FRMI ▲ +3.3% - Fermi Inc. $FRMI Fermi: Largest Shareholder Calls for Immediate Sale After 80% Stock Collapse and Boardroom Dispute ? • Sale Demand: Co-founder Toby Neugebauer urges Fermi to pursue a sale while securing a tenant agreement, citing previous indicative enterprise valuations of $10B–$20B. • Shareholder Vote: Only 38.9% of outstanding shares backed Rick Perry's re-election, falling short of the majority required under revised bylaws. • Stock Collapse: Neugebauer says shares have lost over 80% since he suspended his proxy campaign in July. • Tenant Deal: Claims the former management team expected to finalize a larger TensorWave lease by June 30, while key financing conditions remain unconfirmed. • Dilution Risk: Warns shareholders will reject any recapitalization that wipes out existing equity. 08-NOV-2026 08:11 AM ET