On June 23, Fermi Inc. declined 5.74% in regular trading, trading at $8.975/share, with turnover of approximately $72.09 million. The decline came as uncertainty surrounding the company's ongoing proxy battle escalated sharply.

On the news front, Fermi's board sent a letter to 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 company 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 argued that his actions could disrupt progress. The company previously said Neugebauer was terminated for cause and had filed a preliminary consent revocation statement opposing his effort to gain control of the board.

The stock had rallied in prior sessions on heightened proxy fight speculation, but the board's defensive posture and growing governance uncertainty appear to have triggered a reversal in sentiment.

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