FRMI's Ex-CEO Calls For A Special Shareholder Meeting — What Is On The Agenda?

• Neugebauer stated that he will nominate a slate of five directors for election at the special meeting.
• He has also already designated two senior industry leaders, including a former chief financial officer and a current chief power officer, to the board, citing their understanding of the company’s value.
• Neugebauer added that the company’s board should move quickly to evaluate all possible options to maximize shareholder value.

Fermi Inc.’s (FRMI) former CEO Toby Neugebauer is pushing for a special shareholder meeting, setting up a potential boardroom showdown weeks after his ouster.

Neugebauer, Fermi’s largest shareholder who was removed as CEO last month, said the special meeting will give shareholders a chance to voice their views to the board of directors.

Fermi shares were down more than 5% in Tuesday morning’s trade.

What Does FRMI’s Ex-CEO Want?

Neugebauer stated that he will nominate a slate of five directors for election at the special meeting. He has already designated two senior industry leaders, including a former chief financial officer and a current chief power officer, to the board, citing their understanding of the company’s value.

Neugebauer added that the company’s board should move quickly to evaluate all possible options to maximize shareholder value. Specifically, he called for a fast-moving, dual-track process that explores multiple strategic paths.

This includes support for potential deals, such as mergers or acquisitions, particularly given the capital requirements and operational complexity associated with Project Matador.

“I saw Project Matador's potential realized, and that's why I have yet to sell a single share of Fermi since the IPO because I know exactly what it is worth,” he said.

FRMI Ex-CEO Explains Who The Right Partner Will Be

Regarding any potential transaction, Neugebauer stated that he believes the ideal partner would have a low cost of capital, proven construction capabilities, and either be a customer or be able to bring one to the table.

He added that he is working with a leading investment bank on this process and emphasized the importance of completing the project in a way that benefits both his colleagues and the Amarillo community.

What Is FRMI’s Project Matador?

Fermi’s Project Matador is a large-scale private campus being developed in the Texas Panhandle, spanning about 7,570 acres. The project is designed to deliver up to 17 gigawatts of power capacity, with roughly six gigawatts already permitted.

The campus is built on a diversified energy mix that includes natural gas, grid power, solar, battery storage, and advanced nuclear, all with fully redundant systems to ensure reliability.

Backed by more than $700 million in committed financing from MUFG and other major investors, Project Matador is expected to begin delivering power in 2026, according to the company.

What Do Retail Traders Think Of FRMI?

Retail sentiment on Stocktwits around Fermi trended in the ‘bearish’ territory at the time of writing.

FRMI stock is down 40% year-to-date and 81% over the past 12 months. The iShares Russell Mid-Cap ETF (IWR) is up 22% over the past 12 months, while the Fidelity Nasdaq Composite Index ETF (ONEQ) is up 42%.

Also See: MU Stock Soars To New All-Time High — A New Product Is Driving The Buzz

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