Toby Neugebauer, Fermi Inc.’s co-founder and largest shareholder, says the company’s deal team was in contracting for a tenant prior to his termination and expects an announcement soon. He’s calling for a special shareholder meeting to overhaul governance and evaluate all strategic alternatives for full-value transactions.
Toby Neugebauer reported that Fermi’s team had entered the contracting phase with a major tenant before his departure, citing recent progress on the Fermi 2.0 engineering and project management agreement as evidence of an imminent announcement.
Neugebauer has solicited a special shareholder meeting to install 100% independent board nominees, accusing the current board of unprecedented bad governance and pushing for rules that ensure all strategic alternatives receive fair evaluation.
He highlighted outreach by three major banks representing over seven parties, stressing the need for a full-value, risk-adjusted process and warning shareholders of execution risks tied to a tenant-only focus.
