By Dean Seal

The co-founder, largest shareholder and former chief of Fermi has committed to holding a shareholder vote in late June to overhaul the embattled company's board.

Toby Neugebauer sent a letter to shareholders Tuesday pulling back his call for a special meeting on May 29. Instead, he is seeking support from the holders of 50% of Fermi's stock for a special meeting on June 30.

At that meeting, shareholders would have the chance to vote in Neugebauer's proposed majority slate of directors as he looks to wrest back control of the company from its new management.

"We need the opportunity to determine the future of Fermi ourselves, rather than having major decisions dictated by a small committee within a board that has never answered to shareholders," Neugebauer said in the letter.

Shares dropped 8% to $6.03 Tuesday.

Neugebauer was ousted as CEO of Fermi last month for what the company called unauthorized actions, policy breaches and a pattern of abusive behavior.

The former chief says he was fired without cause, and that he and his family, along with current and former executives close to him, still hold about 40% of Fermi's shares.

Following his ouster, Neugebauer called a shareholder meeting to vote for directors that he nominated, but Fermi's new leadership canceled it. Last week, the board amended company bylaws to require a 70% shareholder vote to change the number or tenure of directors, instead of a majority.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

May 19, 2026 12:47 ET (16:47 GMT)

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