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May 5 (Reuters) - Fermi FRMI.O on Tuesday rejected former Chief Executive Officer Toby Neugebauer's call for a special shareholder meeting as "invalid" and urged shareholders not to take any action.

The company, which supplies power to data centers amid an artificial intelligence boom, has been in a tussle with Neugebauer since ousting him in April over what the company said was "conduct violating the terms of his employment agreement as well as multiple company policies".

Neugebauer, who has previously said he was removed as CEO "without cause", did not immediately respond to a Reuters request for comment via LinkedIn.

• In a statement earlier on Tuesday, Neugebauer said he called a special meeting of shareholders on May 29 while he was still CEO to "vote on the future of Fermi" and nominate five directors to its board.

• "I validly called the special meeting of shareholders in my capacity as CEO in accordance with the company's bylaws," Neugebauer said in a statement provided to Bloomberg News earlier on Tuesday.

• Fermi, in a statement late Tuesday, said Neugebauer also sought shareholder consent to hold a second special meeting on or about June 30.

• Neugebauer, who co-founded Fermi in 2025, had earlier urged the company to begin a sale process to "maximize shareholder value" after departing the board.

• Fermi rejected Neugebauer's call for a sale, saying such a move was not in the company's best interest, and later in April, it terminated Neugebauer from its board.

• Neugebauer, members of his family, and other senior executives and managers who departed on or after April 17, when he was ousted as CEO, collectively own about 40% of Fermi's outstanding shares.

• Fermi shares fell nearly 7% on Tuesday before closing 2.6% lower at $4.94. The stock is down about 80% from its debut price of $25 in October.