On July 10, Fermi Inc. declined 12.02% in after-hours trading to $6.4493 per share, with turnover of $441,500. The stock extended losses following a prior 8.16% drop on July 7.

On the news front, Fermi previously announced that shareholders sent a clear signal rejecting former CEO Toby Neugebauer's proposal to call a special shareholder meeting. The company stated it would proceed with its existing strategic plan without distraction. With the control contest expectations now definitively collapsed, the market's prior hopes for value realization paths — including a full company sale or strategic partnership proposed by Neugebauer — have unwound, driving continued selling pressure.

Neugebauer had earlier claimed approximately 70% support among recorded votes before suspending his proxy solicitation due to a judge's last-minute recusal. Fermi's board had characterized his efforts as those of a terminated executive seeking to force a sale at an undervalued price, and urged shareholders to return white revocation cards opposing the special meeting bid.

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