On July 7, Fermi Inc. fell 8.16% in regular trading, trading at $7.545/share, with turnover of $36.09 million. The decline came after the company announced that shareholders have sent a clear signal rejecting former CEO Toby Neugebauer's proposal to call a special shareholder meeting.

Fermi stated it will continue executing its strategic plan without disruption, characterizing the shareholder decision as a strong endorsement of current governance and management direction. The company emphasized that its team remains focused on operational and growth initiatives.

The reversal is notable given that just one day earlier, on July 6, the stock had risen 5.33% on reports that Neugebauer held approximately 70% support among recorded votes. However, Neugebauer had paused his proxy solicitation after a judge unexpectedly recused at the last moment, disrupting timelines. Meanwhile, Fermi's board had adopted a 70% supermajority voting threshold amendment, which Neugebauer challenged as a power grab effectively granting minority shareholders veto authority. The definitive rejection of the special meeting proposal now removes a key catalyst that had supported bullish sentiment around potential corporate changes.

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