Toby Neugebauer Sues Three Fermi Directors, Alleging a Coordinated Effort to Take Control of Company and Disenfranchise Fermi Shareholders According to the Complaint

(NASDAQ:FRMI) Fermi Inc. is the subject of an amended lawsuit filed in Texas Business Court by founder and largest shareholder Toby Neugebauer. The lawsuit alleges that three current directors of Fermi engaged in a long-running effort to consolidate their control of the company and disenfranchise shareholders, describing a pattern of governance abuses. The complaint details that Neugebauer was terminated through a series of shifting public accounts: first fired without cause, then reported as having 'departed' in a Form 8-K, and later announced as terminated for cause, which was then used to remove him from the board. After Neugebauer launched a proxy campaign, the defendant directors sued him in federal court, and after losing, adopted a bylaw change requiring a 70% shareholder-approval threshold for certain actions. Fermi then sued Neugebauer in Texas Business Court to validate this bylaw change, but dismissed the lawsuit after the court ruled Neugebauer was entitled to discovery. The defendant directors subsequently adopted another bylaw change, raising the shareholder-vote threshold from a plurality of shares voting to a majority of all outstanding shares. The amended lawsuit claims these actions were intentional misconduct and exceeded the directors' authority. The trial court recently denied Neugebauer's request for a temporary restraining order but reserved its ruling on his request for an injunction, reiterating that Neugebauer is entitled to discovery. Fermi issued a press release last week alleging Neugebauer submitted a false verification. Neugebauer's counsel, Jeff Tillotson, addressed this in court on September 15, explaining that the error was due to his office mistakenly attaching a verification form to an erroneous petition, and that Neugebauer was not responsible for the error and did not believe he was verifying inaccurate facts. Counsel further stated that Neugebauer's claims have been consistently established as accurate based on public documents, filings, and court rulings.

Fermi Inc. Selects TSK, Spain's Largest EPC Firm, to Deliver Early Works Engineering for Three Siemens SGT6-5000F Turbines

(NASDAQ: FRMI) (LSE: FRMI) Fermi Inc. announced that it has signed a service agreement with TSK Electronica y Electricidad USA, Corp. for its three Siemens SGT6-5000F gas turbines that will anchor Project Matador's second phase buildout. TSK, Spain's largest power-focused Engineering, Procurement and Construction (EPC) firm, will deliver the critical early works and fast start engineering services to accelerate project execution, including engineering and management services required to advance permitting, mobilize site activities, and manage the Siemens contract-related engineering scope and deliverables. Fermi America™ develops next-generation private electric grids that deliver highly redundant power at gigawatt scale to support next-generation intelligence and AI compute, with a combined 25 gigawatts of experience among its leadership. The company aims to create the world's largest, up to 17 gigawatts next-gen private grid, and Project Matador is expected to integrate the nation's biggest combined-cycle natural gas project, one of the largest clean, new nuclear power complexes in America, utility grid power, solar power, and battery energy storage. TSK generates annual revenues approaching one billion euros, employs more than 1,500 professionals, and has delivered projects in more than 50 countries across five continents. The behind-the-meter Project Matador campus is designed to support hyperscale AI and advanced computing. The company projects that Project Matador will help ensure America's energy and AI dominance.

Fermi Files Preliminary Consent Revocation Statement

Fermi Inc. (NASDAQ: FRMI, LSE: FRMI) announced that it filed a preliminary Consent Revocation Statement with the SEC on May 15, 2026, in response to former CEO Toby Neugebauer's preliminary consent solicitation to hold a Special Meeting of Shareholders. The Board asserts that Mr. Neugebauer's proposals are not in the best interests of shareholders, citing his removal and termination for cause. Fermi highlights progress on Fermi 2.0 and Project Matador, including securing nearly $1.0 billion in financing commitments and establishing over $1.4 billion in infrastructure. The company is actively searching for a new CEO and has taken steps to strengthen its capital structure. The Board warns that Mr. Neugebauer's actions could destabilize governance and harm key relationships. The Revocation Statement is subject to SEC review, and no solicitation of consent forms is permitted until the process is complete. Investors are urged to read all relevant documents when available.

Fermi Board Amends Bylaws to Protect Interests of Shareholders

Fermi Inc. (NASDAQ: FRMI, LSE: FRMI) announced that its Board of Directors has approved an amendment to the Company's Bylaws to protect and empower shareholders unaffiliated with the former CEO. The amended Bylaws require at least 70% of the Company's outstanding shares entitled to vote to approve any changes to the Board's size or classified structure. The Board's amendment does not change the percentage of shareholders necessary to call a special meeting, which remains at 50%. Caddis Capital, LLC, the Company's second largest shareholder with approximately 9.3% of outstanding common shares, reaffirmed its support for Fermi's Board and management. The Company filed the Amended and Restated Bylaws on a Form 8-K with the SEC.

Toby Neugebauer and His Family Believe Generosity is the Solution to Meet 5/50 REIT Compliance, Should Company Choose to Unnecessarily Elect REIT Status for 2025 and/or 2026

Toby Neugebauer, Co-Founder and largest shareholder of Fermi Inc. (NASDAQ:FRMI), announced that he and his family will gift a percentage of their shares to foundations and charities to help the Company comply with the 5/50 REIT Rule if and when it qualifies as a REIT. The Neugebauer family believes this approach is preferable to the Company's threat to confiscate some of their shares. The Fermi Founder Parties and other participants intend to file proxy statements with the SEC regarding upcoming shareholder meetings on May 29, 2026, and around June 30, 2026. As of November 14, 2025, Mr. Neugebauer beneficially owns 139,016,035 shares, Vicksburg Investments Management LLC owns 44,656,376 shares, and Melissa A. Neugebauer 2020 Trust owns 94,359,659 shares of Fermi's common stock.

FERMI PROVIDES BUSINESS UPDATE

Fermi Inc. (d/b/a Fermi America) (NASDAQ: FRMI) (LSE: FRMI), operating as Fermi America™, announced that subsequent to the Company's announcement of Fermi 2.0 on April 20, 2026, it has received significant and positive feedback from multiple parties. The announcement was made from DALLAS on April 21, 2026. The company is referred to as Fermi, Fermi America, Fermi America™, and Fermi Inc. The ticker symbol FRMI is used on both NASDAQ and LSE. The announcement highlights the company's recent activities and market response.