Entrepreneur, Builder, Investor; Co-Founder & Largest Shareholder, Fermi America™ (NASDAQ: FRMI)
Dallas
Joined May 2026
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My father, Randy Neugebauer, who is the trustee of the Neugebauer 1998 Children's Trust, today reported he sold some of the Trust's FRMI shares in Q2 2026. My sons and I have no control over his decision-making.
Randy has been in the real estate development business for over 40 years and served seven terms as a United States Congressman for the Texas Panhandle, West Texas, and the Big Country regions, one of the nation’s fastest-growing data center corridors.
He knows the players that are no longer at Fermi, as well as the players that remain. He is also highly principled on good governance.
Randy is solely focused on being the best fiduciary for his grandchildren, and, unfortunately, his assessment that led to his decision to sell Trust shares last quarter is playing out.
My wife, Melissa, and I have not sold a single FRMI share since the IPO. Given the last 100 days performance, we continue to believe that Fermi is grossly undervalued and reiterate our call for a strategic, full-value dual process and governance review.
Fermi just announced a $350M convertible note offering.
Ask Claude and it will say: This is exactly the kind of transaction Toby's campaign argued the board would do — dilute shareholders, take expensive capital, avoid a strategic review.
$FRMI
Only the Fermi board could look at a 70/30 vote in favor of the Neugebauer campaign and call it a win.
Just like their late-night 70% bylaw change was designed to silence shareholders and protect their minority control…30% isn't shareholder support, it's an entrenched minority clinging to power.
$FRMI #GoodGovernance
Today I'm suspending my current proxy campaign — while leading with roughly 70% of the votes recorded and landing the support of two leading proxy advisory firms recommending the special meeting. Why?
Because after Fermi’s top two law firms recently withdrew from the case, the Texas Business Court judge, who had stated he had no conflict at the outset of the trial, inexplicably recused himself an hour before yesterday's hearing—while affirming his expedited discovery ruling—throwing off the timeline Fermi needs to run a strategic dual-track process.
Earning the backing of Glass Lewis and Egan-Jones, two of the nation's leading proxy advisory firms, along with a majority of the votes cast in this effort, affirmed my call to utilize the 3c’s (cost of capital, construction expertise, and customer) to run the strategic full value process that Fermi shareholders deserved.
I couldn't be more grateful for the support of shareholders large and small — from individual investors to some of the world’s highest-profile investors and true legends of finance including two of my own finance heroes.
To the bold and courageous leaders who worked alongside me securing the financing, tenant contracting, and permitting Fermi needed, then walked away from real money on principle after my termination — thank you.
To my former colleagues: avoid the tendency to outsource Fermi's execution. Make us proud.
Coming full circle on the story of King Solomon — I'm laying the baby I conceived and birthed down, for the good of the child. I started Fermi 18 months ago because I saw it as the Manhattan Project of our time. I still do. Steward her well.
$FRMI
prnewswire.com/news-releases…
Join me at 4PM ET TODAY for a live Town Hall webcast where I will be answering questions from analysts who have covered Fermi in real time.
TOWN HALL: TODAY at 4:00 PM ET/ 3:00 PM CT/ 9:00 PM BST
REGISTER - webcaster5.com/webcast/page/…
Additional Information can be found at: unlockfermivalue.com
BIG NEWS — Today, leading proxy advisory firms Glass Lewis and Egan-Jones both issued reports recommending that shareholders CONSENT to the calling of the special meeting of shareholders on our GREEN agent designation card.
Not only is this a win for good governance, but is the best path for shareholders to have a voice in the future of Fermi.
To learn more about how to return your GREEN agent designation card, please visit UnlockFermiValue.com/vote
Additional Information: prn.to/44B4C6i
The time for tomorrow's webinar has been UPDATED - it will now be after market at 4:00 PM ET/ 3:00 PM CT/ 9:00 PM BST.
Make a note on your calendar if you already registered. Or register for the webinar NOW at webcaster5.com/Webcast/Page/…
Additional Information: unlockfermivalue.com/webinar
Given the Perrys have not yet accepted my invitation to the Town Hall, and because I sincerely want both sides represented in tomorrow’s webinar, I’ve now invited Jacobo Ortiz, Co-President and COO, who’s been with the Company since day one, to join me.
You, the shareholders, are owed transparency and facts. It’s why, TOMORROW, June 30 at 1:00 PM ET/ 12:00 PM CT/ 6:00 PM BST, I’ll do the webinar on my own if necessary, including addressing questions live, on the record, from analysts covering Fermi. All Fermi stakeholders are invited to join the webinar.
Register TODAY at webcaster5.com/Webcast/Page/…
Additional Information: prn.to/4xUyeZS
On Tuesday, I will host a Town Hall webinar.
It was my hope to be joined by Governor Rick Perry and his son Griffin Perry to discuss the past, present, and future of Fermi. If they can’t accept, I’ve now invited Fermi’s Co-President and Chief Operating Officer, Jacobo Ortiz, who has been with the Company since day one, to join me and the analysts on behalf of the Company.
Regardless, stakeholders are owed answers and I will take live, unscripted questions from analysts who have covered Fermi in real time. I hope you’ll join me.
Our webinar will take place on Tuesday, June 30 at 1:00 PM ET/ 12:00 PM CT/ 6:00 PM BST.
Register TODAY at webcaster5.com/Webcast/Page/…
Additional Information: prn.to/4xUyeZS
We got a BIG win in court today.
Fermi, as it sought to have its lawsuit decided in the dark while avoiding scrutiny of its actions and blocking shareholders from learning the truth, will now be required to provide documentation and testimony explaining rationale for its recent actions, including its opposition to a Special Meeting.
This decision isn’t just a win for Fermi’s shareholders, it is a huge win in a landmark case for the entire pro-business state of Texas.
And it further illustrates why we need a highly-qualified, independent board to bring Fermi into its next stage of growth. I strongly urge all shareholders to vote every GREEN card or GREEN voting instruction form by mail and ONLINE the moment they receive it to call for a Special Meeting to decide Fermi’s future.
Read the Judge's Order on the motion and our statement at prn.to/44BX1Ew
To learn more, visit UnlockFermiValue.com
A message to shareholders: throw all white card mailers and emails in the trash.
Any response to a white card is a vote for the board — and cancels your green vote.
Vote the GREEN card. Learn more at UnlockFermiValue.com/vote
Additional Information: prn.to/4vKi17G
I’m proposing a historic town hall webinar for June 30th — Governor Rick Perry, Griffin Perry, and me, answering live questions from the analysts and experts who cover $FRMI — live, unscripted.
Shareholders deserve to hear each party’s views on the past, present, and future of Fermi. 👇
prn.to/43XuWHB
UnlockFermiValue.com
I can only assume the stock will pop once the Company announces the good news of a tenant. We will all celebrate. And three minutes later— then what? A tenant deal is the beginning of an execution challenge, not the end of the story.
The Company will be left with a lot of execution risk, which may be great. But that can only be judged in comparison to all alternatives. To say you have evaluated alternatives is just not true. Three major banks, including two of Elon’s favorites, have reached out to my investment banker, representing in excess of seven parties.
To long-term shareholders, my former colleagues holding RSUs, and Class B shareholders: you are shouldering the execution risk, as many of you are locked up for three years. I had you in mind when I proposed a strategic, value-maximizing change-of-control process.
We have so many choices – let’s choose the best one.
Read my latest open letter by visiting: prn.to/4xLSUTR
To learn more, visit UnlockFermiValue.com
We have so many choices – let’s choose the best one.
I have a high degree of confidence that a tenant deal will be announced soon. I can say that because, as I said on my last earnings call, our deal team was in the contracting phase, and we were focused on financing and partnering on the expanded scope of what our customers wanted before my departure. Assuming it’s the same group we had in the contracting phase, the family likes that tenant group a lot.
But the proxy is not about if Fermi can get a tenant; The proxy is about restoring normal governance and evaluating all potential strategic full value transactions, to ensure the best risk-adjusted outcome for all shareholders, employees, and the people of the Texas Panhandle.
Read my latest open letter by visiting: prn.to/4xLSUTR
To learn more, visit UnlockFermiValue.com
“The founding purpose and mission of Fermi are important. Any company that possesses significant potential to drive growth in the economy deserves an independent governance structure. My fellow nominees and I bring the necessary expertise and deep experience across a range of complex advisory roles to steward the company and maximize value for all shareholders.”
That’s from Juan A. Pujadas, a former director at Wells Fargo and one of our independent nominees. Electing Juan and our slate of independent nominees is our path towards maximizing Fermi shareholder value.
Read more on what our nominees are saying at UnlockFermiValue.com/nominee…
Additional Information: prn.to/4fyizbU