---
title: "Fermi's ousted CEO sold $13 million of stock into a 52-week low, then said it 'should be soaring'"
description: "Toby Neugebauer, ousted as Fermi's chief executive in April, sold 7,657,800 shares for about $13 million in three sessions, 5 million of them on the day the stock touched its 52-week low. The next morning he demanded the company be sold, with its only tenant lease unsigned and $62.5 million of cash against a $737.9 million trailing loss."
publisher: "The Inference"
section: "Data Center"
published: 2026-11-06T17:12:34.529Z
modified: 2026-11-06T17:12:34.529Z
canonical: https://theinference.org/article/fermi-s-ousted-ceo-sold-13-million-of-stock-into-a-52-week-low-then-said-it-should-be-soaring
language: en
keywords: "Insider Trades, Data Centers, Nuclear, Stock Moves, Texas"
---

# Fermi's ousted CEO sold $13 million of stock into a 52-week low, then said it 'should be soaring'

> Toby Neugebauer, ousted as Fermi's chief executive in April, sold 7,657,800 shares for about $13 million in three sessions, 5 million of them on the day the stock touched its 52-week low. The next morning he demanded the company be sold, with its only tenant lease unsigned and $62.5 million of cash against a $737.9 million trailing loss.

The man who says banks indicated $10 billion to $20 billion for Fermi in May [1] just took $1.52 a share for five million shares [2]. [Fermi Inc.](https://theinference.org/markets/companies/fermi-inc) is the Texas company building Project Matador, a private power-and-data-center campus for AI computing near Amarillo [3]. [A Form 4, the SEC filing that discloses insider trades](https://www.sec.gov/Archives/edgar/data/2071778/000090514826004667/0000905148-26-004667-index.htm), landed after Thursday's close: Toby Neugebauer, removed as chief executive in April in a firing he disputes [3][1], and his family trust sold 7,657,800 shares in three sessions for about $13 million [2].

The heaviest tranche fell on the worst day: 5,000,000 shares on November 5 at a weighted average of $1.5206, in trades from $1.44 to $1.59 [2]. That session took the stock to $1.44, its 52-week low, and it closed down 15.9 percent at $1.53, roughly 94 percent below its October 2025 listing price [4][5].

[His notice of intent, filed November 3 through Goldman Sachs](https://www.sec.gov/Archives/edgar/data/2071778/000195824426000689/primary_doc.xml), covered 2,563,800 shares [6]; [The Inference reported it the next day](https://theinference.org/article/fermi-s-fired-founder-files-to-sell-2-6-million-shares-as-its-first-tenant-lease-misses-closing) [7]. By Thursday night he had sold 7,657,800, nearly three times the notice, at about $1.70 a share on average; the Form 4 shows 84,813,010 shares still held directly, about $129 million at the close, and no reason stated [2][8].

*Chart: **Each tranche priced lower than the last** Column chart of Neugebauer's weighted-average sale price per share on November 3, 4 and 5, 2026, falling from $2.04 to $1.52*

*Weighted-average price per share on each sale date, from the Form 4 filed November 5, 2026. [2]*

## He says the stock should be soaring

Friday morning he published the opposite case. "Today should be Fermi's greatest day," [his statement opened](https://www.prnewswire.com/news-releases/fermis-co-founder-and-largest-shareholder-toby-neugebauer-fermis-shareholders-the-markets-and-texas-voters-have-rejected-rick-perry-and-fermis-we-can-do-whatever-we-want-board-302931739.html), insisting the stock "should be soaring" and demanding Fermi be put up for sale now while it closes a tenant deal [1]. Since he suspended his proxy campaign on July 3, he says, the stock has lost more than 80 percent of its value [1].

The board that [Marius Haas](https://theinference.org/markets/people/marius-haas) leads did not blink. At the October 30 meeting Rick Perry, the former Texas governor and US energy secretary who co-founded Fermi, drew 249,418,156 votes for and 197,613,834 against, short of a majority of the 641,259,703 shares outstanding; he was not re-elected but stays on as a director [9]. [Fermi says Neugebauer-affiliated investors breached a voting agreement](https://www.sec.gov/Archives/edgar/data/2071778/000121390026115928/ea0310920-8k_fermi.htm), and that with their 98,859,659 shares Perry would have been elected; they dispute it [9].

## The lease is waiting on money Fermi does not have

Fermi's August lease with TensorWave, an [AMD](https://theinference.org/markets/companies/amd)-backed AI cloud that [raised $350 million in June](https://www.businesswire.com/news/home/20260610650010/en/TensorWave-Raises-$350-Million-Series-B-at-$1.55B-Valuation-to-Expand-Global-AMD-Powered-AI-Infrastructure) [10], is the campus's only announced tenancy, after a tentative [Amazon](https://theinference.org/markets/companies/amazon) deal fell through late last year [3]. [The October 31 closing date passed with the conditions unmet](https://www.newswire.com/news/fermi-provides-update-on-lease-agreement-as-parties-work-toward-closing), among them project-level financing sufficient to fund construction [11]. Chief executive Lee McIntire's response: "Both Fermi and TensorWave remain committed to this lease, and we are continuing to work through the remaining conditions prior to close" [11].

The balance sheet explains the wait: $62.5 million of cash against a $737.9 million trailing net loss [4], a gap [The Inference flagged at $3.42 in mid-October](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) [12]. [Options imply about a 19 percent move](https://www.investing.com/news/stock-market-news/fermi-inc-stock-may-move-19-on-earnings-report-next-week-93CH-5005098) by the November 12 report [13].

## At $1.53 the buyers are retail, and the targets are stale

[Ten analysts still rate the stock a Moderate Buy](https://www.marketbeat.com/instant-alerts/consensus-fermi-inc-frmi-what-are-brokerages-saying-about-this-stock-2026-11-06/) with an average target of $16.86 [8], eleven times the share price. Retail is keener: "worth throwing 3k at this as a gamble play... a prime buyout target," one [Stocktwits](https://stocktwits.com/omz24/message/667919089) poster wrote as the selling began [14]. Insiders sold 12,125,749 shares worth $28,639,969 last quarter; his three days are 63 percent of the shares and about 45 percent of the value [2][8].

*Chart: **Published targets run from $8 to $16.86 against a $1.53 close** Bar chart: FRMI closed at $1.53 while Cantor Fitzgerald targets $8, Mizuho $11 and the ten-analyst average is $16.86*

*FRMI closing price on November 5, 2026, versus published 12-month price targets. Sources: Yahoo Finance; MarketBeat. [4][8]*

November 12 is the test, when McIntire, who laid out [a three-part capital strategy in an October letter](https://www.msn.com/en-us/news/other/toby-neugebauer-slams-rick-perry-and-board-pushes-for-fermi-sale-shares-rise/ar-AA2gSnOs) [15], must square the lease's financing condition with the cash on hand [11]. Until then, every buyer at $1.53 is the exit liquidity for a holder who still owns 84.8 million shares [2].

## Takeaway

Toby Neugebauer sold 7.66 million shares for about $13 million, 5 million of them on the day Fermi touched its 52-week low, then demanded a sale while the TensorWave lease waits on financing Fermi's $62.5 million cannot fund and November 12 earnings loom.

## Sources

1. [PR Newswire, statement by Toby Neugebauer, November 6, 2026](https://www.prnewswire.com/news-releases/fermis-co-founder-and-largest-shareholder-toby-neugebauer-fermis-shareholders-the-markets-and-texas-voters-have-rejected-rick-perry-and-fermis-we-can-do-whatever-we-want-board-302931739.html)
2. [SEC EDGAR, Form 4, Fermi Inc., Toby R. Neugebauer and Melissa A. Neugebauer 2020 Trust, filed November 5, 2026](https://www.sec.gov/Archives/edgar/data/2071778/000090514826004667/0000905148-26-004667-index.htm)
3. [The Texas Tribune (via MSN), Rick Perry loses reelection to board of Fermi, the data center company he co-founded, October 31, 2026](https://www.msn.com/en-us/news/other/rick-perry-booted-from-board-of-fermi-the-massive-planned-data-center-company-he-co-founded/ar-AA2grvmB)
4. [Yahoo Finance Canada, Fermi Inc. (FRMI) quote page, November 6, 2026](https://ca.finance.yahoo.com/quote/FRMI/)
5. [Robert Bryce, Substack, Fermi Inc. Is Circling The Drain, November 2026](https://robertbryce.substack.com/p/fermi-inc-is-circling-the-drain)
6. [SEC EDGAR, Form 144, Toby R. Neugebauer re Fermi Inc., filed November 3, 2026](https://www.sec.gov/Archives/edgar/data/2071778/000195824426000689/primary_doc.xml)
7. [The Inference, Fermi's fired founder files to sell 2.6 million shares as its first tenant lease misses closing, November 4, 2026](/article/fermis-fired-founder-files-to-sell-2-6-million-shares-as-its-first-tenant-lease-misses-closing)
8. [MarketBeat, Fermi Inc. (FRMI): What Are Brokerages Saying About This Stock?, November 6, 2026](https://www.marketbeat.com/instant-alerts/consensus-fermi-inc-frmi-what-are-brokerages-saying-about-this-stock-2026-11-06/)
9. [SEC EDGAR, Fermi Inc. Form 8-K, Item 5.07, 2026 annual meeting voting results, filed November 4, 2026](https://www.sec.gov/Archives/edgar/data/2071778/000121390026115928/ea0310920-8k_fermi.htm)
10. [Business Wire, TensorWave Raises $350 Million Series B to Expand Global AMD-Powered AI Infrastructure, June 10, 2026](https://www.businesswire.com/news/home/20260610650010/en/TensorWave-Raises-$350-Million-Series-B-at-$1.55B-Valuation-to-Expand-Global-AMD-Powered-AI-Infrastructure)
11. [Newswire, Fermi Provides Update on Lease Agreement as Parties Work Toward Closing, November 3, 2026](https://www.newswire.com/news/fermi-provides-update-on-lease-agreement-as-parties-work-toward-closing)
12. [The Inference, Fermi Inc. hits $3.42, a 52-week low, as an NRC draft backs four reactors its $62.5 million cannot fund, October 10, 2026](/article/fermi-inc-hits-3-42-a-52-week-low-as-an-nrc-draft-backs-four-reactors-its-62-5-million-cannot-fund)
13. [Investing.com, Fermi Inc. stock may move 19% on earnings report next week, November 5, 2026](https://www.investing.com/news/stock-market-news/fermi-inc-stock-may-move-19-on-earnings-report-next-week-93CH-5005098)
14. [Stocktwits, @omz24 on $FRMI, November 3, 2026](https://stocktwits.com/omz24/message/667919089)
15. [Seeking Alpha (via MSN), Toby Neugebauer slams Rick Perry and board, pushes for Fermi sale; shares rise, November 6, 2026](https://www.msn.com/en-us/news/other/toby-neugebauer-slams-rick-perry-and-board-pushes-for-fermi-sale-shares-rise/ar-AA2gSnOs)


---

Fermi's ousted CEO sold $13 million of stock into a 52-week low, then said it 'should be soaring' — The Inference. Canonical: https://theinference.org/article/fermi-s-ousted-ceo-sold-13-million-of-stock-into-a-52-week-low-then-said-it-should-be-soaring