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Toby Neugebauer and His Family Believe Generosity is the Solution to Meet 5/50 REIT Compliance, Should Company Choose to Unnecessarily Elect REIT Status for 2025 and/or 2026

On Tuesday, May 12, 2026, Toby Neugebauer, Co-Founder and largest shareholder of Fermi Inc., announced that he and his family will gift shares to charities in response to the Company threatening to confiscate family holdings.
Fermi Inc. must comply with the 5/50 REIT Rule to qualify as a real estate investment trust, which limits individual ownership concentration. The Company's actions prompted Neugebauer's response.
Neugebauer and his family will donate shares to foundations if and when the Company qualifies as a REIT, helping solve the ownership concentration limit that compliance requires.
Undeterred by threats, the Neugebauer family views this charitable donation as a "far better result" than allowing the Company to confiscate shares and remains honored to help others in this manner.
The board's actions have accelerated the Company's execution toward REIT qualification, according to Neugebauer. He and his affiliated entities remain significant shareholders positioned to support the transition.

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Toby Neugebauer and His Family Believe Generosity is the Solution to Meet 5/50 REIT Compliance, Should Company Choose to Unnecessarily Elect REIT Status for 2025 and/or 2026

DALLAS, May 12, 2026 /PRNewswire/ -- Toby Neugebauer, Co-Founder and largest shareholder of Fermi Inc. (d/b/a Fermi America) (Nasdaq: FRMI) ("Fermi" or the "Company"), today responded to the Company threatening to confiscate some of his family shares by announcing that…

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