Fermi Board Solidifies Control After Neugebauer Proxy Campaign Collapses

The failed attempt to call a special meeting marks a definitive end to the leadership challenge that has shadowed the Dallas-based energy firm since Neugebauer’s termination for cause. While Neugebauer publicly claimed control over 40% of outstanding shares, preliminary data from July 6, 2026, suggests a different reality. Fermi reported that only 31% of shares supported the consent solicitation, while 36.4% were formally revoked. These figures indicate that the former executive failed to gain traction among independent shareholders.

The collapse of the campaign arrived just one day after Institutional Shareholder Services (ISS) advised investors against supporting the call for a special meeting. With the distraction now removed, Fermi’s board has pivoted back to its core operational objectives. The company is currently focused on finalizing a binding tenant agreement, maintaining capital discipline, and securing a permanent successor for the CEO position. Furthermore, the leadership team is prioritizing the development of the Project Matador campus, which aims to integrate natural gas, nuclear, and renewable assets to support large-scale AI and high-performance computing infrastructure.