Fermi board cancels shareholder meeting called by former CEO

Fermi Inc. (NASDAQ: FRMI) announced its Risk and Disclosure Committee confirmed the cancellation of a special shareholder meeting that former CEO Toby Neugebauer attempted to schedule for May 29, 2026.

The board stated that Neugebauer sought to appoint five directors to gain control and force a company sale at what the board characterized as a depressed valuation. Neugebauer was removed as CEO and terminated for cause due to alleged misconduct violating his employment agreement and company policies.

According to the company's statement, Fermi's stock price declined more than 80% during Neugebauer's tenure as CEO. The board said it did not consider the special meeting request valid and that it was previously rescinded by the Office of the CEO.

Under Fermi's bylaws, the board has authority to cancel special meetings. On April 19, 2026, the board delegated this authority to the Risk and Disclosure Committee.

Neugebauer is also seeking shareholder consents for a second special meeting around June 30, 2026, for the same stated purpose. The company recommends shareholders not provide their consent for this solicitation.

The board stated it believes Fermi's market valuation does not reflect the company's intrinsic value or the potential of its strategic plan execution. The company cited achievements for Project Matador across construction and regulatory milestones.

Fermi develops private electric grids for AI compute applications and operates on both NASDAQ and the London Stock Exchange. The company plans to file SEC documents regarding Neugebauer's solicitation efforts.

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