On July 1, Fermi Inc. declined 5.19% in regular trading, trading at $8.69/share, with turnover of $19.21 million. The stock has been under sustained pressure as the proxy contest between the company's board and former CEO Toby Neugebauer reaches a critical inflection point.

On the news front, Neugebauer had previously announced plans to hold a special shareholder meeting around June 30, and the proxy fight has now entered its decisive phase. The company's board has repeatedly urged shareholders to revoke consent and return white revocation cards, arguing that Neugebauer's actions could disrupt operational progress. Neugebauer's camp has filed definitive proxy materials with the SEC and nominated four independent director candidates, advocating for a full company sale to maximize shareholder value. On June 30, the company filed additional definitive proxy soliciting materials by non-management under Rule 14(a)(12).

Adding to the headwinds, the broader Data Center REITs sector traded lower, with Digital Realty Trust down 0.57%, Equinix down 1.43%, and Blackstone Digital Infrastructure Trust down 0.49%.

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