi common stock on April 8–9, 2026. Footnotes state these were automatic broker "sell-to-cover" trades to satisfy withholding taxes triggered by award vesting and share delivery, rather than discretionary open-market sales.
What does "sell-to-cover" mean in the Fermi (FRMI) Form 4 footnotes?
The filing explains that a broker executed automatic "sell-to-cover" trades to cover withholding taxes due when stock awards vested and shares were delivered. This means shares were sold primarily to pay tax obligations, rather than as a discretionary decision to reduce ownership.
What is Las Brisas Financial Services LLC’s role in the Fermi (FRMI) holdings?
The filing notes that 7,875,000 Fermi shares are directly held by Las Brisas Financial Services LLC. Ortiz Blanes is a managing member and may be deemed to beneficially own these shares, but he disclaims beneficial ownership except to the extent of his pecuniary interest.
AI-generated analysis. How Rhea-AI works. Not financial advice.
