Fermi Inc. launches $350M convertible note offering, defers REIT election, updates on litigation and tenant negotiations

Fermi Inc.

Offers $350M convertible senior notes due 2031; initial purchasers have option for additional $52.5M.
Defers REIT election; will be C corp for 2025, expects to elect REIT for 2026 but no assurance.
Litigation with former CEO Toby Neugebauer continues; company voluntarily dismissed its declaratory action but faces counterclaims.
Advanced discussions with 7 potential tenants and 12 JV partners; expects first binding agreement in Q3 2026.
As of June 30, 2026, cash and equivalents $92M (incl. $29.2M restricted); total debt $536.9M.

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.