Fermi Inc. founder Toby R. Neugebauer submitted a formal proposal for an independent strategic review. Neugebauer currently serves as the largest shareholder with an approximate 22% stake. The filing, under SEC Rule 14a-8, urges the board to hire an independent investment bank.
The board would explore a full range of transactions, including a potential sale or recapitalization. This proposal arrives ahead of the company's annual meeting scheduled for October 30. Neugebauer previously sent a letter and detailed presentation to the board earlier this week.
Neugebauer attributes the stock's significant decline to recent board decisions and his removal as CEO. He argues the company remains substantially undervalued.