Texas Business Court Grants Neugebauer's Motion for Expedited Discovery in Lawsuit filed by Fermi Seeking to Block Shareholder Accountability

After losing in federal court, Fermi Board pivots to Texas Business Court who grants Toby Neugebauer's motion for expedited discovery pertaining to Fermi Board's Bylaw Amendment imposing a 70% supermajority voting requirement to expand the size of the Board

Fermi will be required to provide documentation and testimony explaining rationale for its recent actions, including its opposition to a Special Meeting

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DALLAS, June 26, 2026 /PRNewswire/ -- Toby Neugebauer, co-founder and largest shareholder of Fermi Inc. ("Fermi" or the "Company"), today issued the following statement in response to an order from the First Division of the Texas Business Court (the "Court") granting Mr. Neugebauer's emergency motion for expedited discovery pertaining to the Fermi Board's attempts to suppress shareholder rights. After losing its motion in federal court related to a special meeting called for May 29, the Fermi Board — driven by board member and former Texas Governor Rick Perry who once touted himself as one of Texas' most pro-business leaders —adopted bylaws that imposed a 70% supermajority requirement to expand the Board to elect new directors and brought claims in the Texas Business Court to obtain judicial clearance of the bylaws in order to block shareholder accountability. The board pivoted to the Texas Business Court in a bid to avoid scrutiny of its actions and block shareholders from learning the truth.

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