Court Clears Fermi Shareholder Meeting as Company Tightens Bylaws

Overview

• A U.S. District Court in the Northern District of Texas denied Fermi’s bid to block the May 29 special shareholder meeting called by co‑founder Toby Neugebauer.
• Hours after the ruling, Fermi adopted bylaw changes that raise the votes needed to seat new directors at a special meeting to 70% of outstanding shares.
• Neugebauer said the company’s bylaws required only 50% seven months ago and said Fermi also filed a new lawsuit to seek court approval of the change.
• Neugebauer plans to put an independent slate of director candidates before shareholders at the May 29 vote to challenge the incumbent board.
• He is urging a formal review of strategic options and points to Project Matador’s scale and financing as reasons to weigh a sale or partnerships.