Fermi Founder Group Seeks Independent Review of Sale Options

September 11, 2026
Shareholders holding about 22% of Fermi are asking its board to appoint an independent investment bank to review a possible sale, recapitalization, and other transactions.

Shareholders holding about 22% of Fermi Inc. are asking its board to appoint an independent investment bank to review a possible sale, majority recapitalization, and other transactions, according to a press release from the Fermi Founder Parties. The group includes founder Toby Neugebauer, Vicksburg Investments Management, and the Melissa A. Neugebauer 2020 Trust.

The shareholders submitted the proposal under SEC Rule 14a-8 ahead of Fermi's annual meeting on October 30. It asks the bank to evaluate available transactions and report the results to shareholders, without requiring a transaction or changes to Fermi's standalone plan.

Neugebauer also asked the board to put two advisory questions to shareholders. One concerns voting requirements for bylaw amendments and director elections. The other would raise Fermi's general real estate investment trust ownership limit from 2.5% to 9.8%.

The group cited Fermi's share performance, its 222 MW TensorWave lease, project financing questions, the ownership cap, and the appointment of Lee McIntire as CEO. Fermi shares reached an intraday low of $5.26 on September 10.

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