Largest Shareholder Toby Neugebauer Files to Sell $4.1M of Fermi Stock
FRMI is trading near its 52-week low of $3.09 (2.6% above the low).
Summary
Fermi's largest shareholder Toby Neugebauer filed to sell $4.1 million of stock, and a related trust sold $10.3 million the day before, as the stock trades near its 52-week low.
Key Events · Ownership and Investor Activity · FRMI
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Largest Shareholder Files to Sell $4.1M
Toby Neugebauer, a 10% stockholder, filed a Form 144 to sell 1,297,200 shares worth approximately $4.1 million.
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Related Trust Sold $10.3M Day Before
The Melissa A. Neugebauer 2020 Trust sold 2,750,000 shares on 10/13/2026 for gross proceeds of $10,266,575.
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Stock Near 52-Week Low
The proposed sale comes as Fermi trades at $3.17, just above its 52-week low of $3.09.
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Activist Shareholder Context
Neugebauer has filed a Rule 14a-8 proposal and a lawsuit against three directors, alleging governance failures.
Analysis · FRMI · Real Estate & Construction
Toby Neugebauer, Fermi's largest shareholder at roughly 22%, has filed to sell 1,297,200 shares worth about $4.1 million. The filing also reveals that a related trust sold 2,750,000 shares on October 13 for $10.3 million. This comes as the stock trades near its 52-week low of $3.09, and just one day after the company disclosed detailed economics for its $6.5 billion TensorWave lease. Neugebauer has been publicly critical of the board, filing a Rule 14a-8 proposal and a lawsuit against three directors in recent weeks. A sale of this size by the largest shareholder, especially near the stock's low, is a notable negative signal for other investors.
How filings like this one have moved
In the 30 days to Oct 14, 2026, 28.8% of the 1461 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.47%. 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 $3.17 on NASDAQ in the Real Estate & Construction sector, with a market capitalization of approximately $2B. The 52-week trading range was $3.09 to $31.47. This filing was assessed with negative market sentiment and an importance score of 7 out of 10.