Fermi Inc. (FRMI) founder nominates slate to run dual-track strategic review
Fermi Inc.'s founder, Toby R. Neugebauer, and affiliated parties are seeking to elect a new board majority through a special meeting to initiate an independent, banker-led dual-track strategic review of Project Matador. They argue the current board refused a market test, citing risks of lease pricing, financing, dilution, and execution. The founder parties believe a dual-track process, evaluating both a sale and leasing, will maximize shareholder value for the scarce 7,500-acre site with significant power generation assets.
MAY 15·Seeking Alpha▼
Fermi drops after Evercore downgrades following management shakeup (FRMI:NASDAQ)
Fermi Inc. (FRMI) stock dropped 7% after Evercore ISI downgraded the company following a period of significant management upheaval. The challenges included the removal of the CEO, the CFO's resignation, board changes, and a public dispute over a shareholder meeting for the power-plant developer.
APR 22·Morningstar▲
/U P D A T E — Fermi Inc./
Fermi Inc. (d/b/a Fermi America) has issued an update following its Fermi 2.0 announcement, reporting positive feedback from potential tenants, the Texas Tech University System, and various partners. The company is actively pursuing its business and leadership objectives for Fermi 2.0. Addressing a call for immediate sale by former board member Mr. Toby Neugebauer, Fermi's Board of Directors asserts that a sale is not in the best interest of the company's growth, Project Matador momentum, or long-term shareholder value, but will continue to review all avenues to maximize shareholder value.
