SCHEDULE: Caddis Holdings Reaffirms Support for Fermi Inc.

Caddis Holdings, LP and Perry Griffin filed a Schedule 13D disclosing a 9.1% stake in Fermi Inc. and reaffirming support for the company's board and strategic plan.

Summary

• Caddis Holdings, LP and Perry Griffin report beneficial ownership of 57,446,450 shares of Fermi Inc. common stock.
• This stake represents 9.1% of the total outstanding shares based on the company's March 2026 10-K filing.
• The reporting persons are co-founders of the issuer and acquired their position prior to the initial public offering for approximately $126,382.19.
• The filing serves to formalize the reporting persons' ongoing engagement with the board and management to maximize long-term shareholder value.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a positive signal of stability, as the co-founders are publicly aligning themselves with the current board and management team rather than initiating a hostile campaign.

Positives

• The reporting persons explicitly reaffirm their support for the current Board of Directors and management team.
• The investors express a long-term commitment to the company's strategic plan.
• The filing indicates active and constructive engagement with the company to improve governance and capital allocation.

Negatives

• The reporting persons reserve the right to change their intentions, which could include selling shares or taking other actions that may impact the stock price.

Risks

• The reporting persons may reconsider their investment position based on market conditions, the issuer's financial performance, or other investment opportunities.
• Future potential for the reporting persons to engage in hedging or divestment activities.

Future Outlook

The reporting persons intend to continue monitoring their investment and may engage in further discussions with the board, management, and other stakeholders to advocate for rigorous capital allocation and best-in-class governance.

Management Comments

• The reporting persons reaffirm their support for Fermi's Board of Directors, the management team, and its long-term strategic plan.
• The reporting persons are actively and constructively engaged with the Board and management team to help the Issuer reach its full potential.

Industry Context

StockSavvy.ai notes that this filing reflects a standard 'constructive activist' posture, where early-stage investors or co-founders use Schedule 13D filings to signal stability and alignment with management during periods of potential market volatility or strategic transition.

Comparison to Industry Standards

• The 9.1% ownership stake is consistent with significant minority positions held by institutional or founding investors in mid-cap companies.
• The use of a Director Nomination Agreement is a standard governance mechanism for early-stage investors to maintain board influence post-IPO.

Corporate Governance

Stakeholder Impact

• Shareholders may view the public support from co-founders as a stabilizing factor for the stock price.
• Employees and customers benefit from the signal of continuity in the company's long-term strategic plan.

Next Steps

• Ongoing discussions with the Board and management team.
• Potential future communications with other stockholders and third parties.
• Continuous review of the investment position.

Key Dates

Recommendation

The filing indicates stability and alignment between major shareholders and management, which typically suggests a 'hold' position as there is no immediate catalyst for a major price swing, but the backing of the board provides a floor for investor confidence.

Keywords

Fermi Inc, Caddis Holdings, Schedule 13D, Shareholder Activism, Corporate Governance, Common Stock