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Neugebauer Suspends Current Proxy Campaign While Leading with About 70% of Votes Recorded, Following Judge's Inexplicable Last-minute Recusal T

Toby Neugebauer, the co-founder and largest shareholder of energy and data center ​development company Fermi , said on Friday he has ‌suspended his proxy campaign to call a special meeting after a Texas Business Court judge ​recused himself shortly before a scheduled ​hearing, disrupting the timetable for a ⁠strategic review.

More than 70% of votes cast to date have been in favor of calling a special meeting, underscoring shareholders' demand for a special meeting to determine Fermi's future After Fermi's top two law firms recently withdrew from the case, the Texas Business Court judge, who had stated he had no conflict at the outset of the trial, recused himself an hour before yesterday's hearing—while affirming expedited discovery he awarded Neugebauer last week—setting the proxy on an untenable timeline for shareholders The recusal requires a new judge to get up to speed on the board's 70% supermajority bylaw change and discovery approvals, ensuring the timeline no longer supports running a true dual track process on the schedule Fermi requires to be successful Neugebauer calls on the court to urgently rule on the board's 70% bylaw supermajority voting power grab as it casts a cloud over Fermi and the future of Texas corporate stewardship at large; pledges to press forward with the judicial process to ensure Texas-style good governance and transparency moving forward Neugebauer's call for a special meeting earned the backing of Glass Lewis and Egan-Jones, two of the nation's leading proxy advisory firms, as well as some of the world's highest-profile investors Neugebauer remains highly confident in Fermi's ability to secure the tenant group, assuming it is the one he and his team were contracting upon his departure Neugebauer calls for former colleagues to avoid the tendency to outsource Fermi's execution, and instead embody the original Fermi 2.0 mentality that he began last December as it will be required to execute strong tenant group agreements and partnerships on time and on budget – 'make us proud' Above all, Neugebauer's focus remains on Fermi's long-term success — the company he envisioned, founded, and built; Just this week, Seeking Alpha referred to Project Matador as the 'most valuable asset in the AI race' DALLAS, July 3, 2026 /PRNewswire/ -- Toby Neugebauer, co-founder and largest shareholder of Fermi Inc. (d/b/a Fermi America) (Nasdaq: FRMI) ("Fermi" or the "Company"), today announced that he is suspending his current proxy campaign — the solicitation of GREEN agent designations to call a special meeting of shareholders — following the presiding judge's last-minute recusal shortly before yesterday's scheduled hearing. In recusing himself, the judge reaffirmed the expedited discovery order he issued in Mr.

Fermi Inc. offers a pure-play bet on AI infrastructure's next bottleneck: electricity delivery, with Project Matador as its core asset. FRMI holds valuable permits and land for an 11–17 GW AI campus in Texas, combining regulatory progress, power-generation strategy, and a large contiguous site. Despite no operating revenue and high capital needs, FRMI's balance sheet and strategic positioning create asymmetric upside if a binding tenant is secured.

Just days after the Texas Business Court ordered Fermi to produce documents and testimony explaining the rationale for its 70% supermajority bylaw, the Company