Fermi Inc. co-founder and largest shareholder Toby Neugebauer suspended his proxy campaign to call a special shareholder meeting. A Texas judge unexpectedly recused himself from a related case. Neugebauer stated the recusal fatally disrupted the timeline required to seat new directors and oversee the company's strategic process.
Over 70% of votes cast supported the special meeting before the suspension. Proxy advisory firms Glass Lewis and Egan-Jones also backed the effort. These figures signal significant shareholder discontent with the current board.
Neugebauer pledged to continue his efforts through the judicial system. He will press forward with a legal challenge against the board's 70% supermajority voting bylaw. The governance dispute at the energy and data center developer remains unresolved.