Second-Largest Shareholder Backs Fermi Board, Opposes Former CEO's Proxy Fight
FRMI sits 47% above its 52-week low of $4.47.
Summary
Fermi's second-largest shareholder, Caddis Capital, publicly supports the current board and management, opposing former CEO Toby Neugebauer's proxy contest.
Key Events · Ownership and Investor Activity · FRMI
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Public Support for Board
Caddis Capital, holding 9.1% of shares, explicitly reaffirmed its support for Fermi's Board of Directors and management team.
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Opposition to Former CEO's Proxy Contest
The firm definitively opposes former CEO Toby Neugebauer's efforts to seize control of the company and push for a 'hasty, ill-advised sale'.
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Share Sales Explained
Recent sales of approximately 12.5 million shares, reducing Caddis Capital's stake to 9.1%, were stated to be for reducing regulatory burden, not due to a loss of conviction.
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Significant Stake Maintained
Caddis Capital remains the second-largest shareholder, actively engaged with the board and management to maximize long-term value.
Analysis · FRMI · Real Estate & Construction
Caddis Capital, Fermi's second-largest shareholder, has publicly declared its full support for the current Board of Directors and management team, directly opposing the proxy contest initiated by former CEO Toby Neugebauer. This filing clarifies that recent share sales, which reduced Caddis Capital's stake to 9.1%, were for regulatory burden reduction, not a loss of conviction. This is a critical development in the ongoing corporate governance battle, providing significant backing to the incumbent leadership against the activist former CEO.
How filings like this one have moved
In the 30 days to Sep 13, 2026, 42% of the 419 measured filings Wiseek scored 9 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 $6.58 on NASDAQ in the Real Estate & Construction sector, with a market capitalization of approximately $4.2B. The 52-week trading range was $4.47 to $36.99. This filing was assessed with neutral market sentiment and an importance score of 9 out of 10.