Caddis Holdings discloses 60.95M-share, 9.7% stake in Fermi Inc. (FRMI)

Rhea-AI Filing Summary

Fermi Inc. ownership disclosure: Caddis Holdings, LP (managed via Caddis Capital, LLC) and reporting person Griffin Perry report beneficial ownership of 60,946,450 shares of Common Stock, representing 9.7% of the class. The percentage is calculated using 629,839,790 shares outstanding as of March 23, 2026, per the issuer's Form 10-K. Mr. Perry notes his role as a manager of the general partner and disclaims direct beneficial ownership except to the extent of any pecuniary interest.

Key Figures

Beneficially owned shares: 60,946,450 shares Percent of class: 9.7% Shares outstanding (as of): 629,839,790 shares

3 metrics

Beneficially owned shares 60,946,450 shares Amount reported as beneficially owned by Caddis Holdings/Griffin Perry

Percent of class 9.7% Calculated using shares outstanding as of <date>March 23, 2026</date>

Shares outstanding (as of) 629,839,790 shares Outstanding shares used to calculate percentage, as of <date>March 23, 2026</date>

Key Terms

Schedule 13G/A, Beneficial ownership, Shared Dispositive Power

3 terms

Schedule 13G/A regulatory

"Amendment No. 1 to Schedule 13G/A reporting beneficial ownership"

A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.

Beneficial ownership financial

"Amount beneficially owned: See response to Item 9 on cover page"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

Shared Dispositive Power financial

"Shared Dispositive Power 60,946,450.00"

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Fermi Inc.

(Name of Issuer)

Common Stock, $0.001 par value

(Title of Class of Securities)

314911108

(CUSIP Number)

03/31/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 314911108

1

Names of Reporting Persons

Griffin Perry

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 60,946,450.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 60,946,450.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

60,946,450.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

9.7 %

12

Type of Reporting Person (See Instructions)

IN, HC

Comment for Type of Reporting Person: Percentage of class represented is calculated based on 629,839,790 shares of Common Stock outstanding as of March 23, 2026, as reported on the Issuer's Form 10-K filed on March 30,2026, pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 (the "10-K").

SCHEDULE 13G

CUSIP Number(s): 314911108

1

Names of Reporting Persons

Caddis Holdings, LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 60,946,450.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 60,946,450.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

60,946,450.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

9.7 %

12

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person: Percentage of class represented is calculated based on 629,839,790 shares of Common Stock outstanding as of March 23, 2026, as reported on the 10-K. 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.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Fermi Inc.
(b)	Address of issuer's principal executive offices: 620 S. TAYLOR, 620 S. TAYLOR, AMARILLO, TEXAS, 79101.
Item 2.
(a)	Name of person filing: Griffin Perry
(b)	Address or principal business office or, if none, residence: 1333 Oak Lawn Ave., Suite 900, Dallas, Texas 75207
(c)	Citizenship: See response to Item 4 on cover page.
(d)	Title of class of securities: Common Stock, $0.001 par value
(e)	CUSIP No.: 314911108
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: See response to Item 9 on cover page. 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.
(b)	Percent of class: See response to Item 11 on cover page.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See response to Item 5 on cover page.
	(ii) Shared power to vote or to direct the vote: See response to Item 6 on cover page.
	(iii) Sole power to dispose or to direct the disposition of: See response to Item 7 on cover page.
	(iv) Shared power to dispose or to direct the disposition of: See response to Item 8 on cover page.
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.	Certifications:
	Not Applicable

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Griffin Perry

Signature:	/s/ Griffin Perry
Name/Title:	Griffin Perry
Date:	04/15/2026

Caddis Holdings, LP

Signature:	/s/ Griffin Perry
Name/Title:	Manager of the General Partner of the Reporting Person
Date:	04/15/2026

FAQ

What stake does Caddis Holdings report in FRMI?

Caddis Holdings, LP reports 60,946,450 shares of Fermi Inc. common stock, equal to 9.7% of the class. The percentage uses 629,839,790 shares outstanding as of March 23, 2026, per the company's Form 10-K.

Who is Griffin Perry in the FRMI Schedule 13G/A?

Griffin Perry is the reporting person and a manager of Caddis Capital, LLC, the general partner of Caddis Holdings, LP. He disclaims beneficial ownership except for any pecuniary interest in the shares held by Caddis Holdings.

How was the 9.7% ownership percentage calculated for FRMI?

The filing states the percentage is calculated using 629,839,790 shares outstanding as of March 23, 2026, from Fermi Inc.'s Form 10-K filed March 30, 2026. The filing ties the 9.7% figure directly to that outstanding share count.

Did the Caddis entity change form noted in the filing for FRMI?

Yes. The filing notes Caddis Holdings, LP was previously organized as Caddis Holdings, LLC and changed entity form without transferring any Issuer shares or altering beneficial ownership of those shares.