On July 2, Fermi Inc. rose 5.46% in regular trading, trading at $9.07/share, with turnover of $9.9962 million. On the news front, former CEO Toby Neugebauer publicly questioned what the Fermi board fears about testifying under oath after the company voluntarily dismissed its lawsuit prior to the commencement of discovery proceedings.

The dismissal was interpreted by the market as a tactical shift by the board in the ongoing proxy contest. Neugebauer has previously filed definitive proxy materials with the SEC seeking to convene a special shareholder meeting and has nominated four independent director candidates, advocating for a full sale of the company to maximize shareholder value. The board had repeatedly urged shareholders to return white revocation cards and reject Neugebauer's proposals, arguing his actions could disrupt business progress.

The rebound also came after two consecutive sessions of declines totaling over 10%, with the stock trading near $8.72 the prior day, suggesting technical recovery demand contributed to buying interest alongside the shifting litigation dynamics.

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