SCHEDULE: Toby Neugebauer Boosts Fermi Inc. Stake to 24.1%

Toby Neugebauer and affiliated entities have disclosed a combined beneficial ownership of 24.1% of Fermi Inc.'s common stock as of September 30, 2025.

Summary

• Toby Neugebauer, through various entities, has reported a significant beneficial ownership stake in Fermi Inc.
• As of September 30, 2025, Mr. Neugebauer, along with the Melissa A. Neugebauer 2020 Trust and Vicksburg Investments Management LLC, collectively beneficially own 144,101,446 shares of Fermi Inc. common stock.
• This aggregate ownership represents 24.1% of the company's outstanding common stock.
• The Melissa A. Neugebauer 2020 Trust holds 94,359,659 shares, representing 16.4% of the class, with Toby Neugebauer serving as its investment trustee.
• Vicksburg Investments Management LLC holds 40,156,376 shares, representing 7.0% of the class, with Toby Neugebauer as a managing member.
• Toby Neugebauer's beneficial ownership includes 4,500,000 shares over which he has sole voting and dispositive power, and 139,601,446 shares over which he has shared voting and dispositive power. These shared shares include those held by the Melissa A. Neugebauer 2020 Trust and Vicksburg Investments Management LLC.
• The percentage ownership is calculated based on 574,977,840 shares of Common Stock outstanding as of September 30, 2025, as reported by Fermi Inc. in its Form 10-Q filed on November 12, 2025.

Sentiment

Score: 7

Explanation: The disclosure of a substantial beneficial ownership stake by Toby Neugebauer and his affiliated entities, totaling 24.1% of Fermi Inc., suggests strong conviction from a significant investor. While the filing is purely factual, such a large stake is generally viewed positively by the market as it implies a vested interest in the company's long-term success and potential for active engagement.

Positives

• Increased beneficial ownership by a significant investor and related entities may signal confidence in Fermi Inc.'s future prospects.
• A substantial stake (24.1%) by a single individual/group can lead to more active oversight and potential strategic influence, which could benefit long-term shareholders.

Future Outlook

NA

Industry Context

This filing indicates a significant concentration of ownership in Fermi Inc. by a single individual and his affiliated entities. Such a large stake could suggest a long-term investment strategy or potential for increased shareholder activism, depending on the investor's history and intentions. It doesn't directly relate to broader industry trends but rather to the specific corporate governance and ownership structure of Fermi Inc.

Comparison to Industry Standards

• A 24.1% beneficial ownership stake by an individual and related entities is a substantial position, often indicative of a major shareholder or an insider with significant influence.
• This level of ownership is well above the 5% threshold that triggers Schedule 13G filings, placing Toby Neugebauer as a key stakeholder in Fermi Inc.
• Compared to typical institutional investors who might hold diversified portfolios, this concentration suggests a high-conviction investment in Fermi Inc.

Related Party Transactions

• Toby Neugebauer serves as the investment trustee for the Melissa A. Neugebauer 2020 Trust.
• Toby Neugebauer is a managing member of Vicksburg Investments Management LLC.
• Toby Neugebauer is a managing member of TMNN Manager LLC.
• These relationships indicate that the beneficial ownership is concentrated within entities controlled or influenced by Toby Neugebauer, making them related parties in the context of this disclosure.

Stakeholder Impact

• Shareholders: The increased concentration of ownership by Toby Neugebauer and his affiliates could lead to more focused governance and potentially influence strategic decisions, which may be viewed positively or negatively depending on the investor's track record and intentions. It could also reduce the float available for trading.
• Management: Management may face increased scrutiny or engagement from a significant beneficial owner.

Next Steps

• Fermi Inc. shareholders will likely monitor any further Schedule 13D/G filings from Toby Neugebauer and his affiliates for changes in ownership or potential activist intentions.
• The market may observe if this significant ownership translates into board representation or strategic influence.

Key Dates

Recommendation

This Schedule 13G filing primarily discloses a significant beneficial ownership stake by Toby Neugebauer and his affiliated entities in Fermi Inc. While the substantial 24.1% stake indicates strong conviction from a key investor, the filing itself does not provide new financial performance data, strategic updates, or operational insights that would warrant a 'buy' or 'sell' recommendation. It's a factual ownership disclosure. Investors should 'hold' and monitor for further developments, such as any Schedule 13D filings (which would indicate activist intent) or subsequent company performance reports, to make a more informed investment decision. The increased insider ownership is generally a positive signal, but not a standalone reason for a strong buy without other fundamental data.

Keywords

Fermi Inc., Toby Neugebauer, Schedule 13G, Beneficial Ownership, Common Stock, Investment Trustee, Managing Member, Vicksburg Investments Management LLC, Melissa A. Neugebauer 2020 Trust, Shareholder Stake, SEC Filing