INVESTARS ANALYST ACTIONS - PRIVATE 3:20 PM ET Jul-04-2026
On July 4, 2026 Zacks Investment Research, Inc. initiated coverage for Infleqtion (INFQ.NaE) with a NEUTRAL recommendation.
BENZINGA 5:37 AM ET Jul-02-2026
Canaccord Genuity analyst Kingsley Crane initiates coverage on Infleqtion (INFQ.NaE) with a Buy rating and announces Price Target of $22.
10K WIZARD 8:06 AM ET Jul-01-2026
http://archive.fast-edgar.com/20260701/AE2ZDQ2CLZ22NZB222ZC2ZY2ER7LZ222YQ86
Filed on: July 1, 2026
ChatGPT summary:
This July 1, 2026 Schedule 14A / DFAN14A is a Neugebauer-side definitive additional proxy filing, not a Fermi company filing. It attaches the June 30 town hall investor presentation and transcript titled “Securing Maximum Value for Fermi Shareholders.” It does not disclose a signed tenant, financing, permit, court ruling, sale offer, or Project Matador construction milestone. Its main value is that it gives a fuller, live Q&A version of Neugebauer’s argument.
The most important new point is that Neugebauer says he plans to extend the proxy timeline until after a judge rules, saying investors should vote after they have more facts. He frames this as avoiding a proxy fight over the July 4 / America’s 250th birthday period and letting shareholders see the legal record first.
That matters because the prior late-June filings had suggested momentum toward a near-term shareholder confrontation. This filing implies Neugebauer may slow the timing, at least tactically, until the court process clarifies the disputed governance issues.
Neugebauer’s main theme is that contracts are either assets or liabilities. He argues that for Fermi, this is “exponentially” true because the company must enter very large, complex contracts relative to its balance sheet — including EPC, gas, grid, tenant, and other execution contracts. He specifically mentions the Primoris EPC contract, gas supply, grid connection, and tenant contracts as examples where structure and stewardship can either create value or create serious liability.
His argument is not “do not sign a tenant.” It is: do not sign the wrong tenant / EPC / financing package without competitive tension and independent board oversight. He says a tenant contract can be an “asymmetrical asset or liability,” because successful execution could be highly valuable, while failure could bring penalties, financing guarantees, and liquidity strain.
Neugebauer gives more detail on why he says the original “Tenant 1” deal was not signed. He claims Fermi had at least 10 meetings with Tenant 1 into February, but that Tenant 1 used Fermi’s stock-price decline and increased float pressure to push for harsher economics and much larger penalties if Fermi failed to perform. He says the rent was not the main issue; the bigger concern was the penalties and execution risk.
He also says the team had two other tenant opportunities after exclusivity expired and that those alternatives offered better SLA and liquidated-damages terms with more money. He references Oracle directly, saying that meeting “did not go well,” and says he is not aware of many truly new tenants beyond the ones already in process before his exit.
The filing repeats the now-familiar Neugebauer thesis: Fermi should run an independent, banker-led dual-track processcomparing the standalone tenant/buildout plan against strategic alternatives such as a sale, partnership, or investment from a better-capitalized buyer. He again uses the “Three C’s” framework: Capital, Customer, Construction.
The presentation says six buyer categories should be engaged: hyperscalers, oil and gas majors, data-center developers, infrastructure/private equity/sovereign wealth funds, neoclouds, and chip/semi companies. Neugebauer argues that these buyers may value Fermi more highly because they can internalize power capacity, reduce financing risk, provide captive demand, or execute construction better.
The presentation again describes Project Matador as an 11 GW+ private power-grid and data-center campus in Amarillo, Texas, adjacent to the DOE’s Pantex Plant, on 7,500 acres under a 99-year Texas Tech University System ground lease. It also repeats claims of a 6 GW Clean Air Permit, another 5 GW application pending, $1B+ in financing facilities, 2+ GW of generation capacity secured, a 450 MMcfpd gas pipeline installed, and an NRC-accepted nuclear COL application. These remain Neugebauer-side presentation claims, not new independent verification in this filing.
Neugebauer was asked whether he would make it difficult for Fermi to become REIT compliant if he loses the proxy contest. He says he has “zero interest” in blocking REIT compliance and claims he has already set up foundations with independent boards to receive shares if needed. He also clarifies that his family’s sell-down was pre-IPO, not after the IPO lockup expired, and says it was done on banker advice to help with ownership concentration / REIT 5/50 considerations.
Neugebauer directly says yes, he expects potential dilution may be needed to finance the project, which is one reason he keeps emphasizing the Three C’s. That is one of the clearer investor-relevant answers in the Q&A: even under the tenant path, Fermi likely needs more capital, and the terms of that capital could matter a lot for existing shareholders.
Neugebauer continues attacking Fermi’s 70% threshold for adding directors, calling it effectively a board veto. The presentation argues that with insiders holding a large stake, the supermajority threshold makes it mathematically very hard for public shareholders to expand the board.
He also says the dispute has broader implications for Texas corporate governance and companies considering Texas as a corporate home. That is campaign rhetoric, but it shows he is trying to elevate the fight beyond Fermi into a “shareholder democracy / Texas governance” issue.
This filing is more revealing than most of the social-media filings. It gives a fuller view of Neugebauer’s thinking on tenant risk, EPC risk, dilution, leadership loss, and why he does not want shareholders to treat a tenant announcement as the end of diligence.
It is still advocacy. The presentation contains many claims about tenants, penalties, alternative bidders, board behavior, and legal timing, but the filing itself does not attach contracts, bids, court orders, emails, or tenant term sheets.
The “extend the proxy” comment is the most procedurally important item. If Neugebauer’s side formally extends the voting deadline until after a judge rules, the proxy fight’s timing changes and shareholders may get more legal clarity before deciding.
The tenant issue remains unresolved. Neugebauer is effectively saying: a tenant may be good, but the real diligence question is whether the tenant contract plus EPC, gas, grid, and financing obligations create a durable asset or a hidden liability.
This is a substantive town-hall filing, not just another campaign post. It clarifies Neugebauer’s core concern: Fermi’s next contracts could either unlock enormous value or saddle the company with execution and penalty risk it cannot absorb. His remedy remains the same: an independent board majority, a banker-led market test, and a dual-track comparison against the standalone tenant path.
The biggest near-term things to watch now are: whether the proxy deadline is formally extended, what the judge rules on the disputed governance mechanics, whether Fermi announces a tenant, and — most importantly — whether any tenant announcement includes enough contract detail to judge pricing, penalties, credit support, financing obligations, and execution risk.
10K WIZARD 6:09 AM ET Jul-01-2026
http://archive.fast-edgar.com/20260701/AVBZN22C8Z229JZZ2RZN2ZZZMAAHZ2Q2ZB86
Filed on: July 1, 2026
ChatGPT summary:
This is a promotional / visibility-focused 6-K with a compensation disclosure attached. It is not an earnings release, contract announcement, financing, customer win, or product launch. The only exhibit is a June 30, 2026 news release titled “Quantum eMotion to Sponsor AI for Good Global Summit and Participate in Cybersecurity Panel.”
Quantum eMotion says it will sponsor the AI for Good Global Summit 2026, organized by the International Telecommunication Union with UN partners, in Geneva from July 8–11, 2026. CEO Francis Bellido is scheduled to participate in a panel on AI security, cyber resilience, and the need for quantum-secure infrastructure in next-generation AI ecosystems.
The company frames the event as aligned with its push into secure AI infrastructure, saying its portfolio of quantum entropy, post-quantum cryptography, and runtime cryptographic protection technologies is positioned for AI systems, critical infrastructure, and sovereign digital ecosystems.
The bigger substantive disclosure is the stock option grant to CEO Francis Bellido.
Quantum eMotion’s board approved options for Bellido to purchase up to 2,475,000 common shares at an exercise price of $4.32 per share. The options expire on June 29, 2036, vest in four equal annual installments on June 30 of 2027, 2028, 2029, and 2030, and are subject to performance milestones.
Using the May 14, 2026 share count of 219,369,670 common shares outstanding, this grant equals roughly 1.13% of the company’s outstanding common shares before any future dilution effects. The exercise value of the full grant is about $10.69 million at the $4.32 exercise price.
This comes immediately after shareholders approved the company’s move to a 10% rolling stock option plan. On June 18, shareholders approved converting the plan from a fixed 24,750,000-share reserve to a rolling plan equal to up to 10% of outstanding common shares, with cashless exercise features added. That proposal passed with 97.52% support.
Based on the May proxy circular, the 10% rolling cap represented 21,936,967 shares, while 17,333,737 shares were already issuable under outstanding options. That implied about 4,603,230 shares of option-plan headroom at that point. A new 2,475,000-share CEO grant would consume roughly 54% of that indicated headroom, assuming the share count and option count had not materially changed.
This filing is especially notable because Bellido had just received only 52.95% support in the annual meeting director vote, with 47.05% of votes cast against him. John Young also had very high opposition, with 48.45% against. So, within days of a near-split vote on Bellido’s board election, the board granted him a large long-term option package.
That does not mean the grant is improper. It does mean the timing is governance-sensitive. Investors may reasonably ask what the performance milestones are, because the release says vesting is milestone-based but does not disclose the actual milestones.
The AI for Good sponsorship is positive from a branding and strategic-positioning standpoint, especially because Quantum eMotion is trying to attach its story to AI security, post-quantum cybersecurity, critical infrastructure, sovereign systems, and runtime cryptographic protection. But the filing does not disclose:
This 6-K has two layers:
Headline layer: Quantum eMotion is sponsoring and speaking at the UN-linked AI for Good Global Summit, reinforcing its positioning around AI security and quantum-secure infrastructure.
Investor layer: the more material item is the 2.475 million-option grant to CEO Francis Bellido, coming right after approval of the 10% rolling option plan and shortly after Bellido received unusually weak shareholder support in the director vote. The key follow-up question is what performance milestones must be met before those options vest.
BENZINGA 8:56 AM ET Jun-30-2026
The agreement covers the engineering, procurement, and construction scope for the simple cycle phase of Fermi's Siemens 6x1 combined cycle generating facility, rising adjacent to the Project Matador hyperscale computing and data center campus in Amarillo, Texas.
This is exactly the kind of decisive, builder-first agreement that defines Fermi's 2.0 execution strategy: partnering with the best contractors in the business, locking in proven performers, and converting ambition into steel in the ground. This milestone represents an important step forward for the project, with Fermi aiming to compress timelines, de-risk delivery, and make unmistakably clear that phase one is not a someday vision. It is happening now.
The momentum is already on the ground. Under earlier work, Primoris mobilized to the Project Matador site, completed the bathtub excavation for all six gas turbine power islands, and took delivery of balance of plant material to support underground utility installation. With this new agreement, the team builds on a foundation of discipline, safety, and craftsmanship.
PR NEWSWIRE 8:30 AM ET Jun-30-2026
Landmark agreement supercharges the simple cycle phase of the Siemens 6x1 facility powering the Project Matador campus in Amarillo, Texas, and marks another decisive step in Fermi's 2.0 execution strategy
AMARILLO, Texas, June 30, 2026 /PRNewswire/ -- Fermi today announced a major agreement with Primoris Energy Services, part of Primoris Services Corporation, to engineer and construct the balance of plant for the first six SGT-800 gas turbines anchoring Fermi's phase one power buildout. The agreement covers the engineering, procurement, and construction scope for the simple cycle phase of Fermi's Siemens 6x1 combined cycle generating facility, rising adjacent to the Project Matador hyperscale computing and data center campus in Amarillo, Texas.
This is exactly the kind of decisive, builder-first agreement that defines Fermi's 2.0 execution strategy: partnering with the best contractors in the business, locking in proven performers, and converting ambition into steel in the ground. This milestone represents an important step forward for the project, with Fermi aiming to compress timelines, de-risk delivery, and make unmistakably clear that phase one is not a someday vision. It is happening now.
The momentum is already on the ground. Under earlier work, Primoris mobilized to the Project Matador site, completed the bathtub excavation for all six gas turbine power islands, and took delivery of balance of plant material to support underground utility installation. With this new agreement, the team builds on a foundation of discipline, safety, and craftsmanship.
"This is an exciting day for Fermi and a powerful validation of how we execute," said Jacobo Ortiz, Co-President of Fermi America. "Primoris' work to date on the site has been nothing short of exemplary. They mobilized fast, they delivered quality, and they have earned our confidence at every turn. Expanding our partnership to the balance of plant for our first six SGT-800s is precisely what Fermi 2.0 is about: aligning with world-class partners who share our dedication and standards, and turning bold plans into operating infrastructure."
For Fermi's construction leadership, the agreement is both a vote of confidence and an accelerant.
"Primoris has set the bar for what we expect from a partner on this site," said Chad Ingersoll, Vice President of Construction at Fermi America. "Their performance so far has been exemplary, and by locking in this scope, our goal is to expedite the entire project. Because they already excavated the power islands and staged balance of plant material, we are carrying real momentum into engineering and construction rather than starting cold. This agreement lets us keep our foot on the gas and bring phase one online faster."
Primoris welcomed the expanded partnership and the shared commitment to delivering phase one safely and on an accelerated schedule.
"This agreement reflects the trust we've built through our team's performance onsite, delivering strong, safe, high-quality work," said Heath Moncrief, President of Primoris' Energy segment. "We're focused on bringing the same level of execution and partnership to this next phase, sharing Fermi's commitment to productivity, discipline, and safety. The scale of this project underscores its significance, and we look forward to continuing to contribute to its success."
The balance of plant scope ties together the systems, structures, and infrastructure that surround the gas turbine power islands and bring the facility to life, from underground utilities and equipment foundations to the tie-ins that connect the generating units into a single, dependable source of power for the Project Matador campus. Together, Fermi and Primoris will continue to advance the scope, schedule, and execution plan toward a final engineering, procurement, and construction agreement for the simple cycle phase.
Phase One of the power buildout is only the beginning. With its 2.0 execution strategy, Fermi is assembling a strong team of proven partners to advance one of the country's most ambitious power and computing buildouts. These efforts are turning Fermi's bold vision into reality, in the Amarillo community, at a pace that is helping redefine what's possible for projects of this scale.
About Fermi America™
Fermi America™ develops next-generation private electric grids that deliver highly redundant power at gigawatt scale to support next-generation intelligence and AI compute. Fermi America™ combines cutting-edge technology with a deep bench of proven world-class multi-disciplinary leaders with a combined 25 GW of experience, to create the world's largest, 11 GW next-gen private grid, helping ensure America's energy and AI dominance. The behind-the-meter Project Matador campus is expected to integrate the nation's biggest combined-cycle natural gas project, one of the largest clean, new nuclear power complexes in America, utility grid power, solar power, and battery energy storage, to support hyperscale AI and advanced computing. For additional information visit www.fermiamerica.com.
About Primoris Services Corporation
Primoris Services Corporation is a leading provider of critical infrastructure services to the utility, energy, and renewables markets throughout the United States and Canada. We deliver a range of engineering, construction, and maintenance capabilities that power, connect, and enhance society. On projects spanning utility-scale solar, renewables, power delivery, communications, power generation, and transportation infrastructure, we offer unmatched value to our clients, a safe and entrepreneurial culture to our employees, and innovation and excellence to our communities. To learn more, visit www.prim.com and follow us on social media at u/PrimorisServicesCorporation.
Media Contact
Fermi Inc. (FRMI.NaE) Communications | press@fermiamerica.com | 620 S. Taylor, Suite 301, Amarillo, Texas 79101
View original content to download multimedia:https://www.prnewswire.com/news-releases/fermi-selects-primoris-services-corporation-to-engineer-and-construct-balance-of-plant-for-first-six-sgt-800-gas-turbines-of-phase-one-power-buildout-302814505.html
SOURCE Fermi Inc. (FRMI.NaE)
10K WIZARD 6:05 AM ET Jun-30-2026
http://archive.fast-edgar.com/20260630/AE2ZD22CLZ22N25222ZC2WY2ER7LZ222YG86
Filed on: June 30, 2026
ChatGPT summary:
This is the same June 30, 2026 Fermi / Neugebauer DFAN14A we just looked at. I rechecked it; the core point is unchanged, but here is a cleaner read.
This filing is Neugebauer-side definitive additional proxy material, not a Fermi company filing. It does not announce a tenant, financing, power agreement, permit, court order, or Project Matador operating milestone. Its main purpose is to publicize that Glass Lewis and Egan-Jones recommended shareholders consent to calling a special meeting on Neugebauer’s GREEN agent-designation card.
The strongest new item is the proxy-advisor support. The filing says Glass Lewis and Egan-Jones both recommended that shareholders CONSENT to calling a special meeting. Glass Lewis is quoted as supporting the solicitation on a limited basis so shareholders can consider the substantive proposals, especially given the high 50% threshold and the fact that Fermi had not yet held its first annual meeting. Egan-Jones is quoted as saying a consent-based special meeting is advisable as a matter of shareholder process and governance access.
That distinction matters: this is not necessarily an endorsement of Neugebauer’s entire slate, strategy, or sale thesis. It is more narrowly framed as support for letting shareholders get a meeting.
The filing also announces a June 30 town hall webinar at 4:00 PM ET / 3:00 PM CT / 9:00 PM BST, moved to after market close. Neugebauer says he will take live, unscripted analyst questions and again invites Rick Perry, Griffin Perry, or Jacobo Ortiz to join and answer on behalf of current Fermi leadership.
That is a pressure tactic. It gives Neugebauer a public forum to argue transparency and puts Fermi-aligned leadership in the position of either appearing or declining.
Neugebauer also claims Fermi is “facing expedited discovery” after what he characterizes as a court victory the prior week. The filing itself does not attach the court order, so I would treat that as Neugebauer’s campaign characterization unless separately verified from the court docket.
The filing repeats that Neugebauer beneficially owns 146,516,035 Fermi shares, made up of 44,656,376 held by Vicksburg Investments Management LLC, 94,359,659 held by the Melissa A. Neugebauer 2020 Trust, and 7,500,000shares underlying RSUs that he says vested in connection with termination without cause. It also says the other participants do not beneficially own Fermi shares.
This is a process-legitimacy filing. Neugebauer’s side is trying to say: even independent proxy advisors think shareholders should at least get the chance to hold a meeting.
It strengthens Neugebauer’s procedural argument, but it does not prove that the GREEN cards are valid, that a meeting must occur, that Fermi has lost the proxy fight, or that Neugebauer’s proposed board slate or strategic-review plan will ultimately win.
10K WIZARD 6:10 AM ET Jun-29-2026
http://archive.fast-edgar.com/20260629/AE22DG2CLZ22NZ4222ZC2ZY2ER7LM222O286
Filed on: June 29, 2026
ChatGPT summary:
This June 29, 2026 Schedule 14A / DFAN14A is one of the more consequential filings in the proxy battle because it moves beyond social-media messaging into claiming a major procedural victory.
Neugebauer's group announces that it has submitted what it believes are sufficient GREEN agent designations to force a special shareholders' meeting, and it urges shareholders not to sign Fermi's WHITE revocation card, arguing that the decision should now move into shareholders' hands. These are claims made by Neugebauer's solicitation group, not an SEC determination or a court ruling. (investor.fermiamerica.com)
Unlike many of the June filings that simply attached LinkedIn/X posts introducing nominees, this filing contains a press release accompanied by related solicitation materials.
The central announcement is that Neugebauer's group believes it has:
The filing continues to characterize the GREEN card campaign as a request to allow shareholders to decide, rather than a vote to sell the company or immediately replace management. (PR Newswire)
This is the first filing in several weeks that contains a new procedural development instead of simply another campaign message.
The campaign had been saying:
>
Now the message changes to:
>
That is a meaningful transition.
However, it is important to distinguish three different things:
The filing establishes only step one.
The filing repeats several themes that have appeared throughout June:
Neugebauer continues arguing that shareholders—not the current board—should determine whether:
The filing again emphasizes:
Instead it is portrayed as simply enabling shareholders to hold the meeting.
This has been a consistent message since mid-June.
Neugebauer again argues that:
Those themes are unchanged from earlier filings.
This filing is effectively the response to Fermi's June 12 Definitive Consent Revocation Statement.
Recall:
>
That is the central development.
The filing does not prove that:
Those remain unresolved.
This filing raises the stakes considerably.
Instead of asking:
>
the question becomes:
>
That moves the contest from solicitation toward verification.
Looking across every filing you've asked me to analyze—from May 20 through June 29—the campaign has evolved through distinct phases.
| Phase | Main objective |
|---|---|
| Late May | Defend Neugebauer and criticize the board |
| Early June | Promote proposed directors |
| Mid June | Introduce alternative leadership (John Sellers / Double Eagle) |
| Late June | Convince shareholders to return GREEN cards |
| June 29 | Claim sufficient support has now been obtained |
That's a logical progression for a proxy contest.
This filing makes several forthcoming events much more important than anything contained in the filing itself:
Of all the Neugebauer filings you've shared, this is arguably the most significant procedural filing since the June 5 definitive solicitation materials.
Earlier filings mostly tried to persuade shareholders. This filing says:
>
Whether that statement ultimately proves correct depends on Fermi's verification process, any shareholder revocations, and potentially judicial review. At this stage, it should be viewed as Neugebauer's assertion of success, not an independently confirmed outcome. (investor.fermiamerica.com)
After reviewing the entire sequence of filings (May 20 through June 29), there is now enough information to reconstruct a fairly complete chronology of the contest. I think the next useful step would be to build a master timeline that integrates:
That would make it much easier to separate campaign rhetoric from verifiable events and identify where the two sides genuinely disagree versus where they simply emphasize different facts.
SEC FILINGS - 10K WIZARD Jun-26-2026 10:04 a.m. ET
http://archive.fast-edgar.com/20260626/AB22D22CJ222S2N2222G22E2A7KNN2222282
Filed on: June 26, 2026
ChatGPT summary:
This filing is a Schedule 13G beneficial-ownership report for Quantum eMotion Corp. It was triggered by an event dated June 18, 2026 and filed on June 26, 2026. The securities covered are Quantum eMotion common shares, no par value. (archive.fast-edgar.com)
A Susquehanna-linked group is reporting beneficial ownership of 24,234,055 Quantum eMotion common shares, representing 11.0% of the company’s outstanding shares. The reporting persons are:
| Reporting person | Role / jurisdiction | Reported beneficial ownership |
|---|---|---|
| Capital Ventures International | Cayman Islands entity | 24,234,055 shared; 23,259,949 sole |
| Susquehanna Advisors Group, Inc. | Pennsylvania | 24,234,055 shared |
| Susquehanna Securities, LLC | Delaware broker-dealer | 24,234,055 shared; 974,106 sole |
The filing says Susquehanna Advisors Group is the investment manager to Capital Ventures International and may exercise voting and dispositive power over CVI’s shares. Susquehanna Securities is described as an independent broker-dealer that, together with CVI and Susquehanna Advisors, may be deemed a group. (archive.fast-edgar.com)
The filing uses 219,369,670 shares outstanding as of May 14, 2026, taken from Quantum eMotion’s annual meeting/proxy materials. Against that denominator, 24,234,055 shares equals about 11.0%. The filing also notes that Susquehanna Securities’ reported amount includes options to buy 300 shares. (archive.fast-edgar.com)
The filing includes the standard 13G certification that the shares were not acquired and are not held for the purpose of changing or influencing control of Quantum eMotion. That makes this look like a passive or non-control beneficial ownership filing, not an activist 13D-style filing. (archive.fast-edgar.com)
This is meaningful because an institutional/Susquehanna-linked ownership group has crossed or reported a position above the 5% beneficial ownership disclosure threshold, and in this case the position is sizable at 11%. It does not announce a financing, partnership, merger, operational milestone, or technology update. The investor-relevant point is ownership concentration: Quantum eMotion now has a large disclosed holder/group tied to Susquehanna entities.
For Quantum eMotion, this is moderately bullish from an attention/liquidity/validation standpoint, because a sophisticated trading/investment complex is now disclosed as an 11% beneficial owner. But it is not automatically strategic or activist. The 13G language explicitly distances the position from control intent, and Susquehanna Securities’ broker-dealer role means some of the exposure may be trading/market-structure related rather than a long-only conviction stake.
MT NEWSWIRES Jun-26-2026 11:40 a.m. ET
11:40 AM EDT, 06/26/2026 (MT Newswires) -- Infleqtion (INFQ) could benefit from wider use of neutral atom technology, greater recognition of its computing business, stronger investor interest, new partnerships and rising US government demand, Wedbush Securities said in a note Friday.
The stock appears undervalued because Infleqtion (INFQ) has one of the largest revenue bases among listed quantum companies and is the only publicly traded pure-play neutral-atom company selling computing, sensing and software products built on one shared technology platform, the investment firm said.
Wedbush said it expects the valuation gap to narrow as neutral atoms gain credibility against older quantum technologies, investors recognize Infleqtion (INFQ) as more than a sensing company, and analyst coverage and trading activity increase.
The investment firm said Infleqtion's (INFQ) work with Nvidia (NVDA) , Safran, NASA, Voyager (VOYG) and DARPA supports its technology, while more major partnerships, proposed US funding and federal plans to deploy quantum sensors could strengthen future demand.
Wedbush Securities started coverage of the stock with an outperform rating and a $20 price target.
Infleqtion (INFQ) shares were up 8.6% in Friday trading.
Price: 13.89, Change: +1.10, Percent Change: +8.56
MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.
MT NEWSWIRES 7:13 AM ET Jun-26-2026
07:13 AM EDT, 06/26/2026 (MT Newswires) -- Infleqtion (INFQ.NaE) is meaningfully mispriced relative to quantum computing peers despite carrying the second-largest revenue base in the public quantum group, Wedbush Securities said in a Friday note.
The firm initiated coverage with an outperform rating and $20 price target, citing the company's unique position as the only publicly traded neutral-atom pure-play spanning computing, sensing, and software from a single technology core.
Infleqtion (INFQ.NaE) has the second-largest revenue base but is valued only sixth overall, the report noted. According to Wedbush, the key catalysts include a proposed $100 million Department of Commerce CHIPS investment and a recent executive order directing the deployment of quantum sensors.
Infleqtion (INFQ.NaE) stock gained 4% during Friday's premarket session.
MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.
10K WIZARD 4:10 PM ET Jun-25-2026
http://archive.fast-edgar.com/20260625/AE22D22CLZ22N27222ZC22Y2ER7LC222O286
Filed on: June 25, 2026
ChatGPT summary:
This second June 25, 2026 Fermi / Neugebauer DFAN14A is another Neugebauer-side definitive additional proxy material, not a Fermi company filing. It does not announce a tenant, financing, permit, buyer, court order, or Project Matador milestone. Its main new element is a proposed June 30 town hall webinar where Toby Neugebauer wants Rick Perry and Griffin Perry to appear with him and answer live questions from analysts, journalists, and industry experts before shareholders decide whether to support the GREEN agent-designation card campaign.
The filing has five pieces of material:
| Item | Content |
|---|---|
| Item 1 | Press release proposing a June 30 town hall with Toby Neugebauer, Gov. Rick Perry, and Griffin Perry. |
| Items 2–3 | LinkedIn and X posts repeating the town-hall proposal. |
| Items 4–5 | LinkedIn and X posts repeating Neugebauer’s “tenant announcement may be coming, but that does not end the proxy fight” message. |
The filing participants are again Vicksburg Investments Management LLC, Toby R. Neugebauer, the Melissa A. Neugebauer 2020 Trust, David Daglio, Charles Elson, Sheila Hooda, John Jimenez, Juan Pujadas, and Janet Yang.
Neugebauer proposes a live, unscripted town hall on June 30, open to shareholders of record, with questions taken in real time and no pre-approved talking points. He specifically invites Governor Rick Perry and Griffin Perry to join him, arguing that shareholders should hear each side’s view of Fermi’s past, present, and future before deciding whether to support the special-meeting effort.
This is a tactical escalation. Neugebauer is trying to move the dispute from SEC filings and press releases into a live public forum where the incumbent side would have to defend its governance, tenant strategy, and refusal to pursue his proposed dual-track strategic review.
The press release again attacks Fermi’s 70% supermajority threshold for shareholders to expand the board. Neugebauer characterizes it as a near-lock on the company after what he describes as Fermi’s “loss in federal court.” The filing does not attach the court order or independently prove the legal characterization; it is Neugebauer’s framing inside proxy-solicitation material.
The core question he wants aired is whether Fermi should pursue a dual-track process: continue the current tenant path while also exploring a full-value change-of-control transaction or strategic alternative for Project Matador.
The filing repeats Neugebauer’s Project Matador summary: a 7,500-acre private power campus in Amarillo, Texas on a 99-year ground lease with the Texas Tech University System, 11 GW+ total power capacity, a 6 GW Clean Air Permit with another 5 GW filed, adjacency to the DOE’s Pantex facility, and about $1 billion in financing facilities, majority led by MUFG. These are presented in the campaign material, not as new third-party-verified developments.
The later social posts repeat the message from the other June 25 filing: Neugebauer says he expects the stock may rise if Fermi announces a tenant, but argues that a tenant deal would be “the beginning of an execution challenge,” not the end of the story. He again claims three major banks, including “two of Elon’s favorites,” contacted his investment banker representing more than seven parties. The filing does not name the banks or parties and does not include bids, NDAs, LOIs, term sheets, or valuation indications.
The filing says Neugebauer’s group has filed a definitive proxy statement, a GREEN agent-designation card, and related materials to solicit agent designations for calling a special shareholder meeting “as promptly as practicable.”
It repeats Neugebauer’s claimed beneficial ownership of 146,516,035 shares, composed of 44,656,376 shares held by Vicksburg, 94,359,659 shares held by the Melissa A. Neugebauer 2020 Trust, and 7,500,000 RSU shares that he says vested in connection with his termination without cause. The filing says the other participants beneficially own no Fermi shares.
This is not a new business milestone. It does not confirm a tenant, strategic buyer, financing event, court ruling, or construction achievement.
It raises the visibility of Rick Perry and Griffin Perry. Neugebauer is now personally challenging the Perry side of the founder group / board-aligned faction to defend its view in public.
It is a pressure tactic before a key shareholder moment. A town hall proposal creates asymmetric pressure: if Perry participates, the dispute becomes a live cross-examination; if he declines, Neugebauer can argue the incumbent side is avoiding tough questions.
The tenant narrative is being pre-neutralized. Neugebauer appears to expect Fermi could announce good tenant news soon, but he is telling shareholders that even a tenant win should not end the governance fight.
This filing is best understood as a public-forum challenge plus pre-tenant-announcement positioning. Neugebauer is trying to keep the proxy campaign centered on shareholder rights and strategic alternatives, even if Fermi produces a near-term positive tenant headline.
The most important next facts remain: whether Fermi actually announces a tenant or JV, whether Rick Perry or Griffin Perry accept the town-hall challenge, whether the GREEN-card effort reaches the required threshold, and whether any court or company filing clarifies the status of the disputed 70% threshold.
PR Newswire, we are advised by the company that the original version contained incorrect information introduced by PR Newswire during transmission. The complete, corrected release follows, with additional details at the end:
Neugebauer Calls for Leading Analysts, Journalists, and Industry Experts Regularly Covering Fermi Who Know It Best Ask the Tough Questions — So Shareholders Have All the Facts Before Voting
DALLAS, June 25, 2026 /PRNewswire/ -- Toby Neugebauer, co-founder and largest individual shareholder of Fermi America, Inc. (Nasdaq: FRMI), today proposed a historic town hall webinar for Tuesday, June 30th — inviting Governor Rick Perry and his son Griffin Perry to join him before shareholders vote, so that investors can hear first-hand each party's views on the past, present, and future of Fermi.
Neugebauer is proposing that the leading analysts, journalists, and industry experts who regularly cover Fermi ask the tough questions — so that investors have all the facts. Questions would be taken live and in real time, with no submissions in advance and no pre-approved talking points.
The stakes of the forum could not be higher. Following Fermi's loss in federal court, Governor Perry and the rest of the Board gave themselves unprecedented control of the company — a 70% supermajority vote threshold for shareholders to expand the Board that would be virtually impossible to reverse. As Neugebauer continues his campaign to give shareholders their first vote on the future of Fermi, he argues that shareholders deserve to hear both sides make their case directly, under questioning by those who know the company best.
"I'm proposing a historic town hall webinar for June 30th so shareholders can hear first-hand each party's views on the past, present, and future of Fermi. Governor Perry and Griffin and have been friends, colleagues, and neighbors for decades before co-founding this company with me. Shareholders deserve to hear us answer tough questions from the analysts, journalists, and industry experts who cover this company — live, unscripted, in real time. By those who know the company best asking the tough questions."
— Toby Neugebauer
Among the core questions Neugebauer expects: whether the company should pursue a strategic dual track process — exploring both a change-of-control full value transaction and the current tenant track— to determine which path maximizes shareholder value from Project Matador. Neugebauer has called for an independent, banker-led strategic alternatives process to evaluate both tracks with full rigor. The current board has refused.
The forum would be webcast and open to all shareholders of record. Analysts, journalists, and industry experts who cover Fermi and wish to participate as questioners may contact contact@unlockfermivalue.com.
"After losing in federal court, Governor Perry and the rest of the Board majority have essentially given themselves a 70% supermajority lock on this company — a threshold so high it would make it nearly impossible for shareholders to change course if he's wrong. Shareholders deserve a real conversation and a real vote. Not lawyers. Not press releases. A town hall, on the record, where we both answer for our record and our vision."
— Toby Neugebauer
ABOUT PROJECT MATADOR
For more information, visit UnlockFermiValue.com or contact contact@unlockfermivalue.com
Important Information
Toby Neugebauer and his affiliated entities, Vicksburg Investments Management LLC and Melissa A. Neugebauer 2020 Trust (collectively with Mr. Neugebauer, the "Fermi Founder Parties"), David A. Daglio, Charles M. Elson, John T. Jimenez, Janet Yang, Sheila Hooda and Juan A. Pujadas (collectively, the "Participants") have filed a definitive proxy statement on Schedule 14A, accompanying GREEN agent designations card, and other relevant documents with the SEC in connection with the solicitation of agent designations for calling a special meeting of shareholders to be held as promptly as practicable (the "Special Meeting").
THE PARTICIPANTS STRONGLY ADVISE ALL SHAREHOLDERS OF THE COMPANY TO READ THE DEFINITIVE PROXY STATEMENT AND OTHER PROXY MATERIALS, INCLUDING THE GREEN AGENT DESIGNATIONS CARD, THAT HAVE BEEN AND WILL BE FILED BY THE PARTICIPANTS AS THEY BECOME AVAILABLE BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION. SUCH PROXY MATERIALS WILL BE AVAILABLE AT NO CHARGE ON THE SEC'S WEB SITE AT HTTP://WWW.SEC.GOV. IN ADDITION, THE PARTICIPANTS WILL PROVIDE COPIES OF THE PROXY STATEMENT WITHOUT CHARGE UPON REQUEST.
Mr. Neugebauer beneficially owns 146,516,035 shares of the Company's common stock, $0.001 par value per share (the "Common Stock"), composed of (i) Vicksburg Investments Management LLC beneficially owns 44,656,376 shares of Common Stock, (ii) 94,359,659 shares of Common Stock beneficially owned by Melissa A. Neugebauer 2020 Trust, and (iii) 7,500,000 shares of Common Stock underlying restricted stock units held by Mr. Neugebauer that vested in connection with his termination without cause. As of the date hereof, none of the other Participants beneficially own any shares of Common Stock.
Correction: The "ABOUT PROJECT MATADOR" section has been updated.
SOURCE Toby Neugebauer
PR NEWSWIRE 2:06 PM ET Jun-25-2026
Neugebauer Calls for Leading Analysts, Journalists, and Industry Experts Regularly Covering Fermi Who Know It Best Ask the Tough Questions — So Shareholders Have All the Facts Before Voting
DALLAS, June 25, 2026 /PRNewswire/ -- Toby Neugebauer, co-founder and largest individual shareholder of Fermi America, Inc. (Nasdaq: FRMI), today proposed a historic town hall webinar for Tuesday, June 30th — inviting Governor Rick Perry and his son Griffin Perry to join him before shareholders vote, so that investors can hear first-hand each party's views on the past, present, and future of Fermi.
Neugebauer is proposing that the leading analysts, journalists, and industry experts who regularly cover Fermi ask the tough questions — so that investors have all the facts. Questions would be taken live and in real time, with no submissions in advance and no pre-approved talking points.
The stakes of the forum could not be higher. Following Fermi's loss in federal court, Governor Perry and the rest of the Board gave themselves unprecedented control of the company — a 70% supermajority vote threshold for shareholders to expand the Board that would be virtually impossible to reverse. As Neugebauer continues his campaign to give shareholders their first vote on the future of Fermi, he argues that shareholders deserve to hear both sides make their case directly, under questioning by those who know the company best.
"I'm proposing a historic town hall webinar for June 30th so shareholders can hear first-hand each party's views on the past, present, and future of Fermi. Governor Perry and Griffin and have been friends, colleagues, and neighbors for decades before co-founding this company with me. Shareholders deserve to hear us answer tough questions from the analysts, journalists, and industry experts who cover this company — live, unscripted, in real time. By those who know the company best asking the tough questions."
— Toby Neugebauer
Among the core questions Neugebauer expects: whether the company should pursue a strategic dual track process — exploring both a change-of-control full value transaction and the current tenant track— to determine which path maximizes shareholder value from Project Matador. Neugebauer has called for an independent, banker-led strategic alternatives process to evaluate both tracks with full rigor. The current board has refused.
The forum would be webcast and open to all shareholders of record. Analysts, journalists, and industry experts who cover Fermi and wish to participate as questioners may contact contact@unlockfermivalue.com.
"After losing in federal court, Governor Perry and the rest of the Board majority have essentially given themselves a 70% supermajority lock on this company — a threshold so high it would make it nearly impossible for shareholders to change course if he's wrong. Shareholders deserve a real conversation and a real vote. Not lawyers. Not press releases. A town hall, on the record, where we both answer for our record and our vision."
— Toby Neugebauer
ABOUT PROJECT MATADOR
For more information, visit UnlockFermiValue.com or contact contact@unlockfermivalue.com
Important Information
Toby Neugebauer and his affiliated entities, Vicksburg Investments Management LLC and Melissa A. Neugebauer 2020 Trust (collectively with Mr. Neugebauer, the "Fermi Founder Parties"), David A. Daglio, Charles M. Elson, John T. Jimenez, Janet Yang, Sheila Hooda and Juan A. Pujadas (collectively, the "Participants") have filed a definitive proxy statement on Schedule 14A, accompanying GREEN agent designations card, and other relevant documents with the SEC in connection with the solicitation of agent designations for calling a special meeting of shareholders to be held as promptly as practicable (the "Special Meeting").
THE PARTICIPANTS STRONGLY ADVISE ALL SHAREHOLDERS OF THE COMPANY TO READ THE DEFINITIVE PROXY STATEMENT AND OTHER PROXY MATERIALS, INCLUDING THE GREEN AGENT DESIGNATIONS CARD, THAT HAVE BEEN AND WILL BE FILED BY THE PARTICIPANTS AS THEY BECOME AVAILABLE BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION. SUCH PROXY MATERIALS WILL BE AVAILABLE AT NO CHARGE ON THE SEC'S WEB SITE AT HTTP://WWW.SEC.GOV. IN ADDITION, THE PARTICIPANTS WILL PROVIDE COPIES OF THE PROXY STATEMENT WITHOUT CHARGE UPON REQUEST.
Mr. Neugebauer beneficially owns 146,516,035 shares of the Company's common stock, $0.001 par value per share (the "Common Stock"), composed of (i) Vicksburg Investments Management LLC beneficially owns 44,656,376 shares of Common Stock, (ii) 94,359,659 shares of Common Stock beneficially owned by Melissa A. Neugebauer 2020 Trust, and (iii) 7,500,000 shares of Common Stock underlying restricted stock units held by Mr. Neugebauer that vested in connection with his termination without cause. As of the date hereof, none of the other Participants beneficially own any shares of Common Stock.
PR NEWSWIRE 8:30 AM ET Jun-25-2026
Agreement accelerates engineering and permitting activities for Project Matador's second phase buildout
DALLAS, June 25, 2026 /PRNewswire/ -- Fermi Inc. , operating as Fermi America™ ("Fermi" or the "Company"), today announced that it has signed a service agreement with TSK Electronica y Electricidad USA, Corp. ("TSK") for its three Siemens SGT6-5000F gas turbines that will anchor Project Matador's second phase buildout.
As Spain's largest power-focused Engineering, Procurement and Construction (EPC) firm, TSK specializes in the turnkey delivery of complex industrial and power generation facilities, with a proven track record spanning more than 50 countries and deep expertise in electrical infrastructure, conventional and renewable power, and large-scale project management.
Under the agreement, TSK will deliver the critical early works and fast start engineering services to accelerate project execution, including the engineering and management services required to advance permitting, mobilize site activities, and manage the Siemens contract-related engineering scope and deliverables. By partnering with TSK, Fermi is compressing timelines, de-risking execution, and establishing a clear path to power generation.
A New Standard of Execution
"This agreement represents another important step in advancing the next phase of Project Matador," said Jacobo Ortiz, Co-President of Fermi America. "Teaming up with TSK, a global leader in engineering, procurement and construction, is wholly consistent with the vision of Fermi 2.0. We continue to gain momentum by executing our plan and partnering with the finest builders in the world. TSK's world-class engineering and turnkey discipline are going to supercharge Project Matador, and we could not be more excited about what we will accomplish together as development progresses."
"Having TSK engaged on the early works engineering is a game changer for our schedule," said Chad Ingersoll, Vice President of Construction at Fermi America. "Their fast start deliverables help us keep the momentum going on permitting and site activities while they manage the Siemens engineering scope in lockstep with our team. This is exactly how you expedite a project of this scale. I am thrilled to be working alongside the TSK team as we work toward a singular goal: delivering the world-class energy infrastructure that Texas and the nation will depend on for generations to come."
"TSK is honored to partner with Fermi on this landmark project," said Joaquín García Rico, CEO of TSK. "We are fully committed to bringing our global engineering and EPC expertise to deliver these early works with speed, quality, and certainty."
About Fermi America™
Fermi America™ develops next-generation private electric grids that deliver highly redundant power at gigawatt scale to support next-generation intelligence and AI compute. Fermi America™ combines cutting-edge technology with a deep bench of proven world-class multi-disciplinary leaders with a combined 25 gigawatts of experience, to create the world's largest, up to 17 gigawatts next-gen private grid, helping ensure America's energy and AI dominance. The behind-the-meter Project Matador campus is expected to integrate the nation's biggest combined-cycle natural gas project, one of the largest clean, new nuclear power complexes in America, utility grid power, solar power, and battery energy storage, to support hyperscale AI and advanced computing. For additional information visit www.fermiamerica.com.
About TSK
TSK (listed in the Spanish stock exchange market BME: TSK) is a global EPC and one of Spain's most internationally established engineering and construction groups. Founded in 1986 and headquartered in Gijón, in the Asturias region of northern Spain, TSK has grown into a technology-driven powerhouse that designs, builds, and delivers complex industrial and energy infrastructure on a turnkey basis. The company specializes in the engineering, procurement, and construction of facilities across power generation (both conventional and renewable, including solar and thermal), electrical infrastructure, industrial plants, water treatment, oil and gas, and minerals and raw material handling. Bringing its own proprietary technology, deep engineering expertise, and complex project management capabilities to every undertaking, TSK has built a portfolio of EPC references that ranks among the most extensive of any Spanish firm. Today the group generates annual revenues approaching one billion euros, employs more than 1,500 professionals, and has delivered projects in more than 50 countries across five continents, complemented by proven experience in the operation and maintenance of the plants it builds. That global track record, technical depth, and turnkey discipline make TSK an exceptional partner to power the Fermi Project forward. For additional information visit www.grupotsk.com.
Media Contact
Fermi Inc. Communications | press@fermiamerica.com | 620 S. Taylor, Suite 301, Amarillo, Texas 79101
View original content to download multimedia:https://www.prnewswire.com/news-releases/fermi-inc-selects-tsk-spains-largest-epc-firm-to-deliver-early-works-engineering-for-three-siemens-sgt6-5000f-turbines-302810695.html
SOURCE Fermi Inc. (FRMI.NaE)
BENZINGA. 8:38 AM ET Jun-25-2026
Agreement accelerates engineering and permitting activities for Project Matador's second phase buildout
DALLAS, June 25, 2026 /PRNewswire/ -- Fermi Inc. (FRMI.NaE) , operating as Fermi America™ ("Fermi" or the "Company"), today announced that it has signed a service agreement with TSK Electronica y Electricidad USA, Corp. ("TSK") for its three Siemens SGT6-5000F gas turbines that will anchor Project Matador's second phase buildout.
As Spain's largest power-focused Engineering, Procurement and Construction (EPC) firm, TSK specializes in the turnkey delivery of complex industrial and power generation facilities, with a proven track record spanning more than 50 countries and deep expertise in electrical infrastructure, conventional and renewable power, and large-scale project management.
Under the agreement, TSK will deliver the critical early works and fast start engineering services to accelerate project execution, including the engineering and management services required to advance permitting, mobilize site activities, and manage the Siemens contract-related engineering scope and deliverables. By partnering with TSK, Fermi is compressing timelines, de-risking execution, and establishing a clear path to power generation.
10K WIZARD 6:17 AM ET Jun-25-2026
http://archive.fast-edgar.com/20260625/AE2TD62CLZ22NZ3222ZC2ZY2ER7LZ222E286
Filed on: June 25, 2026
ChatGPT summary:
This June 25, 2026 Schedule 14A / DFAN14A is another Neugebauer-side proxy-solicitation filing in the Fermi Inc. control fight. It is not filed by Fermi; it is filed by Vicksburg Investments Management LLC, Toby R. Neugebauer, the Melissa A. Neugebauer 2020 Trust, and the proposed challenger nominees as definitive additional materials.
The filing is more substantive than the recent nominee-profile posts. Neugebauer now says he has a “high degree of confidence” that Fermi will announce a tenant deal soon, but argues that a tenant deal would not end the proxy fight, because his real issue is governance and whether Fermi’s board is honestly evaluating all strategic alternatives.
The filing includes three items:
| Item | What it contains |
|---|---|
| Item 1 | A June 24 / June 25 press release and letter from Toby Neugebauer |
| Item 2 | A June 24 LinkedIn post |
| Item 3 | A June 24 X/Twitter post |
The core headline is: “Neugebauer Highly Confident Tenant Will Be Announced Soon.”
Neugebauer says Fermi’s deal team was already in the “contracting phase” with a tenant before his departure. He quotes his prior Q4 earnings-call statement that customer C-suites became serious after the air permit and that Fermi was “in the contracting phase.” He also points to Fermi’s own recent statement that it was increasingly confident it would announce one or more tenant and/or joint venture transactions.
But he then reframes the issue: “The proxy was never about a tenant.” His argument is that a tenant announcement would be positive, but only the beginning of the next execution challenge. In his view, the real question is whether shareholders should have a board that compares the tenant-led standalone plan against other risk-adjusted alternatives, including strategic transactions.
The filing adds several new or sharpened claims:
Neugebauer again asks shareholders to vote CONSENT online or return the GREEN agent-designation card. He emphasizes that returning the GREEN card is not a vote to sell the company and not a vote on any nominee or proposal; it is only a step to call a special meeting. If the special meeting is called, his side says it will later distribute a BLUE proxy card for the actual meeting proposals.
He also tells shareholders not to return Fermi’s WHITE revocation card, which is the company-side tool designed to revoke support for the special meeting effort.
The filing repeats Neugebauer’s beneficial ownership of 146,516,035 Fermi shares, composed of:
| Holder / source | Shares |
|---|---|
| Vicksburg Investments Management LLC | 44,656,376 |
| Melissa A. Neugebauer 2020 Trust | 94,359,659 |
| RSUs held by Toby Neugebauer, described as vested upon termination without cause | 7,500,000 |
| Total | 146,516,035 |
The filing says none of the other participants beneficially own Fermi shares.
This is not a confirmed tenant announcement. Neugebauer is saying he is highly confident a tenant will be announced soon, but the filing does not disclose a signed lease, tenant name, economics, capacity commitment, credit support, or financing condition.
The proxy fight may continue even if Fermi announces a tenant. This is the most important strategic point. Neugebauer is preparing shareholders for the idea that a tenant deal could be good news while still not resolving what he sees as broken governance and unresolved strategic alternatives.
The buyer/partner-interest claims remain unverified. The “three banks / seven parties” language is potentially important, but without names, written indications, or economics, it is still campaign advocacy rather than diligence-grade evidence.
Neugebauer is trying to neutralize a Fermi win. If Fermi announces a tenant, the incumbent board would likely claim validation. Neugebauer’s June 25 filing preemptively says: tenant deal or not, shareholders still need a normal governance process and a full risk-adjusted strategic review.
This is a pre-tenant-announcement positioning filing. Neugebauer appears to expect Fermi may announce good tenant or JV news soon, and he is trying to keep the proxy campaign alive by arguing that the real issue is not whether Fermi can get a tenant — it is whether the board should evaluate all alternatives before locking shareholders into years of execution risk.
The next truly material item would be an actual Fermi tenant/JV announcement: tenant identity, megawatts committed, lease economics, term, credit support, financing obligations, construction timeline, termination rights, and whether it changes the shareholder appetite for Neugebauer’s GREEN-card campaign.
Jun 11, 2026, 16:50 ET
Without the Special Meeting, unelected directors can silence shareholder voices while making irreversible decisions behind closed doors
Sign the GREEN agent designation card now — demand a Special Meeting as soon as possible
DALLAS, June 11, 2026 /PRNewswire/ -- Toby Neugebauer, co-founder and largest shareholder of Fermi Inc. ("Fermi" or the "Company"), today announced that he has filed definitive solicitation materials with the Securities and Exchange Commission ("SEC") to call a Special Meeting of Shareholders (the "Special Meeting") to be convened as promptly as practicable to vote on the election of a new Board majority committed to taking all actions to benefit shareholders. Shareholders of record as of June 10, 2026 will be entitled to consent to calling the Special Meeting by returning a GREEN agent designation.
"An unelected Board steered by an entrenched board committee has spent nearly two months fighting stakeholder accountability rather than pursuing all options to maximize shareholder value," remarked Toby Neugebauer. "This is our time as owners of this Company to elect and empower a fully independent Board majority who are committed to doing what it takes to benefit all shareholders, including consideration of a full-value transaction alongside the existing standalone plan. I encourage all shareholders to join with me in calling the Special Meeting because it's time you determine Fermi's future."
In conjunction with the definitive proxy filing, Mr. Neugebauer has mailed a letter to the Company's shareholders, noting that:
Shareholders who support calling a Special Meeting to consider a vote on a new independent Board majority should promptly return their GREEN agent designation card. Signing the GREEN agent designation card does not vote your shares for any proposal or nominee. It simply gives you the shareholder the right to have a near-term vote.
Mr. Neugebauer's definitive proxy materials can be found at UnlockFermiValue.com. For shareholders who have questions or require any assistance with providing their agent designation, please contact Saratoga, Mr. Neugebauer's proxy solicitor, at (888) 368-0379 (toll-free) or info@saratogaproxy.com.
The full text of the letter being mailed to shareholders follows:
* * * * *
Support the Call for the Special Meeting
Dear fellow Fermi shareholder:
Fermi Inc. ("Fermi" or the "Company") is at a defining moment.
While the foundation for Project Matador has been laid by the achievements of our team over the last 15 months, the Company must act quickly to capitalize on this opportunity. Fermi's competitive advantage stems from its control over the most constrained portion of the AI value chain, power. Speed to market and scarcity dynamic are a highly valuable, yet contingent asset for Fermi. During the coming months, significant shareholder value will either be unlocked or impaired through decisions by the Board of Directors (the "Board"): tenant economics, financing arrangements, and management composition. Above all else, I believe shareholder value will be determined based on whether a full-value strategic transaction or strategic partnership is credibly considered alongside the existing plan.
As the largest shareholder, I am deeply committed to—and aligned with you in—ensuring that the Board makes the right decisions to maximize shareholder value.
But Fermi has never held a shareholder vote, and the unelected Board majority controlling our investment has focused its energies since April on entrenching themselves and denying us the opportunity to make decisions on the future of Fermi. The Company's "90-day plan" anchors itself on my team's remarkable execution prior to my termination without cause, but offers no credible path forward to build on that success and position Fermi for its next stage of growth. Additionally, the Board is engaging in revisionist history by claiming that it will consider serious sale offers—despite issuing a blanket rejection of that path previously, and failing to acknowledge that is taking zero steps to actually test the Company's market with potential buyers.
That is why I am asking you to help me call a Special Meeting of Shareholders (the "Special Meeting") to elect a new Board majority composed of high-caliber, independent directors who have no pre-existing ties to me or my family. This independent Board majority has made no commitments to me, except that they will seriously consider all options before the Company through the lens of the best interests of shareholders. We are asking you to do one thing today: sign, date, and return the GREEN agent designation card so shareholders decide what comes next for Project Matador.
What we are asking — and what we are NOT asking:
Fermi is at a critical inflection point where near-term decisions will unlock or impair significant shareholder value.
We founded Fermi with a single vision: develop Project Matador into a world-class platform to deliver power at speed and scale to the world's largest data center campus. When complete, Fermi will operate a private power grid that is capable of generating more than 11 gigawatts (GW) in the world's largest data center campus serving tenants seeking large-scale infrastructure for AI compute.
In the 15 months between Fermi's founding and my termination without cause in April 2026, we delivered on the foundation for that vision.
We secured a ~5,800-acre lease with the Texas Tech University System ("TTUS") later expanding the campus to ~7,500 acres, advanced critical power-generation permits, obtained the nation's second-largest Clean Air Permit at approximately 6 GW, submitted an additional approximately 5 GW Clean Air Permit application, and filed the first large-scale nuclear Combined Operating License application accepted for review by the Nuclear Regulatory Commission in more than 15 years. We also secured more than $1 billion in financing facilities, assembled a leading employee team and deep bench of commercial, construction, utility, vendor and financing partners, and completed a dual-listed IPO. Of course, this period was not without challenges, as we will describe in more detail very soon.
With the foundation of Fermi built, the Company faces critical decisions in the coming months that will unlock, or could impair, significant shareholder value, including securing a tenant at commercially viable prices by the December 31, 2026 deadline to preserve the TTUS lease, securing liquidity, and management composition. Just as important for shareholder value creation, I believe that the Board must exploit the opportunity created by our execution to date to explore a credible strategic transaction that maximizes value for shareholders.
Maximizing shareholder value requires an immediate, credible dual-track process that evaluates the right buyer for Project Matador.
This Board, like every public company, must ask a simple question: who will pay the most for the chance to own and develop Project Matador? I believe that the answer to this question requires a rigorous, credible dual-track process that evaluates all possible strategic options alongside the existing plan.
Project Matador faces "Three C" risks: capital, customers, and construction. Executing on the standalone tenant strategy requires public investors alone to bear those risks, imposing a durable headwind on the share price as the market discounts the tremendous upside of Project Matador by the uncertainty of execution. I believe that shareholder value is maximized through a strategic transaction with a buyer who brings "Three C" solutions and can therefore pay far more for Project Matador now than the public markets will value the Company over the long-term.
A review of the "Three C" risks reveals that public investors have a low likelihood of realizing the full value of the investment through long-term ownership:
By contrast, a buyer or strategic partner can properly value—and pay shareholders for—Fermi because it can de-risk the platform, accelerate execution, and capture synergies. The right buyer brings solutions to the "Three Cs" that are unavailable to the standalone company and its public investors:
The Company has never attacked this strategic logic and demonstrated how shareholders can be expected to receive more value on a risk adjusted, NPV basis, than the right buyer will pay for their shares today.
I have heard from potential counterparties who I believe bring "Three C" solutions, and I believe that there is credible interest in a high-value transaction if the Company would be willing to engage the market in a true process.
That is why I believe that a reconstituted Board should be empowered to engage a top-tier investment bank, contact the full universe of logical strategic and financial counterparties, compare credible bids against the standalone plan, and make an evidence-based judgment about the best interests of shareholders.
Without the Special Meeting, this critical inflection point will be controlled by an unelected Board majority opposed to shareholder accountability and any sale.
The actions of the current Board have already cost shareholders far too much – starting with their staffing decisions. When three directors fired me without cause, they did so knowing that several key leaders responsible for our execution and long-term success of Project Matador would depart. This includes the CFO; the head of financial discipline, the head of budgeting and forecasting, head of AI integration, head of permitting, project financing/capital markets lead, and the entire deal and communications teams. After nearly two months, Fermi has yet to replace those critical team members—further delaying execution on Project Matador and increasing the risks to shareholders from avoiding a dual-track process.
Fermi has never held a shareholder vote. Its first annual meeting has not been scheduled even though its fiscal year ended more than five months ago, and the annual meeting can be held as late as December 31, 2026 under Nasdaq rules. When I called a special meeting for May 29, 2026 in my then-current capacity as CEO, the Board took a series of unprecedented actions to prevent you from voting at it, including claiming to have cancelled the meeting without authority under Texas law and adopting a bylaw amendment that changed the rules two weeks before the meeting to add an "insiders veto" that would allow the incumbent Board to unilaterally block the election of additional directors.
The unelected directors controlling your investment have also demonstrated themselves incapable of credibly evaluating a strategic transaction. On April 21, 2026, less than 24 hours after I called for a sale process, the Company announced that "the Company firmly believes a sale is not in the best interest of its continued momentum on Project Matador, ability to serve potential tenants." This was a blanket, knee-jerk rejection of any sale at any price at any time. No counterparties will trust this Board to execute on a sale transaction when it has decisively rejected any sale as wrong for shareholders.
The Board now tries to re-write history, claiming that it is only opposed to an "immediate sale at current trading levels," even though I never called that. While the Company claims that the Board would "seriously consider a potential sale transaction if an offer were made," this ignores the need for a credible independent Board to engage an independent financial advisor and engage with potential counterparties in order to generate a high-value bid.
Nor is the Company's so-called "90-day plan" for obtaining a tenant, finding liquidity, recruiting an executive, and exploring strategic alternatives credible: it is vaporware that lacks any details on how to capitalize on my team's accomplishments, and shareholders should have no faith in this unelected Board to oversee it.
This campaign is not about me. It is about electing an independent Board majority committed to taking all actions to benefit shareholders, without preexisting ties to me or my family, existing Board dynamics, or other stakeholders.
The Board has attempted to frame this campaign as a referendum on me and their fabricated narrative of my tenure as CEO—a narrative that they have continually changed to suit their interests and lacks any credibility. And claims that this vote would install me in control are simply false. I am not intending to return to management, and I will have no control or influence over the reconstituted Board majority.
I have nominated six independent director candidates who have no preexisting relationships with the Company, no ties to the current Board's internal dynamics, and no pre-commitments about the future of Fermi. If all proposals submitted at the Special Meeting are approved, these six nominees would themselves constitute a majority of the full Board. The Board would also include me and my existing director designees, Larry Kellerman and Miles Everson, but we would be a tiny minority of the Board (three of eleven).
My nominees bring relevant experience across M&A, capital allocation, corporate governance, energy finance, capital markets, risk oversight, strategic transformation and public company leadership that ideally position them for this significant role overseeing the future of Fermi:
The Company has never attacked the qualifications or independence of these nominees.
My nominees have made no commitments to me regarding any transaction, management role, Board action or strategic outcome. I have only asked them to exercise their independent judgment and do what they believe is in the best interests of all Fermi shareholders.
I believe that shareholders deserve the opportunity to vote on this new independent Board majority and the opportunity for a credible dual-track strategic review of all opportunities to deliver shareholder value.
Support An Urgent Vote on the Future of Fermi
Vote CONSENT to calling the Special Meeting
on the GREEN Agent Designation Card Today
Your vote to CONSENT to calling a Special Meeting is NOT a vote in favor of the proposals. If the Special Meeting is successfully called, the Fermi Founder Parties will distribute a BLUE proxy card on which you may vote for the proposals for the meeting.
If you have any questions or require assistance in executing your GREEN agent designation card, please contact our proxy solicitor:
Saratoga Proxy Consulting LLC
520 8th Avenue, 14th Floor
New York, NY 10018
(212) 257-1311
Phone: (888) 368-0379 (Toll Free)
Email: info@saratogaproxy.com
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Important Information
Toby Neugebauer and his affiliated entities, Vicksburg Investments Management LLC and Melissa A. Neugebauer 2020 Trust (collectively with Mr. Neugebauer, the "Fermi Founder Parties"), David A. Daglio, Charles M. Elson, John T. Jimenez, Janet Yang, Sheila Hooda and Juan A. Pujadas (collectively, the "Participants") have filed a definitive proxy statement on Schedule 14A, accompanying GREEN agent designations card, and other relevant documents with the SEC in connection with the solicitation of agent designations for calling a special meeting of shareholders to be held as promptly as practicable (the "Special Meeting").
THE PARTICIPANTS STRONGLY ADVISE ALL SHAREHOLDERS OF THE COMPANY TO READ THE DEFINITIVE PROXY STATEMENT AND OTHER PROXY MATERIALS, INCLUDING THE GREEN AGENT DESIGNATIONS CARD, THAT HAVE BEEN OR WILL BE FILED BY THE PARTICIPANTS BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION. SUCH PROXY MATERIALS ARE OR WILL BE AVAILABLE AT NO CHARGE ON THE SEC'S WEB SITE AT HTTP://WWW.SEC.GOV. IN ADDITION, THE PARTICIPANTS WILL PROVIDE COPIES OF THE PROXY STATEMENT WITHOUT CHARGE UPON REQUEST.
Mr. Neugebauer beneficially owns 146,516,035 shares of the Company's common stock, $0.001 par value per share (the "Common Stock"), composed of (i) Vicksburg Investments Management LLC beneficially owns 44,656,376 shares of Common Stock, (ii) 94,359,659 shares of Common Stock beneficially owned by Melissa A. Neugebauer 2020 Trust, and (iii) 7,500,000 shares of Common Stock underlying restricted stock units held by Mr. Neugebauer that vested in connection with his termination without cause. As of the date hereof, none of the other Participants beneficially own any shares of Common Stock.
SOURCE Toby Neugebauer
10K WIZARD 8:01 AM ET Jun-22-2026
http://archive.fast-edgar.com/20260622/AVB2N22C8Z22B2ZU22ZN22ZZM9AH72Z2Z286
Filed on: June 22, 2026
ChatGPT Summery:
This Form 6-K is an annual-meeting results filing. It includes two exhibits: a June 19, 2026 news release titled “Quantum eMotion Reports Annual General Meeting Results and Highlights Strategic Progress” and the formal Report of Voting Results for the annual general meeting held on June 18, 2026. The 6-K was signed by CFO Marc Rousseau on June 22, 2026.
Shareholders approved all resolutions presented at the AGM:
The stock option plan amendment is the same major governance item previewed in the May 26 proxy package: it converts the plan from a fixed 24,750,000-share reserve to a 10% rolling plan, adds cashless exercise features, and updates the plan to align with TSX Venture Exchange requirements. It passed with 97.52% of votes cast in favor.
The most important detail is not just that the directors were elected, but how narrowly two insiders were elected.
| Nominee | Votes For | % For | Votes Against | % Against |
|---|---|---|---|---|
| Francis Bellido | 25,173,943 | 52.95% | 22,366,076 | 47.05% |
| Tullio Panarello | 45,895,157 | 96.54% | 1,644,862 | 3.46% |
| David Teeple | 46,207,070 | 97.20% | 1,332,949 | 2.80% |
| Catherine Loubier | 47,417,211 | 99.74% | 122,808 | 0.26% |
| John Young | 24,506,954 | 51.55% | 23,033,065 | 48.45% |
Francis Bellido and John Young were elected, but both received very high opposition: 47.05% against Bellido and 48.45% against Young. That is the standout item in the filing. The document does not explain why those two nominees received such large against votes, but the result suggests meaningful shareholder dissatisfaction or governance concern directed specifically at them.
Richter LLP was reappointed as auditor with 98.86% support and 1.14% withheld. That result looks routine and non-controversial.
The company used the AGM press release to recap what it calls a transformational year. It highlighted its NYSE American uplisting, launch of the eShield-Q runtime cybersecurity platform, acquisition and integration of SecureKeys technologies, progress on quantum-secure semiconductor initiatives, and expansion into sectors including AI data centers, energy storage, healthcare, defense, financial services, government, and critical infrastructure.
Looking forward, Quantum eMotion says it is focused on accelerating eShield-Q deployments, advancing its universal quantum-secure system-on-chip initiatives through collaboration with JMEM TEK and other partners, moving toward NIST FIPS validation, and deepening partnerships across enterprise, sovereign, and critical-infrastructure markets.
One small but notable compensation/governance item: the board approved accelerated vesting of 125,000 stock optionspreviously granted to Larry Moore, described as a consultant and former director.
This is a clean approval filing on the surface, but the director votes make it more interesting. The auditor vote and option-plan amendment passed easily, but nearly half of the votes cast opposed Francis Bellido and John Young. That is a meaningful governance signal.
The investable takeaways are:
REUTERS 8:43 AM ET Jun-22-2026
June 22 (Reuters) - Fermi Inc (FRMI.NaE):
* FERMI - URGES SHAREHOLDERS TO RETURN WHITE CONSENT REVOCATION CARD AMID SPECIAL MEETING SOLICITATION Source text: Further company coverage
