FRMI Fermi Inc.
Price Chart
Executive Summary
Toby Neugebauer, the ousted co-founder and former CEO of Fermi Inc., escalated his proxy fight by posting solicitation materials on LinkedIn and X on June 2, 2026, announcing a special meeting of shareholders on or around June 30, 2026. The dissident group seeks to expand the board and elect seven nominees, including Neugebauer, to force a strategic review or sale. This filing follows a prior PREC14A from management opposing the special meeting, indicating an escalating battle for control.
Actionable Insight
The activist campaign is escalating with a clear timeline (special meeting by June 30). Monitor for the definitive proxy statement and any settlement announcements. The stock is likely to re-rate on the probability of a sale process being initiated.
Key Facts
- Toby Neugebauer posted solicitation materials on LinkedIn and X on June 2, 2026.
- A special meeting of shareholders is anticipated on or around June 30, 2026.
- Neugebauer and affiliates beneficially own 278,032,070 shares (139,016,035 by Neugebauer, 44,656,376 by Vicksburg Investments, 94,359,659 by Melissa A. Neugebauer 2020 Trust) as of November 14, 2025.
- The dissident group intends to file a definitive proxy statement and GREEN agent designations card.
- Management previously filed a PREC14A on May 15, 2026, opposing the special meeting and characterizing Neugebauer's proposals as giving a single shareholder near-total control.
- Neugebauer was terminated for cause on April 30, 2026, and is advocating for an immediate sale or change-of-control transaction.
Financial Impact
Activist campaign with a 278M-share block (approx. 6.6% of outstanding based on 4.2B market cap and $15.10 stock price) pushing for board control and a sale. Historical activist campaigns average +6-7% CAR.
Risk Factors
- Management may continue to resist, potentially through litigation or poison pill.
- Neugebauer's termination for cause and the board's opposition could reduce the credibility of his campaign.
- The special meeting may be delayed or canceled if management successfully challenges it in court.
Market Snapshot
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| DFAN14A Filing (Primary) | 0001213900-26-064401 |
| Document: 0001213900-26-064401-index-headers.html | 0001213900-26-064401 |
| Document: 0001213900-26-064401-index.html | 0001213900-26-064401 |
| Document: 0001213900-26-064401.txt | 0001213900-26-064401 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
|
Jun 12, 2026
today
|
DFAN14A
| $7.13 awaiting T+1 | awaiting T+1 | — | $7.14 (+0.14%) |
|
Jun 10, 2026
2d ago
|
DFAN14A
| $6.90 awaiting T+1 | awaiting T+1 | — | $7.14 (+3.55%) |
|
Jun 9, 2026
3d ago
|
DFAN14A
| $5.69 awaiting T+1 | awaiting T+1 | — | $7.14 (+25.59%) |
|
Jun 8, 2026
4d ago
|
DFAN14A
| $5.69 awaiting T+1 | awaiting T+1 | — | $7.14 (+25.59%) |
|
Jun 5, 2026
7d ago
|
DFAN14A
| $5.78 awaiting T+1 | awaiting T+1 | — | $7.14 (+23.53%) |
|
Jun 4, 2026
8d ago
|
DFAN14A
| $6.17 awaiting T+1 | awaiting T+1 | — | $7.14 (+15.72%) |
|
Jun 3, 2026
9d ago
|
DFAN14A
| $6.18 $5.78 | ▼ −6.47% | ▼ −3.90% | $7.14 (+15.53%) |
|
Jun 3, 2026
9d ago
|
DFAN14A
| $6.09 $6.18 | ▲ +1.48% | ▲ +1.08% | $7.14 (+17.24%) |
|
Jun 2, 2026
10d ago
|
DFAN14A
| $6.60 $6.09 | ▼ −7.73% | ▼ −7.01% | $7.14 (+8.18%) |
|
May 29, 2026
14d ago
|
DFAN14A
| $6.98 $6.60 | ▼ −5.44% | ▼ −5.70% | $7.14 (+2.29%) |
US Market Status
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