---
schema_version: "secwatch.filing_event.v1"
accession: "0001213900-26-078366"
form_type: "8-K"
ticker: "FRMI"
cik: "0002071778"
company_name: "Fermi Inc."
filed_at: "2026-07-15T20:54:32+00:00"
generated_at: "2026-07-15T20:55:07.467613+00:00"
event_type: "debt"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Fermi closes $431.25M convertible notes offering; capped call limits dilution to 2% if stock triples

## Summary
- Issued $431.25M aggregate principal of 5.00% convertible senior notes due 2031; net proceeds $416.81M after fees.
- Initial conversion price $9.52/share (30% premium); capped call raises effective conversion to $14.64 (100% premium).
- Used $34.5M for capped call transactions; remainder for general corporate purposes and Project Matador.
- Notes mature July 15, 2031; no financial maintenance covenants; interest payable semi-annually.
- Company states offering strengthens balance sheet for tenant agreements and power delivery milestones.

## SEC filing metadata
- accession: 0001213900-26-078366
- form_type: 8-K
- ticker: FRMI
- cik: 0002071778
- company_name: Fermi Inc.
- filed_at: 2026-07-15T20:54:32+00:00
- event_type: debt
- sentiment: positive
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 1.01, 2.03, 3.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/2071778/000121390026078366/0001213900-26-078366-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/2071778/000121390026078366/ea0298074-8k_fermi.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-26-078366
- JSON: https://secwatch.observer/filing/0001213900-26-078366.json
- Plain text: https://secwatch.observer/filing/0001213900-26-078366.txt

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