The activist is escalating with public social media posts and a clear timeline for a June 30 special meeting. With a large stake and demands for board control and strategic review, the probability of a sale process or significant governance changes is high. Traders should monitor for the definitive proxy statement and any management settlement announcements.
Price Chart
Executive Summary
Co-founder and former CEO Toby Neugebauer escalated his proxy fight by posting solicitation materials on LinkedIn and X on June 1, 2026, calling for a special meeting on or around June 30, 2026. The dissident group, which collectively owns approximately 278 million shares (reported as of Nov 2025), seeks to expand the board and elect seven nominees, including Neugebauer himself, to force a strategic review or sale. The filing confirms the activist is pressing forward despite management's opposition and legal maneuvering.
Key Facts
- Toby Neugebauer posted solicitation materials on LinkedIn and X on June 1, 2026, calling for a special meeting on or around June 30, 2026.
- The dissident group (Fermi Founder Parties) reported beneficial ownership of 278,032,070 shares as of November 14, 2025 (Neugebauer: 139,016,035; Vicksburg: 44,656,376; Melissa Neugebauer Trust: 94,359,659).
- The activist seeks to amend bylaws, expand the board by seven seats, and elect seven nominees including Neugebauer himself.
- Management previously removed Neugebauer as CEO on April 17, 2026, and terminated him for cause on April 30, 2026, citing misconduct.
- The special meeting is anticipated for June 30, 2026, with the dissident planning to file a definitive proxy statement and GREEN agent designation card.
- Cross-filing context shows a PREC14A filed May 15, 2026, where management opposes the special meeting, and a prior PREC14A from May 5, 2026, where the activist initially sought a May 29 meeting that was canceled.
Financial Impact
Activist group holds ~278M shares (stake percentage undisclosed but significant given total shares outstanding). Campaign aims to force strategic review/sale of AI power/data-center platform, which could unlock substantial shareholder value.
Risk Factors
- Management may continue to resist via litigation or poison pill, delaying the vote.
- The activist's demands for immediate sale may be premature given the board's stated position, potentially leading to a protracted fight.
- If the activist fails to secure 50%+ of shares for the special meeting, the campaign could stall.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| DFAN14A Filing (Primary) | 0001213900-26-063752 |
| Document: 0001213900-26-063752-index-headers.html | 0001213900-26-063752 |
| Document: 0001213900-26-063752-index.html | 0001213900-26-063752 |
| Document: 0001213900-26-063752.txt | 0001213900-26-063752 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jul 15, 2026 11w ago | 8-K | $5.93 $6.60 | ▼ −11.30% | ▼ −7.68% | $4.16 (+29.76%) |
Jul 13, 2026 11w ago | 8-K | $6.31 $5.88 | ▲ +6.81% | ▲ +10.00% | $4.16 (+33.99%) |
Jul 9, 2026 12w ago | 8-K | $6.59 $6.18 | ▲ +6.22% | ▲ +8.65% | $4.16 (+36.80%) |
Jul 8, 2026 12w ago | DFAN14A | $7.36 $6.19 | ▲ +15.90% | ▲ +19.17% | $4.16 (+43.41%) |
Jul 6, 2026 12w ago | DFAN14A | $7.38 $6.03 | ▲ +18.29% | ▲ +19.62% | $4.16 (+43.56%) |
Jul 1, 2026 13w ago | DFAN14A | $8.52 $5.86 | ▼ −31.22% | ▼ −29.04% | $4.16 (−51.12%) |
Jun 30, 2026 13w ago | DFAN14A | $8.52 $5.86 | ▼ −31.22% | ▼ −29.04% | $4.16 (−51.12%) |
Jun 30, 2026 13w ago | DFAN14A | $9.16 $7.23 | ▼ −21.07% | ▼ −20.04% | $4.16 (−54.53%) |
Jun 29, 2026 13w ago | DFAN14A | $9.16 $7.23 | ▼ −21.07% | ▼ −20.04% | $4.16 (−54.53%) |
Jun 29, 2026 13w ago | DFAN14A | $9.45 $7.40 | ▼ −21.69% | ▼ −21.41% | $4.16 (−55.93%) |
US Market Status
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