Toby Neugebauer Calls for Live Town Hall with Fermi Co-founders

The proposal calls for a real-time forum where industry analysts and journalists can pose unvetted questions to the founders. Neugebauer argues this transparency is essential following a federal court loss that allowed the current board to implement a 70% supermajority threshold for future board expansions. He contends that this requirement effectively locks shareholders out of changing the company’s governance, making a public accounting of the board’s vision and record necessary before any further proceedings.

Central to the proposed debate is the future of Project Matador, a 7,500-acre power campus in Amarillo, Texas. Neugebauer advocates for an independent, banker-led process to evaluate strategic alternatives, including a potential change-of-control transaction, to address the gap between the project's estimated $8 billion to $12 billion fair value and its current $3.2 billion enterprise valuation. The incumbent board has thus far resisted these calls, prompting Neugebauer to intensify his campaign for a special meeting of shareholders via a definitive proxy filing.