On July 28, Fermi Inc. declined 8.51% in regular trading, trading at $6.37/share, with turnover of $39.64 million.

On the news front, the data center sector faced broad-based selling pressure, with peer Digital Realty Trust down 0.16% and Equinix down 0.58%. At the company level, the previously announced $375 million convertible senior notes due 2031 continue to weigh on sentiment due to potential share dilution. The notes, priced at a 5.00% coupon with net proceeds of approximately $362.3 million, initially triggered a 15% selloff upon announcement.

Adding to the overhang, former CFO Miles Everson resigned from the board citing governance disputes, specifically disagreements over governance practices and access to board meeting minutes, as disclosed in SEC filings. While co-founder Neugebauer has reaffirmed confidence in securing key tenants and characterized Everson's departure as governance-related rather than personal, the combination of dilution risk and unresolved governance concerns continues to suppress market sentiment.

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