Company Overview - Fermi Inc. is developing a large electric generation campus for AI data centers and conducted its initial public offering (IPO) on September 30, 2025, issuing approximately 32.5 million shares at an offering price of $21.00 per share [3] - The IPO's offering document indicated that Fermi entered into a letter of intent with an investment grade-rated tenant to lease a portion of the Project Matador Site for an initial lease term of twenty years, with four renewal terms of five years each [3] Recent Developments - In November 2025, Fermi announced that the First Tenant agreed to advance up to $150 million to fund construction costs through an Advance in Aid of Construction Agreement (AICA) [3] - On December 12, 2025, Fermi disclosed that the First Tenant notified them of the termination of the AICA, although negotiations for a lease agreement continued [4] Market Reaction - Following the news of the AICA termination, Fermi's stock price fell more than 33%, closing at $10.09 per share, significantly below the IPO price [4] Legal Investigation - Robbins Geller Rudman & Dowd LLP is investigating potential violations of U.S. federal securities laws involving Fermi, focusing on whether the company and its executives made false or misleading statements or failed to disclose material information to investors [1]
FRMI INVESTIGATION: Robbins Geller Rudman & Dowd LLP Launches Investigation into Fermi Inc., and Encourages Investors and Potential Witnesses to Contact Law Firm