April 20 (Reuters) - Former Fermi (FRMI.O) CEO Toby Neugebauer called for an immediate sale of the power startup on Monday, days after his abrupt departure from the company, which he claimed was “without cause.”
Neugebauer, who co-founded Fermi in 2025, urged the company to begin an “immediate sale process” aimed at maximizing shareholder value, according to a statement.
Neugebauer, his family, and other former executives hold a combined stake of about 40% in Fermi, according to the former CEO, who remains on the board of the company.
Fermi did not immediately respond to Reuters’ request for comment.
The Texas-based electric grid developer announced a string of abrupt C-suite departures on Monday, including that of its CFO Miles Everson, sending its shares down with short seller Fuzzy Panda Research disclosing a bearish position on the shares.
Fermi shares closed down at $5.40 on Monday, falling about 18%. The shares have fallen more than 32% so far this year.

Former Fermi CEO calls for sale of company