Fermi Inc. Largest Shareholder Demands Sale Amid Board Conflict

Toby Neugebauer, co-founder and the largest shareholder of Fermi Inc., is demanding the immediate sale of the company while it closes a tenant deal. Neugebauer issued a statement on November 6, 2026, condemning the company's board for failing to protect shareholders, which he claims contributed to an 80% collapse in stock value.

The conflict follows an October 30 annual meeting where director Rick Perry failed to secure re-election. Neugebauer noted that only 38.9% of outstanding shares voted for Perry, a result he attributes to board-implemented bylaw changes requiring a majority of all outstanding shares for election.

Neugebauer is currently pursuing a lawsuit against the company and alleges that board leader Marius Haas has ignored proposals to sell or partner the firm. He further disputes allegations that he breached an agreement by not voting for Perry, arguing there is no evidence that Griffin Perry's company, Caddis, maintains the necessary share ownership to justify the nomination rights.