On June 23, Fermi Inc. declined 6.91% in regular trading, trading at $8.58/share, with turnover of $30.63 million. The drop was driven by escalating uncertainty surrounding the company's ongoing proxy fight.

On the news front, Fermi's Board of Directors issued a letter to all shareholders on the same day, urging them to revoke consent previously given to former CEO Toby Neugebauer's request to convene a special shareholder meeting. The board called on shareholders to return white consent revocation cards and refrain from signing or returning green proxy designation cards sent by the Neugebauer camp. In its letter, the board stated that Neugebauer is attempting to claim credit for the company's recent momentum and warned that his actions could disrupt corporate progress.

The confrontation between the two sides has intensified since Neugebauer filed definitive proxy solicitation materials with the SEC. The dual-track escalation — with the board actively countering the activist push — has heightened market uncertainty and weighed on the stock price. Fermi Inc. is an advanced energy and hyperscale data center developer focused on AI infrastructure, with its core Matador project integrating natural gas, nuclear, and solar energy to deliver grid-independent computing capacity.

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