FRMI Fermi Inc.
Price Chart
Executive Summary
Former CEO Toby Neugebauer and affiliated entities escalated their proxy fight against Fermi Inc. by filing definitive soliciting materials for a special meeting to expand the board and elect seven director nominees. Neugebauer, who was terminated for cause, beneficially owns approximately 278 million shares (~15.7% of outstanding) and is seeking to force a strategic review or sale. The company has filed a revocation solicitation opposing the special meeting, setting the stage for a contentious proxy battle.
Actionable Insight
The special meeting vote is likely in late June 2026. Watch for shareholder responses and any settlement between the activist and the board. A win for Neugebauer could trigger a sale process; a loss could lead to litigation or a revised proposal.
Key Facts
- Neugebauer Group collectively beneficially owns approximately 278,032,070 shares (as of November 2025).
- Filing announces intent to file definitive proxy statement and GREEN agent designations for a special meeting on or around June 30, 2026.
- Proposals include expanding board by 7 directors, repealing certain bylaws, and electing Neugebauer's slate.
- Company previously filed a revocation solicitation (PREC14A on May 15, 2026) opposing the special meeting.
- Neugebauer was removed as CEO and terminated for cause in April 2026.
Financial Impact
Potential for significant shareholder value unlock if activist succeeds in forcing a sale or strategic review; the $4.2B market cap REIT could see material premium.
Risk Factors
- Neugebauer's termination for cause may reduce credibility with other shareholders.
- Company's opposition and potential poison pill could limit activist success.
- Low historical win rate for bullish calls on FRMI (observedP ~30% for scores 6-7) suggests this activist campaign may not yield immediate positive returns.
Market Snapshot
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| DFAN14A Filing (Primary) | 0001213900-26-064859 |
| Document: 0001213900-26-064859-index-headers.html | 0001213900-26-064859 |
| Document: 0001213900-26-064859-index.html | 0001213900-26-064859 |
| Document: 0001213900-26-064859.txt | 0001213900-26-064859 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
|
Jun 12, 2026
2d ago
|
DFAN14A
| $7.13 awaiting T+1 | awaiting T+1 | — | $7.14 (+0.14%) |
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Jun 10, 2026
4d ago
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DFAN14A
| $6.90 awaiting T+1 | awaiting T+1 | — | $7.14 (+3.55%) |
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Jun 9, 2026
5d ago
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DFAN14A
| $5.69 awaiting T+1 | awaiting T+1 | — | $7.14 (+25.59%) |
|
Jun 8, 2026
6d ago
|
DFAN14A
| $5.69 awaiting T+1 | awaiting T+1 | — | $7.14 (+25.59%) |
|
Jun 5, 2026
9d ago
|
DFAN14A
| $5.78 awaiting T+1 | awaiting T+1 | — | $7.14 (+23.53%) |
|
Jun 4, 2026
10d ago
|
DFAN14A
| $6.17 awaiting T+1 | awaiting T+1 | — | $7.14 (+15.72%) |
|
Jun 3, 2026
11d ago
|
DFAN14A
| $6.18 $5.78 | ▼ −6.47% | ▼ −3.90% | $7.14 (+15.53%) |
|
Jun 3, 2026
11d ago
|
DFAN14A
| $6.09 $6.18 | ▲ +1.48% | ▲ +1.08% | $7.14 (+17.24%) |
|
Jun 2, 2026
12d ago
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DFAN14A
| $6.60 $6.09 | ▼ −7.73% | ▼ −7.01% | $7.14 (+8.18%) |
|
May 29, 2026
16d ago
|
DFAN14A
| $6.98 $6.60 | ▼ −5.44% | ▼ −5.70% | $7.14 (+2.29%) |
US Market Status
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