Fermi holder Caddis sells 11M shares

Fermi Inc. major shareholder Caddis Holdings, LP reported open-market sales of Fermi common stock.

Rhea-AI Filing Summary

Fermi Inc. major shareholder Caddis Holdings, LP reported open-market sales of Fermi common stock. An entity associated with ten percent owner Perry Griffin sold 9,000,000 shares at a weighted average price of $5.0213 and 2,000,000 shares at a weighted average price of $5.5384.

Following these transactions, Caddis Holdings, LP indirectly held 62,946,450 shares after the first sale and 60,946,450 shares after the second sale, according to the filing. The reported prices reflect weighted averages across multiple trades within disclosed intraday price ranges.

Insider Trade Summary

Net Seller: 11,000,000 shares

Net Sell 2 txns

Insider Perry Griffin, Caddis Holdings, LP

Role 10% Owner | 10% Owner

Sold 11,000,000 shs ($56.27M)

Type	Security	Shares	Price	Value
Sale	Common Stock, $0.001 par value	2,000,000	$5.5384	$11.08M
Sale	Common Stock, $0.001 par value	9,000,000	$5.0213	$45.19M

Holdings After Transaction: Common Stock, $0.001 par value — 60,946,450 shares (Indirect, See Footnotes)

Footnotes (4)

1. F1. The reported price is the weighted average sales price for the transactions reported on that line. Sales were made at prices between $4.9286-$5.346 per share. The Reporting Persons will provide to the Staff, the Issuer, or a security holder full information regarding the number of shares purchased or sold at each separate price upon request.
2. F2. Reflects shares of common stock of Fermi Inc. (the "Issuer") directly held by Caddis Holdings, LP. Mr. Perry is a manager of Caddis Capital, LLC, the general partner of Caddis Holdings, LP, and may be deemed to beneficially own common stock of the Issuer held by Caddis Holdings, LP. Mr. Perry 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. Perry is the beneficial owner of such securities for purposes of Sections 13 or 16 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or for any other purpose. The Reporting Persons declare that neither the filing of this statement nor anything herein shall be construed as an admission that such persons are, for the purposes of Section 13(d) or 13(g) of the Exchange Act or any other purpose, a member of a group with respect to the Issuer or securities of the Issuer.
3. F3. Caddis Holdings, LP was previously organized as Caddis Holdings, LLC and underwent a change in the form of the entity, without the transfer of any shares of the Issuer or any change in the beneficial ownership of such shares.
4. F4. The reported price is the weighted average sales price for the transactions reported on that line. Sales were made at prices between $5.4003-$5.5494 per share. The Reporting Person will provide to the Staff, the Issuer, or a security holder full information regarding the number of shares purchased or sold at each separate price upon request.

Key Figures

Shares sold March 30, 2026: 9,000,000 shares Shares sold March 31, 2026: 2,000,000 shares Total shares sold: 11,000,000 shares +5 more

8 metrics

Shares sold March 30, 2026 9,000,000 shares Open-market sale of common stock at weighted average $5.0213

Shares sold March 31, 2026 2,000,000 shares Open-market sale of common stock at weighted average $5.5384

Total shares sold 11,000,000 shares Net selling across two open-market transactions

Shares held after final sale 60,946,450 shares Indirect holdings reported for Caddis Holdings, LP

Post-first-sale holdings 62,946,450 shares Indirect holdings after March 30, 2026 transaction

Weighted average price March 30 $5.0213 per share Sales within $4.9286–$5.346 intraday range

Weighted average price March 31 $5.5384 per share Sales within $5.4003–$5.5494 intraday range

Net share direction -11,000,000 shares Net-sell according to transactionSummary

Key Terms

weighted average sales price, beneficially own, pecuniary interest, Sections 13 or 16 of the Securities Exchange Act of 1934, +2 more

6 terms

weighted average sales price financial

"The reported price is the weighted average sales price for the transactions reported on that line."

beneficially own financial

"may be deemed to beneficially own common stock of the Issuer held by Caddis Holdings, LP."

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

"Mr. Perry disclaims beneficial ownership of such securities except to the extent of his pecuniary interest therein."

Sections 13 or 16 of the Securities Exchange Act of 1934 regulatory

"for purposes of Sections 13 or 16 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or for any other purpose."

ten percent owner regulatory

"Caddis Holdings, LP, and may be deemed to beneficially own common stock of the Issuer held by Caddis Holdings, LP. Mr. Perry is reported as a ten percent owner."

indirect ownership financial

"total_shares_following_transaction ... ownership_type" : "indirect""

FAQ

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

What insider transactions did Fermi Inc. (FRMI) disclose in this Form 4?

Fermi Inc. disclosed that Caddis Holdings, LP, a major shareholder, reported two open-market sales totaling 11,000,000 common shares. The trades occurred on March 30 and March 31, 2026, at weighted average prices of $5.0213 and $5.5384 per share, respectively.

Who is the reporting person in the Fermi Inc. (FRMI) Form 4 filing?

The Form 4 lists Caddis Holdings, LP and Perry Griffin as reporting persons. The shares are directly held by Caddis Holdings, LP, while Griffin is a manager of the general partner and may be deemed to beneficially own them, but he disclaims beneficial ownership beyond any pecuniary interest.

How many Fermi Inc. (FRMI) shares did Caddis Holdings, LP sell and at what prices?

Caddis Holdings, LP sold 9,000,000 shares of Fermi common stock at a weighted average price of $5.0213, and 2,000,000 shares at a weighted average price of $5.5384. Footnotes state individual trades occurred within specified intraday price ranges around those averages.

How many Fermi Inc. (FRMI) shares does Caddis Holdings, LP hold after the reported sales?

After the first reported sale, Caddis Holdings, LP held 62,946,450 shares of Fermi common stock, and after the second, it held 60,946,450 shares. These figures reflect indirect ownership reported in the Form 4 under the nature-of-ownership footnote explanations.

Were the Fermi Inc. (FRMI) insider sales executed at a single price or multiple prices?

The sales were executed at multiple prices. Each line’s price is a weighted average, with trades on March 30 ranging from $4.9286 to $5.346 and trades on March 31 ranging from $5.4003 to $5.5494, as detailed in the footnotes.

What ownership and control details are disclosed for Fermi Inc. (FRMI) shares in this Form 4?

The filing states shares are directly held by Caddis Holdings, LP. It notes the entity was reorganized from an LLC to an LP without transferring Fermi shares, and clarifies Griffin may be deemed a beneficial owner but disclaims beneficial ownership except for any pecuniary interest.

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

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Accepted by SEC EDGAR 04/01/2026 - 07:11 PM EDT 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

X

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 Griffin

(Last) (First) (Middle)

1333 OAK LAWN AVE

SUITE 900

(Street)

DALLAS TEXAS 75207

(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)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/30/2026

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

	Form filed by One Reporting Person
X	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, $0.001 par value	03/30/2026		S		9,000,000	D	$5.0213(1)	62,946,450	I	See Footnotes(2)(3)
Common Stock, $0.001 par value	03/31/2026		S		2,000,000	D	$5.5384(4)	60,946,450	I	See Footnotes(2)(3)

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

1. Name and Address of Reporting Person^*

Perry Griffin

(Last) (First) (Middle)

1333 OAK LAWN AVE

SUITE 900

(Street)

DALLAS TEXAS 75207

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

Caddis Holdings, LP

(Last) (First) (Middle)

1333 OAK LAWN AVE

SUITE 900

(Street)

DALLAS TEXAS 75207

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

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

Explanation of Responses:

1. The reported price is the weighted average sales price for the transactions reported on that line. Sales were made at prices between $4.9286-$5.346 per share. The Reporting Persons will provide to the Staff, the Issuer, or a security holder full information regarding the number of shares purchased or sold at each separate price upon request.

2. Reflects shares of common stock of Fermi Inc. (the "Issuer") directly held by Caddis Holdings, LP. Mr. Perry is a manager of Caddis Capital, LLC, the general partner of Caddis Holdings, LP, and may be deemed to beneficially own common stock of the Issuer held by Caddis Holdings, LP. Mr. Perry 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. Perry is the beneficial owner of such securities for purposes of Sections 13 or 16 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or for any other purpose. The Reporting Persons declare that neither the filing of this statement nor anything herein shall be construed as an admission that such persons are, for the purposes of Section 13(d) or 13(g) of the Exchange Act or any other purpose, a member of a group with respect to the Issuer or securities of the Issuer.

3. Caddis Holdings, LP was previously organized as Caddis Holdings, LLC and underwent a change in the form of the entity, without the transfer of any shares of the Issuer or any change in the beneficial ownership of such shares.

4. The reported price is the weighted average sales price for the transactions reported on that line. Sales were made at prices between $5.4003-$5.5494 per share. The Reporting Person will provide to the Staff, the Issuer, or a security holder full information regarding the number of shares purchased or sold at each separate price upon request.

	Griffin Perry, /s/ Griffin Perry	04/01/2026
	Caddis Holdings, LP, /s/ Griffin Perry, Manager of Caddis Capital, LLC, general partner of Caddis Holdings, LP	04/01/2026
	** 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)