Fermi Sets First Annual Meeting for Oct 30 Amid Proxy Fight and Litigation with Former CEO
FRMI is trading near its 52-week low of $3.92 (3.1% above the low).
Summary
Fermi's first annual meeting is set for October 30, 2026, with shareholders voting on two directors and auditor ratification amid an ongoing proxy fight and litigation with former CEO Toby Neugebauer, who still controls 22.47% of shares.
Key Events · Corporate Governance and Compliance · FRMI
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First Annual Meeting Set for October 30
Virtual meeting scheduled for October 30, 2026 at 10:00 a.m. CDT. Record date was August 31, 2026 with 641,259,703 shares outstanding.
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Two Class I Directors Up for Election
Rick Perry (former Texas Governor and U.S. Energy Secretary) and Jeffrey S. Stein (Breakpoint Partners) are nominated for terms expiring in 2029. Both are currently serving directors.
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EY Ratification on Ballot
Shareholders will vote on ratifying Ernst & Young LLP as independent auditors for fiscal 2026. EY has served since inception; 2025 fees totaled $3,086,007.
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Litigation with Former CEO Escalates
Toby Neugebauer's Third Amended Petition (filed Sept 18, 2026) challenges the 70% bylaw amendment and the cancellation of his special meeting. Rule 91a Motion to Dismiss hearing reset to November 19, 2026.
Analysis · FRMI · Real Estate & Construction
Fermi's first annual meeting proxy statement lands in the middle of an active proxy contest and litigation with ousted founder Toby Neugebauer, who still controls 22.47% of shares. Shareholders will vote on two Class I directors — Rick Perry and Jeffrey Stein — and ratification of EY as auditor. The filing also reveals for the first time the full scope of 2025 executive compensation, including $134M packages for three non-CEO officers, and details ongoing litigation where Neugebauer challenges the validity of a 70% bylaw amendment and the cancellation of his special meeting. With Neugebauer and affiliated entities controlling over 43% of shares, the director election outcome is uncertain and could determine whether the board retains control.
How filings like this one have moved
In the 30 days to Oct 2, 2026, 29.5% of the 1629 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.59%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, FRMI was trading at $4.04 on NASDAQ in the Real Estate & Construction sector, with a market capitalization of approximately $2.6B. The 52-week trading range was $3.92 to $36.99. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.