Business
Fermi Board Amends Bylaws to Protect Interests of Shareholders
Fermi Inc. (NASDAQ: FRMI) (LSE: FRMI), operating as Fermi America™ ("Fermi" or the "Company"), today announced that its Board of Directors (the "Board") has approved an amendment of the Company's Bylaws (the "Bylaws") to protect and empower shareholders unaffiliated with the Company's former Chief Executive Officer. The Bylaw amendments are intended to ensure the integrity of the Company's Board structure.
About this update from Fermi Inc.
[{"type":"text","content":"DALLAS, May 14, 2026 /PRNewswire/ -- Fermi Inc. (NASDAQ: FRMI) (LSE: FRMI), operating as Fermi America™ ("Fermi" or the "Company"), today announced that its Board of Directors (the "Board") has approved an amendment of the Company's Bylaws (the "Bylaws") to protect and empower shareholders unaffiliated with the Company's former Chief Executive Officer. The Bylaw amendments are intended to ensure the integrity of the Company's Board structure.","length":508,"tagName":"p"},{"type":"image","alt":"(PRNewsfoto/Fermi Inc.)","displaySize":"","headline":null,"caption":"(PRNewsfoto/Fermi Inc.)","className":"","disableSlideshowImg":false,"size":{"original":{"width":400,"height":144,"url":"https://media.zenfs.com/en/prnewswire.com/7370d096722637275e1c7620a73f8328"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/9jeNZDksq9Z8Eos4RIT9WQ--/YXBwaWQ9aGlnaGxhbmRlcjt3PTcwNTtoPTI1NA--/https://media.zenfs.com/en/prnewswire.com/7370d096722637275e1c7620a73f8328","width":400,"height":144},"resize_sm":{"url":"https://s.yimg.com/ny/api/res/1.2/zgoQjHRRyA6_y4ux3T_Nbg--/YXBwaWQ9aGlnaGxhbmRlcjt3PTY0MDtoPTIzMA--/https://media.zenfs.com/en/prnewswire.com/7370d096722637275e1c7620a73f8328","width":400,"height":144}},"href":"https://mma.prnewswire.com/media/2977268/Fermi_Logo.html","hrefExternal":true,"rel":"nofollow"},{"type":"text","content":"Under the amended Bylaws, any proposed changes to the Board's size or classified structure will require approval from at least 70% of the Company's outstanding shares entitled to vote in the election of directors, voting as one class. Fermi's former CEO has claimed that he and his affiliates currently control approximately 40% of Fermi's outstanding shares, which represents an outsized level of influence under the previous Bylaws.","length":450,"tagName":"p"},{"type":"text","content":"Consistent with best governance practices for shareholder approval of conflicted transactions, a 70% vote to approve Mr. Neugebauer's proposal would require approximately half of the shareholders unaffiliated with him to amend the Bylaws as he intends. The Board's amendment does not change the percentage of shareholders necessary to call a special meeting, which remains at 50% of the Company's outstanding shares.","length":428,"tagName":"p"},{"type...