The activist campaign is escalating with a clear timeline (special meeting by June 30). Monitor for the definitive proxy statement and any settlement announcements. The stock is likely to re-rate on the probability of a sale process being initiated.
Price Chart
Executive Summary
Toby Neugebauer, the ousted co-founder and former CEO of Fermi Inc., escalated his proxy fight by posting solicitation materials on LinkedIn and X on June 2, 2026, announcing a special meeting of shareholders on or around June 30, 2026. The dissident group seeks to expand the board and elect seven nominees, including Neugebauer, to force a strategic review or sale. This filing follows a prior PREC14A from management opposing the special meeting, indicating an escalating battle for control.
Key Facts
- Toby Neugebauer posted solicitation materials on LinkedIn and X on June 2, 2026.
- A special meeting of shareholders is anticipated on or around June 30, 2026.
- Neugebauer and affiliates beneficially own 278,032,070 shares (139,016,035 by Neugebauer, 44,656,376 by Vicksburg Investments, 94,359,659 by Melissa A. Neugebauer 2020 Trust) as of November 14, 2025.
- The dissident group intends to file a definitive proxy statement and GREEN agent designations card.
- Management previously filed a PREC14A on May 15, 2026, opposing the special meeting and characterizing Neugebauer's proposals as giving a single shareholder near-total control.
- Neugebauer was terminated for cause on April 30, 2026, and is advocating for an immediate sale or change-of-control transaction.
Financial Impact
Activist campaign with a 278M-share block (approx. 6.6% of outstanding based on 4.2B market cap and $15.10 stock price) pushing for board control and a sale. Historical activist campaigns average +6-7% CAR.
Risk Factors
- Management may continue to resist, potentially through litigation or poison pill.
- Neugebauer's termination for cause and the board's opposition could reduce the credibility of his campaign.
- The special meeting may be delayed or canceled if management successfully challenges it in court.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| DFAN14A Filing (Primary) | 0001213900-26-064401 |
| Document: 0001213900-26-064401-index-headers.html | 0001213900-26-064401 |
| Document: 0001213900-26-064401-index.html | 0001213900-26-064401 |
| Document: 0001213900-26-064401.txt | 0001213900-26-064401 |
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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