---
schema_version: "secwatch.filing_event.v1"
accession: "0001213900-26-076788"
form_type: "8-K"
ticker: "FRMI"
cik: "0002071778"
company_name: "Fermi Inc."
filed_at: "2026-07-09T21:11:38+00:00"
generated_at: "2026-07-09T21:14:08.131646+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001213900-26-076788
- form_type: 8-K
- ticker: FRMI
- cik: 0002071778
- company_name: Fermi Inc.
- filed_at: 2026-07-09T21:11:38+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 7.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/2071778/000121390026076788/0001213900-26-076788-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/2071778/000121390026076788/ea0297535-8k_fermi.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-26-076788
- JSON: https://secwatch.observer/filing/0001213900-26-076788.json
- Plain text: https://secwatch.observer/filing/0001213900-26-076788.txt

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