#USA #Dallas #Fermi #Toby Neugebauer #Miles Everson

Neugebauer Comments on $375 Million Note Offering and CFO Resignation

On July 13, 2026, Toby Neugebauer, co-founder and largest shareholder of Fermi Inc., addressed the recent resignation of Miles Everson, the former CFO, from the board of directors. This significant move followed Fermi's $375 million convertible note offering, a transaction that raised questions regarding communication within the company’s governance structure.

Miles Everson, who previously held prominent roles, including as a consulting vice chairman at PwC and CEO of MBO Partners, stepped down from the board amidst concerns of inadequate communication and leadership oversight within Fermi. Neugebauer acknowledged the disappointing nature of Everson’s departure, particularly given his extensive experience and expertise, which were expected to guide the company through the complexities of financing necessary for upcoming projects.

In a statement, Neugebauer said, "Everson’s resignation as CFO three months ago was a loss for shareholders, and now his exit from the board presents further challenges as we navigate billions in project financing required to secure a tenant contract." Everson's resignation letter indicated dissatisfaction with the board’s lack of communication, specifically stating that he had not received board minutes or relevant communication for months. He clarified, "I am not resigning for personal reasons; my resignation stems from the company’s failure to meet fundamental governance standards."

Neugebauer emphasized that this situation is unacceptable, reiterating the need for transparency and adherence to governance protocols. He stressed, "The board must be accountable and maintain open lines of communication, especially when handling significant financial transactions like the recent convertible note offering."

Recognizing the potential impact of these internal dynamics, Neugebauer expressed optimism about Fermi's future. He pointed to the company's ambitious goal of securing its first tenant and highlighted Project Matador, an initiative that was recently described as a 'most valuable asset in the AI race' in a publication by Seeking Alpha. This encourages confidence that Fermi has the capability to succeed in its objectives despite the recent upheaval.

As the primary shareholder, Neugebauer holds significant influence, owning over 146 million shares of Fermi’s common stock. His focus remains steadfast on the long-term success of the company he founded. The resignation of Everson, while disheartening, is not perceived as a deterrent to Fermi's goals. Neugebauer’s trust, the Melissa A. Neugebauer 2020 Trust, retains the right to propose a new board nominee, ensuring continuity in leadership and governance as they seek to rectify the issues that led to Everson's resignation.

Neugebauer remains committed to seeing Fermi reach its potential, particularly for the benefit of stakeholders in the Amarillo region. "I believe what we built is highly desirable, and securing a tenant is my top priority," he stated, reflecting a forward-looking approach to address the challenges at hand.

In conclusion, while the resignation of a key figure like Everson raises concerns among stakeholders, Neugebauer’s reinforcement of Fermi’s vision and commitment to strong governance paints a hopeful picture for the company's future. As the market observes Fermi navigating through these transitions, the emphasis will likely remain on transparency, accountability, and ultimately, the successful execution of its strategic goals.