Pencross (FRMI) reports 28.4M shares, 4.5% stake (manager Steven Meisel)

Rhea-AI Filing Summary

Fermi Inc. ownership filing: Pencross Energy, LLC and Steven Meisel report shared voting and dispositive power over 28,412,241 shares of Common Stock, equal to 4.5% of the class. The percentage is calculated from 629,839,790 shares outstanding as of March 23, 2026. The reported securities are directly held by Pencross Energy, LLC; as Manager, Steven Meisel may be deemed to share those powers. The statement disclaims that this is an admission of beneficial ownership for Section 13(d) or 13(g) purposes.

Insights

Corporate Governance Analyst

Reports show a 4.5% shared stake via a manager-controlled LLC.

The filing lists 28,412,241 shares held by Pencross Energy, LLC with shared voting and dispositive power attributed to Steven Meisel. The percentage is explicitly tied to March 23, 2026 outstanding shares.

Because the statement includes a legal disclaimer, the filing reflects managerial control claims without conceding beneficial ownership. Subsequent filings or amendments would clarify any change in status or additional transactions.

Key Figures

Reported shares: 28,412,241 shares Percent of class: 4.5% Shares outstanding: 629,839,790 shares +1 more

4 metrics

Reported shares 28,412,241 shares Amount held by Pencross Energy, LLC

Percent of class 4.5% Calculated from outstanding shares as of March 23, 2026

Shares outstanding 629,839,790 shares Outstanding as of March 23, 2026 per referenced Form 10-K

Filing type Schedule 13G/A Amendment No. 2 Ownership disclosure amendment

Key Terms

Schedule 13G/A, beneficially owned, shared voting power

3 terms

Schedule 13G/A regulatory

"Amendment No. 2 Fermi Inc. Common Stock"

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.

beneficially owned regulatory

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

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

shared voting power regulatory

"Shared Voting Power 28,412,241.00"

Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

Fermi Inc.

(Name of Issuer)

Common Stock

(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

Pencross Energy, LLC

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

TEXAS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 28,412,241.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 28,412,241.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

28,412,241.00

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)

4.5 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: 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 (the "Form 10-K") with the Securities and Exchange Commission ("SEC").

SCHEDULE 13G

CUSIP Number(s): 314911108

1

Names of Reporting Persons

Steven Meisel

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

TEXAS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 28,412,241.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 28,412,241.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

28,412,241.00

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)

4.5 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person: Calculated based on 629,839,790 shares of Common Stock outstanding as of March 23, 2026, as reported on the Form 10-K filed with the SEC.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Fermi Inc.
(b)	Address of issuer's principal executive offices: 620 S. Taylor, Suite 301, Amarillo, TX, 79101
Item 2.
(a)	Name of person filing: Pencross Energy, LLC
(b)	Address or principal business office or, if none, residence: 1333 Oaklawn Ave, Suite 900 Dallas, Texas 75207
(c)	Citizenship: See response to Item 4 on cover page.
(d)	Title of class of securities: Common Stock
(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 responses to Item 9 on each cover page. The reported securities are directly held by Pencross Energy, LLC. As the Manager of Pencross Energy, LLC, Steven Meisel may be deemed to share voting and dispositive power of the reported securities. Nothing in this statement shall be deemed an admission of beneficial ownership of the reported securities for purposes of Section 13(d) or Section 13(g) of the Exchange Act.
(b)	Percent of class: See response to Item 11 on the 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 the cover page.
	(ii) Shared power to vote or to direct the vote: See response to Item 6 on the cover page.
	(iii) Sole power to dispose or to direct the disposition of: See response to Item 7 on the cover page.
	(iv) Shared power to dispose or to direct the disposition of: See response to Item 8 on the cover page.
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
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.

Pencross Energy, LLC

Signature:	/s/ Steven Meisel
Name/Title:	Steven Meisel / See Exhibit B
Date:	05/15/2026

Steven Meisel

Signature:	/s/ Steven Meisel
Name/Title:	Steven Meisel
Date:	05/15/2026

Exhibit Information

Exhibit A Joint Filing Agreement, dated as of November 6, 2025, incorporated into this Schedule 13G by reference to Exhibit A of the initial 13G filed on November 6, 2025. Exhibit B Signature Page, dated as of May 15, 2026.