• Fermi rejected former CEO Toby Neugebauer’s efforts to call a special shareholder meeting, urging shareholders not to respond to his proxy or consent solicitations.
• Neugebauer’s May 29, 2026 special meeting request was described as invalid and rescinded by officers who assumed his former roles.
• A separate consent solicitation seeking a second special meeting around June 30, 2026 was also opposed, with focus on Neugebauer’s push to expand board, install his nominees, take control, then pursue a quick sale.
• Board framed Neugebauer as terminated for cause following alleged violations of his employment agreement and company policies, citing more than 80% share-price decline during his tenure.
• Charter provisions cited as limiting accumulation above 2.5% of outstanding stock, with a redemption feature that could materially reduce Neugebauer’s ownership if exercised.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Fermi Inc. published the original content used to generate this news brief on May 06, 2026, and is solely responsible for the information contained therein.