finance
Fermi Inc. Co-Founder Refutes Board Allegations Over Contractor Audits
Toby Neugebauer, co-founder and largest shareholder of Fermi Inc., responded to recent board statements about his conduct with contractors. He stated that his actions were part of an audit of third-party contracts ordered on December 31, 2025.
May 19, 7:24 PM·1m read1 source
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Issued a statement on May 19, 2026, addressing recent board claims about his leadership. Neugebauer said the board's description of strained relationships with commercial counterparties omitted the context of an audit he and CFO Miles Everson initiated. The audit required leaders of each contract to provide daily updates on whether contracts should be terminated, renegotiated, or extended.
Neugebauer stated that the audit began as part of work on tenant number one's penalty terms. He said some contractors were overbilling and that his actions stopped those practices. The statement described the board's characterization of his conduct as a misrepresentation of efforts to protect company finances.
Neugebauer urged the board to focus on maximizing shareholder value rather than making allegations against him.
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