Fermi Cofounder Neugebauer Calls for CEO Change As FRMI Stock Surges 14% to 3-Month Highs

On Tuesday, Toby Neugebauer, Fermi Inc's ousted cofounder and former CEO, issued an open letter urging shareholders to appoint John Sellers as Chairman and CEO. The move came as FRMI stock surged 14% to its highest levels in over three months. In his letter, Neugebauer argued that the current board and management risk destroying shareholder value and called for engagement with strategic partners including hyperscalers and chipmakers to maximize returns. Fermi has since filed a statement with the SEC to block Neugebauer from conducting a special shareholder meeting, citing his past behavior as disruptive to operations.
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