A Form 144 notice of proposed sale was filed on November 3, 2026, by Toby Neugebauer, a 10% stockholder of Fermi Inc., disclosing plans to sell 2,563,800 shares of common stock through Goldman Sachs & Co. LLC.

Key Highlights

  • Proposed seller: Toby Neugebauer, identified in the filing as a 10% stockholder of Fermi Inc.
  • Shares to be sold: 2,563,800 shares of common stock, with an approximate sale date of November 3, 2026.
  • Aggregate market value: 5,217,333, as stated in the filing.
  • Shares outstanding: 641,259,703 shares of Fermi Inc. common stock, according to the filing.
  • Acquisition history: The underlying shares, totaling 1,281,900 acquired twice, were obtained from the issuer in private transactions on January 10, 2025.
  • Prior three-month sales: Related parties sold a combined 4,467,949 shares across three transactions between October 13 and October 20, 2026, generating gross proceeds totaling 15,633,093.94.

Neugebauer and Related Entities Plan Fermi Inc. Share Sales via Goldman Sachs

According to the Form 144 filing, Toby Neugebauer, in his capacity as a 10% stockholder of Fermi Inc. (SEC File Number 001-42888, headquartered at 1845 Woodwall Rodgers Fwy, Suite 1100, Dallas, Texas 75201), is proposing to sell 2,563,800 shares of common stock. The filing states that Goldman Sachs & Co. LLC, located at 200 West Street, New York, NY 10282, is the named broker for the transaction. The securities exchange listed in the filing is NASD.

The filing discloses that the 2,563,800 shares consist of two tranches of 1,281,900 shares each, both acquired from the issuer in private transactions on January 10, 2025, with payment described as "None." The remarks section of the filing states: "Total number of shares to be sold includes 1,281,900 shares sold by VICKSBURG INVESTMENTS MANAGEMENT LLC and 1,281,900 shares sold by MELISSA A. NEUGEBAUER 2020 TRUST."

The filing also reports sales during the past three months by persons whose transactions are required to be aggregated under Rule 144. The Melissa A. Neugebauer 2020 TR DTD 12/11/2020 sold 2,750,000 shares on October 13, 2026, for gross proceeds of 10,266,575, and an additional 420,749 shares on October 20, 2026, for gross proceeds of 1,277,225.66. Vicksburg Investments Management, LLC sold 1,297,200 shares on October 14, 2026, for gross proceeds of 4,089,293.28. Both entities share the same Dallas, Texas address as the issuer.

What Was Disclosed

Fermi Inc.'s 10% stockholder Toby Neugebauer filed a Form 144 on November 3, 2026, notifying the SEC of a proposed sale of 2,563,800 common shares through Goldman Sachs, with shares originally acquired from the issuer in January 2025.