I’m not encouraging anyone to buy $FRMI, but I did add to my position yesterday.
I don’t believe the incoming Texas governor can simply revoke permits that have already been issued. But for projects that haven’t applied yet or are still waiting for TCEQ approval, the wait could be very long.
I believe permitted power capacity has become even more valuable since the election.
$FRMI still carries significant risks, of course. But I expect projects with permits already secured to accelerate development before the new governor takes office.
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Trump and Lutnick pushed Japan and South Korea to invest in major U.S. power projects:
• Japan: Anderson, Texas — 5.2 GW
• Korea: Project Star, Texas — 6.47 GW
• Japan: Portsmouth, Ohio — 9.2 GW
• Japan: South Mon, Pennsylvania — 4.3 GW
That’s roughly 25 GW of planned gas generation across three states that will all have Democratic governors.
Trump can line up funding for his friends, but they’d better already have their permits. $FRMI
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My guess is $FRMI initially stayed silent on the basis of “no material event to report,” then faced a backlash as the stock kept falling.
Today’s statement should have come yesterday.
A shareholder letter, then silence—and shareholders keep watching the stock hit new lows. We deserve better communication.
Management had better close the TensorWave deal before the earnings call, then announce a second tenant to make it up to shareholders. 👏
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$FRMI may be hiding behind “no material event to report” to justify its silence. But what frustrates me most is the CEO’s shareholder letter. What exactly were investors supposed to take away from it?
And why did Toby sell? How much does he know about what this board is doing that the rest of us don’t?
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No announcement from $FRMI today. My read: financing still isn’t secured. Otherwise, I would have expected an announcement.
Another extension seems more likely than termination. But will more time actually solve the financing problem? They may need to bring in a project equity partner.
I hope $FRMI surprises me with good news on Monday.
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If $FRMI has already extended or terminated the TensorWave agreement, the 4-business-day Form 8-K deadline is not a license to conceal material information.
Timely filing doesn’t automatically shield a company from Rule 10b-5 liability if its statements are materially misleading.
Meeting the deadline doesn’t mean meeting every disclosure obligation.
I hope $FRMI doesn’t disappoint us.
$FRMI My take: if key financing terms were still being negotiated, I’d have expected an extension announcement several days ago, as we saw last time.
Assuming AMD’s credit support remains intact, TensorWave has every incentive to extend rather than walk away from such valuable backing.
The lack of an extension announcement makes me wonder whether terms are largely settled and they’re waiting on signatures or final closing steps.
An inference, not confirmation—but that’s my reasoning.
Last time, $FRMI announced the extension of its TensorWave lease closing deadline on September 22—8 days before the September 30 deadline—pushing it to October 31.
Today is October 28, with just 3 days remaining until that extended deadline. We’re now 5 days closer to the deadline than when the previous extension was announced.
The timing is somewhat encouraging, but silence alone doesn’t confirm that the deal will close on time.
Being bullish on $FRMI is one thing. Surviving this never-ending selloff is another.
Watching your portfolio shrink day after day for so long is quite an experience. Apparently, patience isn’t just a virtue — it’s becoming an expensive hobby.
For those who are still bullish on FRMI, how are you managing your positions?
I waited. And waited. And kept waiting.
Until I could establish a February 2027 $2.5/$3 bullish risk reversal — selling the $2.5 put and buying the $3 call — for a net credit.
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$FRMI keeps hitting new all-time lows , yet there’s still not enough buying interest to absorb the selling. I believe three factors are at play: uncertainty around TensorWave financing, concerns about dilution, and weak confidence in management execution. The CEO’s recent letter to shareholders appears to have acted as a catalyst, amplifying these concerns rather than restoring investor confidence. Until these concerns are addressed, buyers may simply continue to stay on the sidelines.
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$FRMI’s market cap is now down to just $1.7B.
At this valuation, convertible bonds (CBs) and at-the-market (ATM) offerings seem increasingly unrealistic as viable financing options.
Raising a sizable amount of capital through either route would result in massive shareholder dilution.
Project financing or project-level equity investment seems more critical than ever.
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Some people are predicting that $FRMI will fall below $1 and eventually undergo a reverse stock split.
With a current market cap of around $1.7B, a drop to $1 would shrink its valuation to roughly $670M.
A reverse split does absolutely nothing to increase market capitalization or bring in fresh capital.
The real issue isn’t the share price. It’s the company’s ability to finance its projects.
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