Fermi Inc. (FRMI) Investigation

As recently as mid-November, Fermi assured investors that “[i]n November, we took a major step forward with Project Matador by executing a $150 million Advanced in Aid of Construction Agreement (“AICA”) with our first prospective tenant.”

The company emphasized “Tenant number 1 is a very creditworthy counterparty[,]” said “[t]his agreement establishes a framework for cost reimbursement and prepayment, allowing the tenant to fund a portion of shared infrastructure and utility systems ahead of occupancy[,]” and touted “we definitely already have the construction contract.”

Investor disappointment set in on December 12, 2025. That day, Fermi abruptly announced that “[o]n December 11, 2025, the First Tenant notified the Company that it is terminating the AICA[.]” The company did not explain the reasons for First Tenant’s exit.   

The markets swiftly reacted, sending the price of Fermi shares crashing 33% lower that day. The December 12 closing price of $10.09 was nearly 52% below Fermi’s October IPO price.

FREQUENTLY ASKED QUESTIONS ABOUT THE CASE

What is the FRMI investigation about?

We are focused on whether the company has been sufficiently transparent about the strength and terms the agreements with Tenant 1.

WHAT SHOULD I DO?

I worked at FRMI. What should I do?

If you were an employee of FRMI, you may have valuable information that could be relevant to the investigation. Hagens Berman is one of the nation’s top whistleblower law firms, and has successfully represented many individuals who come forward with information regarding corporate malfeasance. Under the new SEC Whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, contact Reed Kathrein at 844-916-0895 or FRMI@hbsslaw.com.

There are multiple law firms participating, do I need to contact all of them?

No, you do not need to contact all participating law firms. Generally, class-action investigations and lawsuits are consolidated into a single case to streamline the legal process, and attorneys from only a few law firms are selected to serve in a leadership role on the consolidated case. Hagens Berman has a proven track record of being appointed to leadership roles in complex, multidistrict litigation regarding investor fraud and other consumer rights issues, and your claim will be handled by attorneys who have helped secure approximately $325 billion in class-action settlements on behalf of individuals who have suffered due to corporate malfeasance and the wrongdoing of other powerful institutions.

AM I ELIGIBLE?

What is the threshold amount to be eligible? What are “substantial” losses?

The threshold amount and the definition of "substantial" losses may vary depending on a number of factors specific to the case, including the size of the company, market cap, shares outstanding and who holds them and the damages alleged by the fraud. In general, to be eligible to participate in a class-action lawsuit, you must be able to demonstrate that you suffered financial losses as a result of the alleged wrongdoing and that your losses meet the criteria set by the court or law firm. Fill out the form and submit your losses.

CAN I PARTICIPATE?

Am I affected? What do I need to do to participate?

If you were an investor in FRMI, you may be affected and eligible to participate in the case. To determine your eligibility and potential involvement, fill out the form and submit your losses.

Can any FRMI investor participate?

In most class-action investigations and cases, any investor who meets the eligibility criteria, including purchasing the shares during the relevant period, can participate, regardless of the size of their investment. Fill out the form to find out your rights.

I bought on a non-U.S. Exchange. Can I participate?

No. This investigation only covers shares bought on a U.S. exchange, i.e. NASDAQ or NYSE. Fill out the form to find out your rights.

Am I included if I still hold my shares, or do I need to sell to participate?

Participation is based on purchasing shares during the relevant period, rather than your current holdings. Accordingly, you do not need to sell to participate. Fill out the form to find out your rights.