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 were still ongoing [4] Market Reaction - Following the announcement of the AICA termination, Fermi's stock price fell more than 33%, closing at $10.09 per share, significantly below the IPO price [4]
FRMI ALERT: Robbins Geller Rudman & Dowd LLP Launches Investigation into Fermi Inc., and Encourages Investors and Potential Witnesses to Contact Law Firm