#United States #Dallas #Project Matador #Fermi Inc. #Toby Neugebauer

Toby Neugebauer Calls for Special Shareholder Meeting

Toby Neugebauer, the Co-Founder and largest shareholder of Fermi Inc. (trading as Fermi America), announced an upcoming Special Meeting of Shareholders due on May 29, 2026. This meeting marks a crucial moment as it presents shareholders with their first opportunity to voice opinions since the company's initial public offering (IPO). Under Neugebauer’s leadership as CEO, Fermi has navigated various challenges but has yet to execute a strategic process that fully examines all potential value-maximizing transactions.

Neugebauer indicated his intent to nominate five directors during this Special Meeting. Additionally, he has identified two influential industry leaders who recognize Fermi’s true value to join the Board: the former Chief Financial Officer and the current Chief Power Officer. Collectively, Neugebauer, his family, and several other executives from the C-suite hold approximately 40% of the total shares, making their involvement in the strategic discussions even more significant.

Given the increasing demand from tenants, Neugebauer urges the Board to promptly initiate a dual-track strategy that allows the company to explore every avenue for maximizing shareholder value. With the complexities and capital requirements of Project Matador, he is supportive of strategic transactions, including mergers and acquisitions, that could further enhance shareholder returns.

Neugebauer, advised by a prominent investment bank, believes that a suitable partner must possess a low cost of capital and a demonstrated capability to deliver intricate projects, ensuring robust collaboration with clients from the outset. This strategic pathway also aims to solidify the ties between Fermi’s initiatives and the Amarillo community.

Reflecting on his leadership tenure, Neugebauer expressed pride in the accomplishments related to Project Matador. He emphasized that he refrained from selling any shares since the IPO despite seeing its immense potential. His conviction lies in the value of the world-class company created in a short timeframe, reinforcing his commitment to protect shareholder interests. "It’s time for shareholders to have a say in Fermi’s future," stated Neugebauer.

Under his guidance, Fermi's team has developed a highly valuable asset in Project Matador. Significant milestones include:

• - Signing a 99-year ground lease with the Texas Tech University System.
• - Securing over 2 GW of total power generation, once combined cycle including contributions from Xcel Energy.
• - Obtaining a Clean Air Permit, noted as the second largest in the nation with nearly 6 GW capacity, in addition to an ongoing permit for an extra 5 GW.
• - Establishing financing agreements nearing $1 billion, mainly with Mitsubishi UFJ Financial Group (MUFG), a top infrastructure lender.
• - Negotiating substantial tax abatements with local and regional authorities.
• - Initiating a free trade zone application requiring complex approvals across various government levels.
• - Building a premier nuclear team recognized for completing 16 reactors successfully, within budget and timeframe constraints.
• - Submitting a large-scale nuclear operating license application to the Nuclear Regulatory Commission (NRC), marking a notable achievement in over 15 years.
• - Partnering with Hyundai EC, an industry leader in nuclear reactor construction, who supported key engineering studies for Fermi.
• - Ordering essential nuclear equipment and negotiating crucial water supply agreements facilitating the project's operational needs.

Going forward, Neugebauer plans to file a definitive proxy statement and BLUE proxy card with the Securities and Exchange Commission (SEC) as he seeks shareholder support for his nominated directors. The materials will become accessible on SEC's website, and the involved parties encourage all shareholders to review them carefully due to their critical information content.

With exacting scrutiny and active participation, Fermi shareholders stand at a pivotal junction that may shape the future of not just the company but also the broader implications for stakeholders in the nuclear energy sector.