---
schema_version: "secwatch.filing_event.v1"
accession: "0001213900-26-052548"
form_type: "8-K"
ticker: "FRMI"
cik: "0002071778"
company_name: "Fermi Inc."
filed_at: "2026-05-06T23:59:59+00:00"
generated_at: "2026-05-14T22:59:04.022813+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Fermi rejects former CEO Neugebauer's invalid special meeting requests; cites 80% stock decline

## Summary
- Board terminated Toby Neugebauer for cause after month-long transition negotiations failed.
- Stock price declined over 80% under Neugebauer's leadership, per the filing.
- First special meeting request for May 29, 2026 rescinded; second for June 30, 2026 deemed invalid.
- Charter provisions can redeem Neugebauer's shares and cap any shareholder at 2.5% to protect REIT status.
- Board believes immediate sale at current levels is premature and below intrinsic value.

## SEC filing metadata
- accession: 0001213900-26-052548
- form_type: 8-K
- ticker: FRMI
- cik: 0002071778
- company_name: Fermi Inc.
- filed_at: 2026-05-06T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/2071778/000121390026052548/0001213900-26-052548-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/2071778/000121390026052548/ea0289365-8k_fermi.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-26-052548
- JSON: https://secwatch.observer/filing/0001213900-26-052548.json
- Plain text: https://secwatch.observer/filing/0001213900-26-052548.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.