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Why Is Fermi (FRMI) Stock Moving Today?
Benzinga·
Fermi Inc. (NASDAQ:FRMI) shares surged 22.6% on Wednesday following a proxy campaign launched by co-founder and former CEO Toby Neugebauer seeking board changes and a strategic review. Neugebauer is pushing for a special shareholder meeting to expand the board, elect new directors, and evaluate strategic alternatives including potential sale, merger, or partnership. The campaign highlights Project Matador, Fermi's AI power and data-center infrastructure platform in Texas, which Neugebauer argues may be undervalued by public markets.
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