TensorWave

DALLAS – November 06, 2026 -- Only 38.9% of Fermi Inc.'s outstanding shares voted to re-elect director Rick Perry at the October 30 annual meeting, according to co-founder and largest shareholder Toby Neugebauer. He is now demanding that the Nasdaq-listed company (FRMI) put itself up for sale while it closes a tenant deal.

Perry vote falls short under the board's own majority rule

More than 61% of outstanding shares did not back Perry, Neugebauer said. Excluding the 68,842,821 shares the Perry family last reported owning, support dropped to 31.5% of the remaining shares. Neugebauer said Perry ran behind the other director on the ballot on every measure.

Dallas – September 17, 2026 -- Toby R. Neugebauer, together with Vicksburg Investments Management LLC and the Melissa A. Neugebauer 2020 Trust, has filed a formal SEC Rule 14a-8 shareholder proposal demanding Fermi Inc. (Nasdaq: FRMI) retain an independent, nationally recognized investment bank to review the full range of extraordinary transactions available to the company, including a full-value sale or majority recapitalization. The Fermi Founder Parties, who hold approximately 22% of shares outstanding, submitted the proposal September 10 ahead of the company's October 30 Annual Meeting, following a letter to the Board on September 9 and a detailed presentation on September 10.