FRMI · Fermi Inc. Common Stock

Miles Everson, a director designee of Toby Neugebauer, resigned from Fermi Inc.'s Board on July 10, 2026. In his resignation letter, he stated that the Company failed to provide Board and committee minutes despite repeated requests, impairing his ability to discharge fiduciary duties. He also criticized the Board's delegation of significant transactions to the Finance Committee, citing the announcement of a $350 million convertible bond that was not discussed by the full Board. The Company responded that Everson was granted full access except for materials related to pending litigation involving Mr. Neugebauer and that he had approved the Finance Committee's establishment. This resignation highlights potential governance concerns that may affect investor confidence in the Board's oversight, though the Company's rebuttal suggests a differing view. The event is significant but not immediately financial; hence it is assessed as MEDIUM materiality.