Caddis Holdings reports 8.2% Fermi Inc. (FRMI) stake of 52.3M shares

Rhea-AI Filing Summary

Caddis Holdings, LP and Griffin Perry report a significant ownership position in Fermi Inc. They beneficially own 52,256,833 shares of Fermi Inc. common stock, representing 8.2% of the outstanding class, based on 637,574,239 shares outstanding as of May 11, 2026.

All 52,256,833 shares are directly held by Caddis Holdings, LP, with shared voting and shared dispositive power over these shares and no sole voting or dispositive power. Griffin Perry, as a manager of Caddis Capital, LLC, the general partner of Caddis Holdings, LP, may be deemed to share beneficial ownership of these securities but disclaims beneficial ownership except to the extent of his pecuniary interest.

The reporting persons previously reported their holdings on Schedule 13D and now report them on Schedule 13G under the Exchange Act. Fermi Inc. is identified as the issuer of the common stock with CUSIP 314911108.

Key Figures

Shares beneficially owned: 52,256,833 shares Ownership percentage: 8.2% Shares outstanding: 637,574,239 shares +3 more

6 metrics

Shares beneficially owned 52,256,833 shares Common stock of Fermi Inc. beneficially owned by the reporting persons

Ownership percentage 8.2% Percent of Fermi Inc. common stock class represented by the reported holdings

Shares outstanding 637,574,239 shares Fermi Inc. common stock outstanding as of May 11, 2026 per Form 10-Q

Shared voting power 52,256,833 shares Shares of Fermi Inc. common stock over which the reporting persons share voting power

Shared dispositive power 52,256,833 shares Shares of Fermi Inc. common stock over which the reporting persons share dispositive power

Par value per share $0.001 Par value of Fermi Inc. common stock

Key Terms

beneficial ownership, Schedule 13D, Schedule 13G, dispositive power, +1 more

5 terms

beneficial ownership financial

"The Reporting Persons previously reported beneficial ownership of the Issuer's securities"

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.

Schedule 13D regulatory

"The Reporting Persons previously reported beneficial ownership of the Issuer's securities on Schedule 13D"

A Schedule 13D is a legal document that investors file with regulators when they buy a large enough stake in a company to potentially influence its management or decisions. It provides details about the investor’s intention, ownership stake, and plans, helping other investors understand who is gaining control and what their motives might be.

Schedule 13G regulatory

"This is being filed by Caddis Holdings, LP and Mr. Griffin Perry pursuant to under the Exchange Act"

A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.

dispositive power financial

"Shared Dispositive Power 52,256,833.00"

Dispositive power is the authority to decide the final outcome of an asset, legal claim, contract, or corporate action — in effect the power to dispose of or resolve something. For investors it matters because whoever holds that authority can determine who gets paid, who controls an asset or vote, and how risks and returns are allocated; think of it like holding the key that lets you lock in the winner or loser in a deal.

pecuniary interest financial

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

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

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Available on EDGAR 07/20/2026 - 04:50 PM Accepted by SEC EDGAR 07/20/2026 - 04:49 PM Learn about SEC filing dates

FAQ

What ownership stake in Fermi Inc. (FRMI) do Caddis Holdings and Griffin Perry report?

Caddis Holdings, LP and Griffin Perry report beneficial ownership of 52,256,833 shares of Fermi Inc. common stock, representing 8.2% of the outstanding class based on 637,574,239 shares outstanding as of May 11, 2026.

How many Fermi Inc. (FRMI) shares does Caddis Holdings control for voting and disposition?

Caddis Holdings, LP reports shared voting power over 52,256,833 shares and shared dispositive power over 52,256,833 shares of Fermi Inc. common stock, with no sole voting or sole dispositive power over any shares.

What percentage of Fermi Inc. (FRMI) common stock is reported as beneficially owned?

The reporting persons state that they beneficially own 8.2% of Fermi Inc.’s common stock. This percentage is based on 637,574,239 shares outstanding as of May 11, 2026, as reported in Fermi Inc.’s Form 10-Q filed May 15, 2026.

How is Griffin Perry related to Caddis Holdings’ Fermi Inc. (FRMI) position?

Griffin Perry is a manager of Caddis Capital, LLC, the general partner of Caddis Holdings, LP. He may be deemed to beneficially own Fermi Inc. shares held by Caddis but disclaims beneficial ownership except to the extent of his pecuniary interest.

Why did Caddis Holdings and Griffin Perry file a Schedule 13G for Fermi Inc. (FRMI)?

They state that they previously reported beneficial ownership on Schedule 13D and are now filing on Schedule 13G under the Exchange Act to report their current beneficial ownership of Fermi Inc. common stock.

What is the class of securities and CUSIP for Fermi Inc. (FRMI) in this filing?

The securities are Fermi Inc. common stock, $0.001 par value, identified with CUSIP 314911108. The filing relates specifically to this class of common stock.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Fermi Inc.

(Name of Issuer)

Common Stock, $0.001 par value

(Title of Class of Securities)

314911108

(CUSIP Number)

07/16/2026

(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

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 52,256,833.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 52,256,833.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

52,256,833.00

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)

8.2 %

12

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person: The Reporting Persons previously reported beneficial ownership of the Issuer's securities on Schedule 13D. This Schedule 13G is being filed pursuant to Rule 13d-1(d) under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Percentage of class represented is calculated based on 637,574,239 shares of Common Stock outstanding as of May 11, 2026, as reported on the Issuer's Form 10-Q filed on May 15, 2026, pursuant to Section 13 or 15(d) of the Exchange Act (the "10-Q").

SCHEDULE 13G

CUSIP Number(s): 314911108

1

Names of Reporting Persons

Perry Griffin

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 52,256,833.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 52,256,833.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

52,256,833.00

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)

8.2 %

12

Type of Reporting Person (See Instructions)

IN, HC

Comment for Type of Reporting Person: The Reporting Persons previously reported beneficial ownership of the Issuer's securities on Schedule 13D. This Schedule 13G is being filed pursuant to Rule 13d-1(d) under the Exchange Act. Percentage of class represented is calculated based on 637,574,239 shares of Common Stock outstanding as of May 11, 2026, as reported on the Issuer's Form 10-Q filed on May 15, 2026, pursuant to Section 13 or 15(d) of the Exchange Act (the "10-Q").

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Fermi Inc.
(b)	Address of issuer's principal executive offices: 620 S. TAYLOR, SUITE 301, AMARILLO, TEXAS, 79101
Item 2.
(a)	Name of person filing: This Schedule 13G is being filed by Caddis Holdings, LP ("Caddis") and Mr. Griffin Perry (together, the "Reporting Persons") pursuant to Rule 13d-1(d) under the Exchange Act. The Reporting Persons previously reported beneficial ownership of the Issuer's securities on Schedule 13D.
(b)	Address or principal business office or, if none, residence: The principal business address of the Reporting Persons is 1333 Oak Lawn Ave., Suite 900, Dallas, Texas 75207.
(c)	Citizenship: See Item 4 on the cover page for place of organization of Caddis. Mr Perry is a citizen of the United States of America.
(d)	Title of class of securities: Common Stock, $0.001 par value
(e)	CUSIP Number(s): 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.

Caddis Holdings, LP

Signature:	/s/ Griffin Perry
Name/Title:	Griffin Perry
Date:	07/20/2026

Perry Griffin

Signature:	/s/ Griffin Perry
Name/Title:	Griffin Perry
Date:	07/20/2026

Exhibit Information

Ex-99.1 - Joint Filing Agreement Pursuant to Rule 13d-1(k), dated as of May 15, 2026, by and among Caddis Holdings, LP and Mr. Griffin Perry.