Fermi CEO Neugebauer suspends proxy campaign after judge’s recusal

July 3 (Reuters) - Toby ‌Neugebauer, the ​co-founder ​and largest shareholder of energy and data center development company Fermi, ‌said on Friday he has suspended his ⁠proxy campaign to call a special meeting after ‌a Texas Business Court ‌judge recused himself shortly before a scheduled hearing, disrupting the timetable for a ​strategic review.

Neugebauer said more than 70% of votes cast so far backed a ⁠special meeting, but the judicial delay made it impossible to ​seat new directors in time to oversee what he called a "true dual-track ​process" for the company's ‌financial and leasing needs.

Here are further details.

• Neugebauer said he would ⁠continue pressing the court to rule on Fermi's 70% supermajority bylaw, which he has criticized ⁠as a board-entrenchment measure.

• The proxy campaign had won ​support from Glass Lewis and Egan-Jones, he said.

• He said he remained confident Fermi, which supplies ‌power to data centers amid an artificial intelligence boom, could secure ‌its tenant group, assuming talks involved the ⁠same parties his ‌team was negotiating ​with before his departure.

(Reporting by Puyaan Singh in Bengaluru; Editing by Matthew ‌Lewis)

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