Fermi's largest shareholder, Toby Neugebauer, revived his demand that the company put itself up for sale immediately while simultaneously closing a tenant deal, arguing Fermi needs "a partner with a lower cost of capital, construction expertise and a customer."

According to Stocktwits, Neugebauer said he proposed a dual-track process back on May 22, when indicative enterprise valuations for Fermi ranged from $10 billion to $20 billion, and that leading investment banks reached out to the company only to be rebuffed.

He says he suspended his proxy campaign on July 3 to give the board room to run that process, which he argues still has not happened.

The surprise is the speed of the value destruction behind the activist's math.

Stocktwits reports that FRMI shares have lost more than 80% of their value since May, and that the company's cost of capital has exploded in the process — by Neugebauer's telling, every share Fermi issues today raises about one-fifth of what it would have raised when he stepped back.

He also accuses the board of being "a victim of its own bylaw changes," noting it changed the company's bylaws in August without a shareholder vote, and says more than 61% of shareholders rejected former Energy Secretary and Texas Governor Rick Perry's re-election to the board.

Per Stocktwits, the dispute traces to Fermi removing Neugebauer as CEO in April, then terminating him for cause and dropping him from the board.

He has since sued three directors in September, alleging they coordinated efforts to consolidate control and limit shareholder rights, and his amended lawsuit claims directors repeatedly changed bylaws to raise shareholder-voting thresholds after his proxy campaign began.

He also questions the board's tenant strategy, alleging former management pursued a potentially larger lease agreement with TensorWave and another prospective customer before departing, and says critical closing conditions such as secured financing have still not been announced as met.

FRMI ticked up more than 1% in late Sunday overnight trading, but TradingView reports a separate overnight squeeze trade dominating the tape elsewhere: Ondas Holdings (ONDS) rose about 1.5% as bulls pinned hopes on a potential short squeeze ahead of its Nov.

12 earnings, with short interest near 40% since August per Koyfin data and Q3 revenue guided to $140–155 million.

For Fermi, Stocktwits notes retail sentiment slipped from 'neutral' to 'bearish' over 24 hours, with traders split between skepticism about insiders and speculation that a prospective partner or buyer may already be circling ahead of next week's meeting.