Fermi files preliminary consent revocation to block ex-CEO Toby Neugebauer’s special shareholder meeting planned for June 30.
Fermi (FRMI) shares climbed after the data center REIT announced a preliminary consent revocation statement opposing ousted CEO Toby Neugebauer’s push for a special shareholder meeting on or about June 30. The move aims to counter Neugebauer’s efforts to regain control, which the board argues could force a rapid sale below intrinsic value and disrupt governance stability.
Leadership turmoil has raised investor concerns, with UBS downgrading the stock due to uncertainty and instability. Major shareholders and the board contend Neugebauer’s proposals would undermine long-term value and critical commercial relationships, prioritizing his control over shareholder interests.
The board maintains the special meeting and associated plans are not in shareholders’ best interests, warning of potential disruptions to operations and strategic direction.