On July 10, Fermi Inc. declined 14.75% in overnight trading.

On the news front, Fermi announced its intention to offer $350 million of convertible senior notes due 2031 to qualified institutional buyers, with initial purchasers holding a 13-day option to purchase up to an additional $52.5 million in notes. The company stated proceeds will be used to fund capped call transactions and for general corporate purposes.

The convertible debt announcement compounds existing negative sentiment following the company's July 7 disclosure that shareholders rejected former CEO Neugebauer's proposal to call a special shareholder meeting, effectively ending a proxy contest that had raised hopes of a full-value sale or strategic partnership. With the control-change premium narrative dismantled and new dilution concerns from the convertible offering, selling pressure intensified significantly.

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