Fermi Inc: 10% owner Toby R. Neugebauer sold 420,749 shares

What happened

• Toby R. Neugebauer, listed as a 10% owner, sold 420,749 shares on Oct 20, 2026. The filing reports a weighted average sale price of $3.04, for total proceeds of $1,277,226.

Key details

• Transaction date and price: Oct 20, 2026; weighted average sale price $3.04. The filing notes trades executed at prices ranging from $3.00 to $3.095 inclusive (footnote F1).
• Shares owned after the transaction: the filing does not state shares owned after the transaction.
• Holdings and authority: some securities are directly held by Melissa A. Neugebauer 2020 Trust and by Vicksburg Investments Management LLC; Mr. Neugebauer is investment trustee of the Trust and managing member of Vicksburg and may be deemed to beneficially own those securities, but he disclaims beneficial ownership except to the extent of his pecuniary interest (footnotes F2 and F3).
• Filing timeliness: the Form 4 was filed on Oct 22, 2026 reporting the Oct 20, 2026 transaction and is not indicated as late.

Why it may matter

• Transaction type: the filing reports a sale (open market or private sale, code S). It does not report an option exercise, award, gift, or tax withholding in this transaction.
• Holder status: the filing identifies Mr. Neugebauer as a 10% owner, i.e., a large holder rather than described as an executive in this report.
• This filing does not show why the insider traded or why the company acted.