DALLAS, May 14, 2026 /PRNewswire/ -- Toby Neugebauer today issued the following statement in response to the Court's decision to [dismiss] a lawsuit seeking to prevent the convening of a Special Meeting of Shareholders called by Mr. Neugebauer for May 29, 2026 filed by Fermi Inc. ("Fermi" or the "Company") against Mr. Neugebauer, two of his affiliates, and five of his highly qualified independent director nominees proposed to be elected to the Board of Directors of the Company at the Special Meeting of Shareholders.
"I am grateful that the Court denied Fermi's attempt to deprive shareholders of their fundamental right to chart the best path forward for the Company. Their lawsuit against myself and each newly nominated director was exactly what it looked like: an attempt to not only silence shareholders by denying them the rightful opportunity to convene, but to also prevent shareholders from receiving critical information to inform how they determine their collective interest and maximize the Company's value. All while going after each independent and objective proposed board member, who have had no prior involvement with Fermi, in the process. Shareholders will have their first opportunity to exercise their rights and vote on the future of the Company, and my incredibly qualified director nominees will stand for election to ensure Fermi and its shareholders benefit from sound, accountable, Texas-style governance.
Here's what I know to be true: Project Matador is among the most strategically valuable energy and land assets in the country, with over 2 GW of total power generation, ~6 GW permitted, initial construction complete, and approximately $1 billion in financing closed. Rather than build on that success, a limited board committee trying to exercise sweeping secret powers fired me without cause, and as a result seven of the Company's top executives and critical execution team members left the Company, including those responsible for tenant acquisition, permitting, and financial stewardship.
To be clear: my only desire in calling this meeting and nominating this slate is for Fermi to fulfill its fiduciary obligations and consider all strategic options on the table. As the [only co-founder] who has not sold a single share [on the open market] since the IPO, my interests are fully aligned with my fellow shareholders. I put forward this slate to ensure the Board considers all options to maximize shareholder value, including running a strategic process that considers a sale or strategic partnerships.
I look forward to shareholders finally having their say in how to maximize the Company's value."
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