Fermi Inc: 10% owner Toby R. Neugebauer sold 4,047,200 shares

What happened

• Toby R. Neugebauer, reported as a 10% owner, sold a total of 4,047,200 shares in two transactions: 2,750,000 shares on Oct 13, 2026 at a weighted average price of $3.73 for $10,266,575, and 1,297,200 shares on Oct 14, 2026 at a weighted average price of $3.15 for $4,089,293.

Key details

• Transaction dates and prices: Oct 13, 2026 — 2,750,000 shares at a weighted average of $3.73 (trade prices ranged $3.69 to $3.845 per footnote); Oct 14, 2026 — 1,297,200 shares at a weighted average of $3.15 (trade prices ranged $3.09 to $3.215 per footnote).
• Transaction code: S (Sale).
• Shares owned after the transaction: not specified in the Form 4 provided.
• Holdings and ownership disclosures: the filing states 2,750,000 shares were held directly by Melissa A. Neugebauer 2020 Trust (Mr. Neugebauer is investment trustee and disclaims beneficial ownership except to the extent of pecuniary interest); other securities are held by Vicksburg Investments Management LLC (Mr. Neugebauer is managing member and similarly disclaims direct beneficial ownership). The filing also corrects a prior Form 3 to report that Vicksburg Investments Management LLC held 40,156,376 shares and notes a Dec 19, 2025 transfer of 4,500,000 shares between related entities (exempt under Rule 16a-13).
• Weighted average and price detail: the filing reports weighted average sale prices and includes undertakings to disclose the number of shares sold at each separate price within the reported ranges upon request.
• Filing date and timeliness: Form filed on Oct 15, 2026; the filing does not indicate it was late.

Why it may matter

• The filing identifies Mr. Neugebauer as a 10% owner, i.e., a large holder rather than an officer or director in this report.
• Trades were market sales (transaction code S) executed across multiple trade prices as noted in footnotes.
• A filing does not show why the insider traded or why the company acted.