Toby Neugebauer Outlines 75-Day Plan to Maximize Value at Fermi

Hosted an investor presentation on May 21, 2026, in which he outlined a 75-day plan to maximize shareholder value. Neugebauer said the plan calls for a shareholder meeting to elect a slate of independent board members who would conduct a dual-track process evaluating both a full-market-value sale or strategic partnership and a standalone tenant plan.

Neugebauer stated that he and his team built Project Matador over the past 15 months and described it as a world-class asset. He expressed a desire to see the company reach its full potential as America's largest energy campus and platform for generating AI compute.

The presentation noted that Fermi is based in the Amarillo area and that the project is intended to deliver high-paying jobs and economic development to the Texas Panhandle.

Neugebauer said he has nominated a highly qualified, independent board slate to run the strategic review at Fermi speed. He added that he remains optimistic about the company's future and will continue to support efforts to protect shareholder interests.