Fermi founder sold $14 million of FRMI with no trading plan, weeks after saying he had sold none

The first sale since the IPO

Toby Neugebauer, the Dallas investor whose Vicksburg Investments Management and family trust hold about 22 percent of Fermi Inc.▲+6.96% — Fermi Inc., up 6.96 percent today (Nasdaq: FRMI), sold 4,047,200 shares of the AI power developer on October 13 and 14 for about $14 million, per the Form 4, the SEC filing insiders must make when they trade, filed October 15↗ ¹². The board removed him as chief executive on April 17, and he has since sued three of its directors↗ ²⁶. His own September 11 release↗ told shareholders that "Toby and Melissa Neugebauer have not sold a share since Fermi's IPO" ².

The filing dates the break in that pledge to the day. He sold 2,750,000 shares at a $3.7333 weighted average on October 13, then 1,297,200 more at $3.1524 on October 14, and the form states no Rule 10b5-1 trading plan applies, so the sales were not scheduled in advance ¹.

His sale prices bracket the AMD pop

October 13 was the day Fermi announced AMD▼−2.93% — AMD, down 2.93 percent today had signed a credit support agreement↗ behind its 222 megawatt lease to TensorWave, the data-center operator leasing the capacity at Project Matador, its Texas Panhandle campus; the stock jumped 16 percent↗, and Neugebauer sold 2.75 million shares into the rally at $3.69 to $3.845 ¹³⁵. His second tranche, the next day, went for $3.09 to $3.215, an average 15.6 percent below the first; the AMD pop was gone in a day ¹⁵.

AMD backs the rent, not the construction

AMD, rated A at S&P, stands behind the lease only once construction is finished and rent begins on the final delivery phase, with TensorWave occupying from late 2027 and delivery completing in early 2028 ⁴. The lease has not closed; the deadline is October 31, and conditions include project financing adequate to pay for construction↗, which comes to roughly $2.2 billion to $2.8 billion for phase one on the per-megawatt costs Fermi discloses ⁴. Fermi had booked no revenue as of June 30, and its balance sheet shows the squeeze ⁴.

He still holds 97 percent of his stake

After the sales he still holds 142,468,835 shares: 91.6 million through Vicksburg, 43.4 million through the Melissa A. Neugebauer 2020 Trust and 7.5 million directly, about $449 million at his last sale price, with under 3 percent of the stake gone ¹. The same filing corrects his founding count, adjusting the Form 3, the initial ownership filing, from September 2025 to 40,156,376 shares plus a 4.5 million share transfer between his entities that December ¹.

Three deadlines land inside two weeks

His September release flagged a donor advised fund, a charitable account that pays out to nonprofits, soon fulfilling commitments made in Fermi's name in Amarillo; the Form 4 itself gives no reason for the sale ¹². The October 30 annual meeting votes on his proposal for an independent review of a sale or recapitalization ². The lease closes or slips on October 31 ⁴. Third-quarter results land November 12 ⁵. AMD's guarantee of that rent starts only in early 2028 ⁴. The construction bill arrives first, and it is addressed to everyone else who owns the stock.