A shareholder cage match, but make it corporate
Fermi co-founder and largest shareholder Toby Neugebauer is pushing for a special shareholder meeting to elect a new board majority. Translation: this is not your average “everyone agreed after coffee” governance update.
He’s also arguing the company should weigh strategic alternatives for Project Matador, alongside the existing tenant strategy. So the fight isn’t just about who sits in the board seats — it’s about whether Fermi keeps the current playbook or starts shopping for a different one.
Why investors should care
Board shake-ups are the corporate version of changing the quarterback mid-season. Maybe it sparks a comeback. Maybe it just creates more chaos. Either way, it usually signals that major shareholders think the current plan needs a hard reset.
For Fermi, that means a few things could be in play:
- A new board majority could rewrite priorities around Project Matador
- Strategic alternatives could open the door to a sale, restructuring, or some other surprise path
- Governance drama can add volatility, especially when the fight involves a founder with real ownership clout
Big picture
When a founder starts lobbying for a board reboot, you’re no longer in “business as usual” territory. You’re in the part of the movie where the plot can go a lot of different ways — and stockholders usually find out the hard way which ending they got.