--- title: "Fermi's fired founder files to sell 2.6 million shares as its first tenant lease misses closing" description: "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." publisher: "The Inference" section: "Data Center" published: 2026-11-04T14:09:19.478Z modified: 2026-11-04T14:09:19.478Z canonical: https://theinference.org/article/fermi-s-fired-founder-files-to-sell-2-6-million-shares-as-its-first-tenant-lease-misses-closing language: en keywords: "Fermi, Data Centers, Insider Trades, Project Financing" --- # 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. ## 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](https://theinference.org/markets/companies/fermi-inc) [1][2]. (NASDAQ: FRMI) through [Goldman Sachs](https://theinference.org/markets/companies/goldman-sachs), and [EDGAR logged the Form 144 at 6:41 that evening](https://www.sec.gov/Archives/edgar/data/2071778/000195824426000689/0001958244-26-000689-index.htm) [1][2]. Priced at [the $2.44 low the stock touched a day earlier](https://za.investing.com/news/stock-market-news/fermi-inc-stock-hits-52week-low-at-244-usd-93CH-4543440), 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 [7][8]. His family group calls itself the largest shareholder at about 22% [7]. [October sales came to roughly $14.7 million](https://theinference.org/article/fermi-founder-sold-14-million-of-frmi-with-no-trading-plan-weeks-after-saying-he-had-sold-none), and EDGAR shows three more Fermi Form 144 notices between October 13 and 20 [1][6]. At the October 30 annual meeting, co-founder Rick Perry, the former Texas governor and U.S. energy secretary, [lost reelection to the board](https://www.msn.com/en-us/news/other/rick-perry-loses-reelection-to-board-of-fermi-the-data-center-company-he-co-founded/ar-AA2grvmB), 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](https://www.usatoday.com/press-release/story/55538/fermi-provides-update-on-lease-agreement-as-parties-work-toward-closing/) [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 [4][9][10]. 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 [7][11]. The Inference [flagged this funding gap on October 10](https://theinference.org/article/fermi-inc-hits-3-42-a-52-week-low-as-an-nrc-draft-backs-four-reactors-its-62-5-million-cannot-fund), when the previous 52-week low was $3.42 [7][11]. *Chart: **Fermi's quarter-end cash fell from $408.5M to $91.7M while revenue stayed zero** Line chart of Fermi Inc. quarter-end cash from Q2 2025 to Q2 2026, rising to $408.5 million at year-end 2025 then falling to $91.7 million by Q2 2026* *Quarter-end cash in USD millions from Fermi's SEC filings, Q2 2025 through Q2 2026; the company has reported no revenue since its October 2025 listing. [11]* ## September wrote the counterpoint Neugebauer's own [September 11 release](https://www.nasdaq.com/press-release/fermi-founder-parties-file-formal-proposal-independent-strategic-review-extraordinary) 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. ## Takeaway Fermi's largest shareholder is selling into a 52-week low while the construction loan that closes its first lease stays unwritten, and next week's earnings call is the test. ## Sources 1. [Quantisnow, "FRMI: SEC Form 144 filed by Fermi Inc.," 3 November 2026](https://quantisnow.com/insight/sec-form-144-filed-by-fermi-inc-6770743) 2. [SEC EDGAR, Form 144 filing index, accession 0001958244-26-000689, Toby R. Neugebauer / Fermi Inc., filed 3 November 2026](https://www.sec.gov/Archives/edgar/data/2071778/000195824426000689/0001958244-26-000689-index.htm) 3. [Investing.com South Africa, "Fermi Inc stock hits 52-week low at 2.44 USD," 2 November 2026](https://za.investing.com/news/stock-market-news/fermi-inc-stock-hits-52week-low-at-244-usd-93CH-4543440) 4. [Fermi Inc. via ACCESS Newswire (USA Today press release), "Fermi Provides Update on Lease Agreement as Parties Work Toward Closing," 3 November 2026](https://www.usatoday.com/press-release/story/55538/fermi-provides-update-on-lease-agreement-as-parties-work-toward-closing/) 5. [Blockonomi, "Fermi (FRMI) Stock: Drop 7% After Data Center Lease Deadline Passes," 3 November 2026](https://blockonomi.com/fermi-frmi-stock-drop-7-after-data-center-lease-deadline-passes/) 6. [SEC EDGAR, Fermi Inc. Form 144 filing history (CIK 0002071778), retrieved 4 November 2026](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0002071778&type=144&dateb=&owner=include&count=40) 7. [Fermi Founder Parties via PRNewswire (Nasdaq), "Fermi Founder Parties File Formal Proposal for Independent Strategic Review of Extraordinary Transactions," 11 September 2026](https://www.nasdaq.com/press-release/fermi-founder-parties-file-formal-proposal-independent-strategic-review-extraordinary) 8. [Stocktwits via MSN, "FRMI stock climbs overnight: Former CEO sues three directors over power grab allegations," 21 September 2026](https://www.msn.com/en-us/news/other/frmi-stock-climbs-overnight-former-ceo-sues-three-directors-over-power-grab-allegations/ar-AA2cIMg5) 9. [The Texas Tribune via MSN, "Rick Perry loses reelection to board of Fermi, the data center company he co-founded," 30 October 2026](https://www.msn.com/en-us/news/other/rick-perry-loses-reelection-to-board-of-fermi-the-data-center-company-he-co-founded/ar-AA2grvmB) 10. [TradingView, "Fermi Inc. (FRMI) Lease Remains Ineffective After Closing Conditions Missed," 3 November 2026](https://www.tradingview.com/news/tradingview:597b253876fc0:0-fermi-inc-frmi-lease-remains-ineffective-after-closing-conditions-missed/) 11. [Fermi Inc., quarterly cash and revenue from its SEC filings, retrieved 4 November 2026](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0002071778) --- Fermi's fired founder files to sell 2.6 million shares as its first tenant lease misses closing — The Inference. Canonical: https://theinference.org/article/fermi-s-fired-founder-files-to-sell-2-6-million-shares-as-its-first-tenant-lease-misses-closing