Fermi (FRMI) Investor update summary

Strategic review and board transition

• A special shareholder meeting is being called to elect a new board majority to ensure all options for maximizing value are explored, including a dual-track process for both M&A and tenant strategies.

• The current board is criticized for refusing to run a strategic process and for governance issues, including raising decision thresholds during a dispute.

• The proposed new board slate includes experienced leaders from investment, governance, energy, and advisory backgrounds.

• The goal is to have a new board in place and a clear owner identified within 75 days, targeting completion by August 1.

• Shareholder democracy and maximizing risk-adjusted value are emphasized as guiding principles.

Project Matador achievements and asset value

• Project Matador is positioned as a unique, large-scale energy and AI compute campus with significant competitive advantages in speed and execution.

• The platform includes 2+ GW of secured generation capacity, water, permits, and rapid infrastructure build-out.

• Execution has been strong, with milestones like Siemens unit delivery, major financing, and permits achieved on schedule.

• The asset is attractive to a range of buyers, including hyperscalers, chip companies, and infrastructure funds, due to its scale and potential EBITDA generation.

• The nuclear business is highlighted as diverse and valuable, with interest from SMR companies and top industry executives involved.

Risks and market dynamics

• Key risks identified include leasing price risk, financing risk, dilution risk, and counterparty risk.

• Stock performance has been negatively impacted by large block sales, overhang from major shareholders, and management changes, rather than operational execution.

• The cost of capital has increased, making dilution a significant concern for existing shareholders.

• Speed to transaction is critical to preserve premium value, with delays eroding potential returns.

• There is strong market interest, with 30 legitimate buyers identified across six categories.