Fermi Founder Parties File Formal Proposal for Independent Strategic Review of Extraordinary Transactions, Press Board on Restoring Texas-Style Governance Ahead of October 30 Annual Meeting

Toby Neugebauer urged the board to act quickly to restore stakeholder confidence following substantial share-price declines. Shares are down roughly 20% since the board said it had met its 90-day objectives on August 13, 35% since it eliminated the dual-path strategic-process option on July 2, and about 20% since a subsequently truncated board-related event. The criticism highlights governance and strategic-process concerns that could pressure the company’s stock and raise the likelihood of further activist engagement.