Fermi founder Neugebauer urges independent bank review of extraordinary transactions ahead of Oct. 30 meeting
FRMI•Shares have declined ahead of the meeting
Shares hit an intraday low of USD 5.26 on Sept. 10; the group cited declines of about 20% since Aug. 13.
Founder-led group seeks independent review
Fermi’s founder-led shareholder group filed a Rule 14a-8 proposal seeking an independent investment bank review of extraordinary transactions.
The group, led by Toby R. Neugebauer, holds about 22% of shares outstanding ahead of the Oct. 30 annual meeting.
Proposal calls for strategic alternatives and voting changes
The proposal calls for evaluating options such as a full-value sale or majority recapitalization, then reporting results to shareholders.
Neugebauer also urged advisory votes to roll back stricter voting bylaws, citing a 70% supermajority threshold adopted since April.
