Major Shareholder Sells $37.8M in Shares, Reaffirms Support for Board Amidst Proxy Fight
FRMI sits 79% above its 52-week low of $4.47.
Summary
Caddis Holdings, LP, a major shareholder, disclosed the sale of approximately $37.87 million in shares, reducing its stake to 8.2%, while reaffirming strong support for Fermi's current board and management amidst an ongoing proxy contest.
Key Events · Ownership and Investor Activity · FRMI
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Significant Share Disposition
Caddis Holdings, LP sold a total of 5,129,377 shares for approximately $37.87 million on June 30, 2026, through private sales pursuant to an option.
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Updated Ownership Stake
The reporting persons' beneficial ownership in Fermi Inc. has decreased to 8.2% of the outstanding common stock.
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Reaffirmation of Board Support
Caddis Capital reiterated its full support for Fermi's Board of Directors and management team, opposing the proposals recently advanced by the company's former CEO.
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Reason for Sales
The sales were attributed to the exercise of a pre-IPO option and a strategic decision to reduce regulatory burden by dropping below a 10% ownership stake, not a reduction in investment conviction.
Analysis · FRMI · Real Estate & Construction
This Schedule 13D/A updates the ownership stake of Caddis Holdings, LP and Perry Griffin, disclosing significant share sales totaling $37.87 million. While the disposition is substantial, the filing clarifies these sales were due to a pre-IPO option exercise and a strategic move to reduce regulatory burden, not a loss of confidence. Crucially, Caddis Capital explicitly reiterated its full support for Fermi's current Board and management, directly opposing the former CEO's ongoing proxy contest. This strong endorsement from a major shareholder provides a significant counter-signal to the share sales, especially given the company's recent governance challenges.
How filings like this one have moved
In the 30 days to Oct 22, 2026, 29.4% of the 1563 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 $8.02 on NASDAQ in the Real Estate & Construction sector, with a market capitalization of approximately $5.1B. The 52-week trading range was $4.47 to $36.99. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.