Fermi's ex-CEO suspends special meeting proxy campaign

Fermi Inc. (NASDAQ: FRMI) said former CEO Toby Neugebauer has suspended his proxy consent campaign to call a special shareholder meeting, ending an effort the company said fell short of the required support threshold.

According to Fermi's preliminary tabulation as of July 6, 2026, Neugebauer had secured consents from approximately 31.0% of outstanding shares, against shareholder revocations representing approximately 36.4% of outstanding shares. Neugebauer had previously claimed publicly to control 40% of outstanding shares.

Institutional Shareholder Services (ISS), an independent proxy advisory firm, recommended one day before Neugebauer suspended his campaign that shareholders not deliver consent to call a special meeting.

Fermi noted its preliminary tabulation does not include consents Neugebauer may have received from registered shareholders who did not submit revocations, or through brokers for which the company lacks visibility. The company said that even accounting for those shares, the solicitation would still have failed.

The company said its board and leadership team will focus on several strategic priorities, including securing a binding tenant agreement, maintaining capital discipline, hiring a new CEO, delivering power at its project site, and exploring strategic partnerships for data center and power deployment.

Neugebauer was previously removed as CEO and subsequently terminated for cause, according to the company's statement.

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