On 26 June 2026, the Texas Business Court granted Toby Neugebauer’s motion for expedited discovery in a lawsuit filed by Fermi Inc. (NASDAQ: FRMI) that seeks to block shareholder accountability. The dispute centers on a board bylaw amendment adopted by Fermi’s board that requires a 70 % supermajority to expand the board’s size. Neugebauer, the company’s largest individual shareholder and co‑founder, argues that the amendment was enacted without adequate disclosure and in opposition to a proposed special meeting. The court’s ruling mandates that Fermi provide documentation and testimony explaining its recent actions, including the rationale for the bylaw change. The decision follows a prior federal court ruling unfavorable to Fermi, prompting the board to seek relief in state court.

Shareholder Engagement Initiative

On 25 June 2026, Neugebauer announced a historic town‑hall webinar scheduled for 30 June, featuring Fermi co‑founders Governor Rick Perry and his son Griffin Perry. The webinar aims to give shareholders first‑hand insight into the company’s past, present, and future, and to invite analysts, journalists, and industry experts to pose questions. The event reflects Neugebauer’s intention to increase transparency and address shareholder concerns that arose from the recent legal action and governance disputes.

Progress on Project Matador

In parallel with the governance turmoil, Fermi Inc. moved forward on its flagship Project Matador. On 25 June 2026, the company announced a service agreement with TSK Electronica y Electricidad USA, Corp., Spain’s largest EPC firm. TSK will provide early‑works engineering for three Siemens SGT6‑5000F gas turbines that will anchor the second phase of Project Matador’s buildout. The turbines are part of a broader strategy to combine natural‑gas generation, nuclear power, solar energy, and battery storage to supply power for hyperscale AI and advanced computing operations.

Company Profile

Founded on 10 January 2025 and headquartered in Amarillo, Texas, Fermi Inc. develops next‑generation private electric grids that deliver highly redundant power at gigawatt scale for AI and intelligence computing. The company’s 17 GW‑scale private grid aims to support America’s energy and AI dominance. As of 25 June 2026, FRMI’s market cap stood at approximately 6.06 billion USD, with a closing price of $9.49. The stock’s 52‑week high and low were $36.99 (1 Oct 2025) and $4.47 (8 Apr 2026), respectively, and the price‑earnings ratio was reported as –6.3, indicating negative earnings.

Outlook

While Fermi Inc. continues to advance its Project Matador engineering and seeks to secure the necessary approvals for its next‑gen grid, the company faces significant legal and governance challenges. The outcomes of the Texas Business Court proceedings and the shareholder webinar may influence investor confidence and the company’s ability to attract additional capital for its large‑scale infrastructure projects.