Fermi Inc. Seeks Forward Momentum With Upcoming Tenant Announcement

DALLAS, June 24, 2026 – In a recent communication to investors, Toby Neugebauer, co-founder and the largest individual stakeholder of Fermi Inc. (NASDAQ: FRMI), expressed his optimism regarding an impending announcement about a new tenant. The update comes as Neugebauer rallies support for a special meeting aimed at enhancing shareholder participation in the company’s strategic direction.

In the letter addressed to fellow shareholders, Neugebauer conveyed a strong belief that a significant tenant agreement would soon be revealed. He referred to previous contracting efforts undertaken before his departure, indicating that the groundwork for a successful transaction had already been laid. "Our deal team was in the contracting phase before our exit, and we’re optimistic about the direction this will take us," he stated, emphasizing that the focus was on meeting the increased demands of Fermi's clients.

In support of his encouraging predictions, Neugebauer noted the company’s recent advancements in regulatory approvals that seem to have prompted heightened interest from key customers, alluding to a significant turning point for Fermi.

"When we secured the air permit, the seriousness of engagement from our customers dramatically increased. We are currently navigating the contracting phase of this exciting process,” he explained, expressing optimism that good news will soon follow.

The discourse around Fermi is intensified by back-end arrangements with TDK, which have reportedly moved towards completing a significant Engineering and Project Management Agreement that will have implications for future tenant partnerships. The company reassured stakeholders that while no guarantees can be made, they are increasingly confident in announcing one or more significant transactions with potential tenants or joint venture partners.

Neugebauer is particularly enthusiastic about a specific tenant group that the Neugebauer family approves of, insinuating that their collaboration would be beneficial for the company’s future. After revamping Fermi, transitioning from Fermi 1.0 to Fermi 2.0 last December, Neugebauer maintains that the company is strategically positioned to meet the requirements of serious customers, which has shifted investor sentiments positively.

The letter emphasizes that the proxy solicitation aims to initiate a special meeting, allowing shareholders to voice their opinions on the company’s board restructuring. "This is not just about securing a tenant; it’s about restoring normal governance procedures, ensuring that all strategic options are evaluated with transparency to provide the best outcomes for present and future stakeholders," Neugebauer stressed.

He expressed that a successful tenant announcement would only be the beginning of what could be a lengthy execution phase, riddled with potential risks. For long-term investors and shareholders, he underscored the inherent risks involved in executing these strategies successfully, especially considering that many shareholders are locked in with their investments for extended periods, while executives can liquidate their holdings at any moment.

Moreover, Neugebauer’s mention of multiple banks possibly engaging in avenues to provide assistance for these transitions showcases a collective readiness to capitalize on Fermi’s growing reputation and strategic endeavors. He passionately articulated the importance of United governance, advocating that all board members be accountable and that every shareholder’s voice is respected – a critical factor in maximizing shareholder value amidst prevalent opinions within the current board dynamics.

Toby Neugebauer's firm stance represents a pivotal moment in Fermi’s journey, urging shareholders to recognize the implications of governance on fiscal outcomes. He emphasized the need for shareholders to come together to support proposals that actively involve them in decision-making processes that shape the company’s future—a call to action for Fermi’s shareholders.

This approach hints at a brighter phase for Fermi Inc., provided that the prospective tenant negotiations yield effective partnerships and strengthened governance that fulfills the aspirations of its shareholders, paving the way for renewed confidence and market success.

Vote Participation Call

Neugebauer encouraged shareholders to participate by voting on the agent designation cards they receive, ensuring that each account's votes merit consideration in the forthcoming meetings. Every vote represents a crucial step towards empowering investors to reshape their company's future positively.

In essence, Fermi Inc. stands at a crossroads, and the upcoming tenant announcement might just be the catalyst needed to shift its trajectory.