Fermi Inc.'s (FRMI) co-founder and largest shareholder, Toby Neugebauer, said Miles Everson's resignation from the company's board stemmed from a governance dispute rather than personal reasons, according to a statement.

Neugebauer said Everson, Fermi's former chief financial officer, resigned after the board was not notified of a $375 million convertible note offering before it was publicly announced.

He said Everson's resignation letter cited a lack of board minutes and governance records over several months as the reason for stepping down.

Neugebauer said he remains confident Fermi can secure its first tenant for its Amarillo, Texas-area project, and that the Melissa A. Neugebauer 2020 Trust retains the right to name a replacement board nominee and is vetting candidates.

Fermi did not immediately respond to a request for comment from MT Newswires.

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