Fermi's Co-Founder and Largest Shareholder, Toby Neugebauer: "Fermi's Shareholders, the Markets and Texas Voters Have Rejected Rick Perry and Fermi's 'We Can Do Whatever We Want' Board"
Key Highlights
- ➤Fermi (FRMI) shares lost more than 80% since July 3, Neugebauer says
- ➤Rick Perry won support from 38.9% of Fermi's outstanding shares
- ➤Neugebauer urges Fermi to sell the company while closing a tenant deal
- ➤Fermi's cost of capital has exploded, with new shares raising one-fifth as much
- ➤TensorWave lease negotiations reportedly offered better risk-adjusted returns than Tenant 1
Expert Statements
Toby Neugebauer, Co-founder and largest shareholder of Fermi Inc.
“Today should be Fermi's greatest day. Fermi was built on the understanding that voters do not want data centers on their grid. Fermi's stock should be soaring, as Fermi was designed specifically to protect Americans by supplying AI companies with private power, using private water and private transmission.”
Toby Neugebauer, Co-founder and largest shareholder of Fermi Inc.
“Fewer than four in ten total outstanding Fermi shares voted for Rick Perry. Set aside the Perry family's own shares, and it was barely three in ten.”
Toby Neugebauer, Co-founder and largest shareholder of Fermi Inc.
“The board was also a victim of its own bylaw changes.”
Toby Neugebauer, Co-founder and largest shareholder of Fermi Inc.
“We suspended our proxy campaign four months ago, when Fermi stock was more than five times today's closing price. Fermi's problems are not with us. Instead of pointing the blame outward, they need to focus on making smart decisions to protect shareholders.”
Toby Neugebauer, Co-founder and largest shareholder of Fermi Inc.
“Fermi must put the company up for sale now, while it closes a tenant deal. Shareholders will not accept a recapitalization that wipes them out.”
Toby Neugebauer, Co-founder and largest shareholder of Fermi Inc.
“My family is committed to fighting for shareholder rights in Texas, no matter the cost and no matter how long it takes.”
Toby Neugebauer, Co-founder and largest shareholder of Fermi Inc.
“Fermi's shareholders, the public markets and the voters of Texas have all reached the same verdict on Rick Perry and the board that Marius Haas leads.”
Toby Neugebauer, Co-founder and largest shareholder of Fermi Inc.
“On May 22, I proposed a dual-track process to sell or partner Fermi while still evaluating the standalone plan.”
Toby Neugebauer, Co-founder and largest shareholder of Fermi Inc.
“At the time, indicative enterprise valuations for Fermi ranged from $10 billion to $20 billion.”
Toby Neugebauer, Co-founder and largest shareholder of Fermi Inc.
“Every share Fermi issues today raises about one-fifth of what it would have raised when I stepped back.”
Toby Neugebauer, Co-founder and largest shareholder of Fermi Inc.
“I believe that rule was built to keep shareholders from replacing directors. Instead, it cost Rick Perry his election.”
Toby Neugebauer, Co-founder and largest shareholder of Fermi Inc.
“I was disheartened to see that Marius and Lee's version of an annual shareholder meeting was a nine-minute scripted call.”
Toby Neugebauer, Co-founder and largest shareholder of Fermi Inc.
“I believe responsible stewards would have given shareholders a chance to share their thoughts rather than hiding from the tough questions.”
Toby Neugebauer, Co-founder and largest shareholder of Fermi Inc.
“Fermi has falsely claimed that I breached an agreement by not voting for Rick Perry.”
Toby Neugebauer, Co-founder and largest shareholder of Fermi Inc.
“I could not in good faith vote the trust's shares to re-elect a director I believe is breaching his duties to Fermi and its shareholders.”
Toby Neugebauer, Co-founder and largest shareholder of Fermi Inc.
“On Tuesday, the voters of Texas spoke too. They rejected the insider, pay-to-play politics that has harmed Fermi.”
Toby Neugebauer, Co-founder and largest shareholder of Fermi Inc.
“Texans have made it clear that they don't accept that people in power can do whatever they want and change the rules whenever it suits them. Neither do Fermi's shareholders.”
Toby Neugebauer, Co-founder and largest shareholder of Fermi Inc.
“We concluded that these two companies offered similar economics with a better risk-adjusted return than Tenant 1 was offering.”
Toby Neugebauer, Co-founder and largest shareholder of Fermi Inc.
“At the time of their departure, the former senior management believed we were on track to close a much larger lease with TensorWave by June 30.”
Toby Neugebauer, Co-founder and largest shareholder of Fermi Inc.
“The answer is the one I proposed in May: Fermi must put the company up for sale now, while simultaneously closing a tenant deal.”
Toby Neugebauer, Co-founder and largest shareholder of Fermi Inc.
“Fermi needs a partner with a lower cost of capital, construction expertise and a customer.”
Toby Neugebauer, Co-founder and largest shareholder of Fermi Inc.
“I am confident justice will be served, and the truth about this board's actions and motivations will come out.”
Toby Neugebauer, Co-founder and largest shareholder of Fermi Inc.
“I want to congratulate the Fermi Nuclear Team for leading the American nuclear renaissance with the fastest and cheapest COLA ever accepted.”
Toby Neugebauer, Co-founder and largest shareholder of Fermi Inc.
“I believe that the tens of billions that Korea has agreed to invest in American nuclear power would not have happened without your leadership and expertise.”
Toby Neugebauer, Co-founder and largest shareholder of Fermi Inc.
“I have not forgotten what you achieved, and I know that, absent the dirty politics, this team would be breaking ground on four gigawatts of AP1000s today.”
Fermi's Co-Founder and Largest Shareholder, Toby Neugebauer: "Fermi's Shareholders, the Markets and Texas Voters Have Rejected Rick Perry and Fermi's 'We Can Do Whatever We Want' Board" PR Newswire
* "Today should be Fermi's greatest day. Fermi was built on the understanding that voters do not want data centers on their grid. Fermi's stock should be soaring, as Fermi was designed specifically to protect Americans by supplying AI companies with private power, using private water and private transmission." * "Fewer than four in ten total outstanding Fermi shares voted for Rick Perry. Set aside the Perry family's own shares, and it was barely three in ten." * "The board was also a victim of its own bylaw changes." * "We suspended our proxy campaign four months ago, when Fermi stock was more than five times today's closing price. Fermi's problems are not with us. Instead of pointing the blame outward, they need to focus on making smart decisions to protect shareholders." * "Fermi must put the company up for sale now, while it closes a tenant deal. Shareholders will not accept a recapitalization that wipes them out." * "My family is committed to fighting for shareholder rights in Texas, no matter the cost and no matter how long it takes." DALLAS, Nov. 5, 2026 /PRNewswire/ -- Toby Neugebauer, co-founder and largest shareholder of Fermi Inc. (Nasdaq: FRMI), today issued the following statement in response to the results of Fermi's October 30 annual meeting and the Form 8-K the company filed on November 4.
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