Fermi: The Problems Of Raising Capital Amidst Hype

Fermi (FRMI) has collapsed on news that a major counterparty has pulled out. The loss of the tenant is not insurmountable as there are, at least in theory, plenty of other potential tenants who would want to take their spot. I think this adverse news is merely a catalyst for the latest leg of the 63% price drop since we warned about Fermi back in October. Frankly, the problem was a valuation that was almost impossible to overcome. FRMI was trading at an $18 billion market cap despite having raised only arou ...