Ortiz Blanes Jacobo 4

What Happened Jacobo Ortiz Blanes, Chief Operating Officer of Fermi Inc. (FRMI), sold a total of 830,908 shares in two open‑market transactions to cover tax withholding related to award vesting. On 2026-04-08 he disposed of 403,545 shares at a weighted average price of $4.91 for approximately $1,981,406, and on 2026-04-09 he disposed of 427,363 shares at a weighted average price of $4.58 for approximately $1,957,323 — total proceeds about $3.94 million. These were reported on Form 4 filed April 10, 2026.

Key Details

• Transaction dates and prices:
  • 2026-04-08: 403,545 shares sold, weighted avg price $4.91 (prices in the block ranged $5.16–$4.77) — ~$1.98M (F1).
  • 2026-04-09: 427,363 shares sold, weighted avg price $4.58 (prices in the block ranged $4.76–$4.47) — ~$1.96M (F2).
• Purpose: These were sell-to-cover transactions executed by a broker to satisfy withholding taxes upon award vesting (footnotes F1, F2).
• Shares owned after transaction: Not specified in the summary provided here. Footnotes indicate 4,200,000 restricted shares subject to time-based vesting (F3) and additional shares held by Las Brisas Financial Services LLC, where Mr. Ortiz Blanes is a managing member (F4).
• Filing timeliness: Form 4 was filed April 10, 2026. Given the trade dates (Apr 8 and Apr 9), the filing appears to be timely.
• Additional note: Sales were part of block trades executed in multiple transactions; the reporting person can provide a breakdown of shares sold at each separate price on request (F1, F2). Mr. Ortiz Blanes disclaims beneficial ownership of Las Brisas-held shares except to the extent of any pecuniary interest (F4).

Context

• These transactions were routine sell-to-cover sales to pay taxes on vested awards, which are common for executives and do not necessarily signal a change in view on the company. The filing also shows a large restricted position (4.2M shares) subject to future vesting, and some shares held via an entity (Las Brisas), indicating ongoing equity exposure.