On June 23, Fermi Inc. declined 5.13% overnight, trading at $8.50/share, with turnover of $115,400.

On the news front, Fermi's board sent a letter to all shareholders urging them to revoke consent for former CEO Toby Neugebauer's solicitation to call a special meeting and return a white revocation card. The board also urged shareholders not to sign or return any green agent designation cards sent by Neugebauer and affiliated parties. In the letter, Fermi stated that Neugebauer was attempting to claim credit for the company's recent momentum and warned that his actions could disrupt the company's progress. The company previously noted that Neugebauer was terminated for cause.

Fermi had earlier filed a preliminary consent revocation statement opposing Neugebauer's effort to call a special shareholder meeting and gain control of the board. Neugebauer had submitted definitive proxy materials to the SEC, escalating the standoff between both sides and weighing on investor sentiment.

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