On June 23, Fermi Inc. declined 5.46% in pre-market trading, trading at $8.39/share, with turnover of $269,900.

On the news front, Fermi's board of directors sent a letter to shareholders urging them to revoke consent for former CEO Toby Neugebauer's solicitation to call a special meeting and return white revocation cards. The board also urged shareholders not to sign or return any green agent designation cards sent by Neugebauer and affiliated parties. In the letter, the company argued that Neugebauer was attempting to claim credit for the company's recent momentum and warned that his actions could disrupt progress. The company previously stated that Neugebauer was terminated for cause.

Fermi had earlier filed a preliminary consent revocation statement opposing Neugebauer's effort to call a special shareholder meeting and gain control of the board. With both sides escalating their proxy contest, market uncertainty has intensified, putting pressure on the stock price.

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