Tempers continue to flare between Fermi America and Toby Neugebauer as the company has rejected the former CEO’s call for a special meeting for shareholders, calling it invalid on Tuesday.
Earlier on Tuesday, Neugebauer, who is also the co-founder of Fermi, called for a special meeting to be held on May 29. According to Neugebauer’s statement, the special meeting would have provided Fermi shareholders “with their first opportunity since the initial public offering to express their views to the Board and determine the future of the company.”
Neugebauer said he would nominate a slate of five directors for election at the special meeting. Fermi responded to Neugebauer’s statement with its own press release:
“The board is disappointed that Mr. Neugebauer has submitted these proposals and is seeking to take control of the board and Fermi, believes the SEC [Securities and Exchange Commission] filings reflect the actions of a disgruntled former CEO who was terminated for cause, and recommends that shareholders not take any action to support either solicitation,” Fermi said.
Fermi continued: “With respect to the first of Mr. Neugebauer’s proposals seeking to solicit proxies to vote at a special meeting of Shareholders on May 29, 2026, Mr. Neugebauer’s special meeting request is not valid, has been rescinded by the officers who assumed the offices he once held, and at the time his request was made, by Mr. Neugebauer’s own admission, when he knew he was going to be removed as CEO.”
Neugebauer was fired from his CEO position on April 17 and removed from the company’s board on April 30. On April 21, Neugebauer wrote a letter calling for the sale of the company, in which the company rejected the notion.