FRMI Fermi Inc.
Price Chart
Executive Summary
Toby Neugebauer (co-founder and former CEO, fired for cause) escalated his proxy fight on May 28, 2026 via LinkedIn and X posts, announcing a definitive proxy statement and GREEN agent designation card for a Special Meeting around June 30, 2026, seeking shareholder support to expand the board and elect his seven nominees. This DFAN14A follows the company's PREC14A defense against his earlier solicitation, which management called a power grab by a single ~5% holder. The activist holds massive beneficial ownership (~278M shares through entities) but the company has adopted strong defenses including poison pill and cause termination, making this a high-stakes showdown.
Actionable Insight
This marks a definitive escalation—Neugebauer has moved from soliciting agent designations to filing formal proxy materials. The June 30 special meeting date is now locked in. Watch for the definitive proxy statement (expected imminently) which will disclose the full slate of director nominees and the dissident's strategic vision. The market should price in a credible path to board control given Neugebauer's massive ownership and the company's REIT structure (typically more shareholder-friendly). The stock's strong +17.56% average T+20 performance on prior bullish/neutral calls suggests the activist premium is real. Key catalysts: filing of definitive proxy, proxy advisor ISS/Glass Lewis recommendations, and any settlement talks.
Key Facts
- Toby Neugebauer and affiliates beneficially own ~278M shares (Neugebauer 139M, Vicksburg 44.7M, Neugebauer Trust 94.4M as of Nov 2025 13G).
- Special Meeting anticipated on or around June 30, 2026 to vote on: (1) bylaw amendment shifting board size authority to shareholders, (2) increasing board by seven directors, (3) electing Neugebauer's seven nominees.
- Neugebauer was removed as CEO on April 17, 2026 and terminated for cause on April 30, 2026.
- Management has already filed a PREC14A opposition calling the proposals a power grab and defending its refusal to call a special meeting.
- Cross-filing amplifier verdicts (PMI=3.41, q=0.000) support elevated impact for dissident proxy activism context.
Financial Impact
No financial figures provided in filing; market cap $3.9B; activist beneficial ownership ~7.1% based on prior 13G (278M of ~3.9B market cap at ~$14/sh implied).
Risk Factors
- Company's poison pill and litigation risk could delay or derail the special meeting.
- Neugebauer's termination for cause and abusive conduct allegations reduce credibility with institutional shareholders.
- Requires 50% shareholder support to call the meeting; ~7% ownership means he needs broad retail/ institutional backing.
- Management has already demonstrated willingness to litigate and cancel meetings.
Market Snapshot
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| DFAN14A Filing (Primary) | 0001213900-26-062393 |
| Document: 0001213900-26-062393-index-headers.html | 0001213900-26-062393 |
| Document: 0001213900-26-062393-index.html | 0001213900-26-062393 |
| Document: 0001213900-26-062393.txt | 0001213900-26-062393 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
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Jun 12, 2026
2d ago
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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%) |
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Jun 8, 2026
6d ago
|
DFAN14A
| $5.69 awaiting T+1 | awaiting T+1 | — | $7.14 (+25.59%) |
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Jun 5, 2026
9d ago
|
DFAN14A
| $5.78 awaiting T+1 | awaiting T+1 | — | $7.14 (+23.53%) |
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Jun 4, 2026
10d ago
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DFAN14A
| $6.17 awaiting T+1 | awaiting T+1 | — | $7.14 (+15.72%) |
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Jun 3, 2026
11d ago
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DFAN14A
| $6.18 $5.78 | ▼ −6.47% | ▼ −3.90% | $7.14 (+15.53%) |
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Jun 3, 2026
11d ago
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DFAN14A
| $6.09 $6.18 | ▲ +1.48% | ▲ +1.08% | $7.14 (+17.24%) |
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Jun 2, 2026
12d ago
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DFAN14A
| $6.60 $6.09 | ▼ −7.73% | ▼ −7.01% | $7.14 (+8.18%) |
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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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