Fermi's fired founder files to sell 2.6 million shares as its first tenant lease misses closing
Fermi Inc. said on November 3 that its TensorWave lease missed its closing date because construction financing is not secured. Hours later, the founder the board fired in April filed notice to sell 2,563,800 more shares into a 52-week low.
Vincent Jiang · 3 min read
A notice at 6:41 p.m., hours after the lease slipped
Toby Neugebauer filed papers on November 3 to sell 2,563,800 shares of Fermi Inc−11.06% — Fermi Inc, down 11.06 percent today 12. (NASDAQ: FRMI) through Goldman Sachs+3.59% — Goldman Sachs, up 3.59 percent today, and EDGAR logged the Form 144 at 6:41 that evening 12. Priced at the $2.44 low the stock touched a day earlier, the block is worth about $6.3 million 3. The same day, Fermi, the Dallas builder of the Project Matador power-and-data-center campus in Amarillo, Texas, said its TensorWave lease never became effective 4. The stock closed down 7% at $2.05 5. A Form 144 is a notice of proposed sale, not a completed trade 6.
The seller founded Fermi, and the board fired him
Neugebauer founded Fermi, and the board removed him as chief executive on April 17, later terminating him for cause; he is suing three directors 78. His family group calls itself the largest shareholder at about 22% 7.
October sales came to roughly $14.7 million, and EDGAR shows three more Fermi Form 144 notices between October 13 and 20 16. At the October 30 annual meeting, co-founder Rick Perry, the former Texas governor and U.S. energy secretary, lost reelection to the board, and Fermi blamed "a breach of contractual voting obligations by the Neugebauer shareholders" 9. The stock is down more than 90% from its peak 9.
The lease names the missing piece: construction money
Chief Executive Lee McIntire says both sides "remain committed" and no termination right has been exercised 4. But the closing conditions on the 222-megawatt lease with TensorWave, Fermi's first announced tenant, include "securing project-level financing sufficient to fund construction," and that went unmet by October 31 4910.
A lender is being asked to carry it for a reason: Fermi's quarter-end cash fell from $408.5 million in December to $91.7 million at the end of June, with zero revenue booked since the October 2025 listing 711. The Inference flagged this funding gap on October 10, when the previous 52-week low was $3.42 711.
Fermi's quarter-end cash fell from $408.5M to $91.7M while revenue stayed zero
Cash fell 78% from December to June with no revenue booked
Data
| Quarter-end cash | |
|---|---|
| Q2 '25 | $40.33M |
| Q3 '25 | $182.99M |
| Q4 '25 | $408.53M |
| Q1 '26 | $243.29M |
| Q2 '26 | $91.73M |
September wrote the counterpoint
Neugebauer's own September 11 release said the Neugebauers "have not sold a share since Fermi's IPO," and disclosed that a donor-advised fund would soon fund charitable commitments in Amarillo 7. The October sales may be that pledge executing rather than a verdict on the lease. Either way the arithmetic stands: the largest holder's stake is shrinking while the check that closes the lease stays unwritten.
The earnings call, then the vote count
McIntire promised details "during our earnings call next week" 4. Watch one item above all: a named construction lender. The October 30 vote tallies are due at the SEC within four business days 9. No lender, no lease; no lease, no revenue.
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