Neugebauer asked stockholders to support a special meeting to elect new board members of his choosing.<\/p>\n
On Monday, Fermi\u2019s current management released a statement asking stockholders to reject the special meeting Neugebauer would like to convene in mid-July.<\/p>\n
\u201cMr. Neugebauer and his affiliates control approximately 40 percent of Fermi\u2019s shares and only need 50.1 percent of shareholders to support his solicitation,\u201d the statement said.<\/p>\n
\u201cNow, he is trying to wrest back control of Fermi to force a sale at a price that is far below Fermi\u2019s intrinsic value. This would serve only to benefit a select few, namely Mr. Neugebauer and his affiliates, who received their stock pre-IPO for consideration at less than $0.01 per share, while locking in substantial losses for Fermi\u2019s public shareholders,\u201d Fermi\u2019s statement said.<\/p>\n
Fermi claimed Neugebauer was terminated for violating company policies, misleading the board and souring relationships with potential customers.<\/p>\n
\u201cReject Mr. Neugebauer\u2019s attempt to impose his self-interested and value-destructive agenda on the company,\u201d Fermi told investors.<\/p>\n
Background<\/p>\n
Fermi America is building one of the world\u2019s largest data centers on Texas Tech property near Amarillo \u2013 next door to Pantex, called Project Matador.<\/p>\n
It\u2019s more than 5,000 acres \u2013 and includes its own proposed nuclear power plant along with gas and solar. At one point the plan was for 11 gigawatts of power, but recent statements said it could generate up to 17 gigawatts. That\u2019s enough for 12 million homes or more.<\/p>\n
But the power is not for homes \u2013 it\u2019s for hyperscale computing systems. The idea is \u201cto support next-generation intelligence and AI computing.\u201d LubbockLights.com described Project Matador here.<\/p>\n
Texas Tech hopes the project will generate a substantial amount of income<\/a>. <\/p>\n Fermi confirmed Tech\u2019s involvement<\/p>\n Fermi issued a 35-page statement and filed it with the SEC Friday. The filing described some background leading up to Tech\u2019s involvement before getting into the specifics.<\/p>\n \u201cOn March 20, 2026, Politico reported that Mr. Neugebauer publicly accosted Commerce Secretary Howard Lutnick at the Nvidia GTC conference, with witnesses describing Mr. Neugebauer as \u2018loud and belligerent,\u2019 and that security personnel had to intervene to separate the two men.\u201d<\/p>\n The Fermi board ordered a review of Neugebauer\u2019s conduct. Within days, the Texas Tech System made its feelings known, according to Fermi.<\/p>\n \u201c[Tech] notified Fermi that it considered the conduct reported by Politico to be a potential default under its ground lease with Fermi and demanded remedial action, including removal of Mr. Neugebauer from his executive positions at the company as a condition to refraining from taking any further actions \u2026 \u201d Fermi\u2019s SEC filing said.<\/p>\n \u201cMr. Neugebauer\u2019s leadership has severely damaged relationships with \u2026 the Company\u2019s landlord, TTU, as well others who conditioned their willingness to continue to do business with Fermi on Mr. Neugebauer\u2019s no longer being an executive or exerting control over the company,\u201d Fermi wrote.<\/p>\n Neugebauer claims Campbell forced him out<\/p>\n Neugebauer proposed John Sellers \u2013 currently the Co-CEO of Double Eagle Energy \u2013 as the chairman and CEO of Fermi \u2013 claiming such a proposal was hard for him, but he was doing it anyway for the good of the stock price.<\/p>\n The other co-CEO of Double Eagle is Campbell. Neugebauer claimed Campbell used his position at Texas Tech to push for his removal.<\/p>\n \u201cAnd what makes this recommendation so hard is not what Cody did to me, but that he went too far with his tactics in doing it, coming at me and the company hard on multiple occasions which culminated in his leading Texas Tech to demand my resignation,\u201d Neugebauer wrote in his Tuesday evening press release.<\/p>\n \u201cThe solution allows Campbell to focus on being the lead fiduciary in his role as chairman of the Texas Tech University System Board of Regents, while allowing Sellers to be the lead fiduciary of Fermi,\u201d Neugebauer said.<\/p>\n Sellers was well suited to finish the job \u2013 which means selling Fermi instead of developing it further for ongoing operations, Neugebauer said.<\/p>\n \u201cJohn and Cody \u2026 are probably flabbergasted by this open letter \u2013 as I gave them no heads-up about my shift in perspective and willingness to compromise to achieve what is best for Fermi \u2026 \u201d Neugebauer said.<\/p>\n \u201c\u2026 With Cody serving as chairman of the Board of Regents of the Texas Tech University System \u2013 John is best positioned to manage not only the 99-year lease with Texas Tech, but also to \u2026 launch the next phase of the company,\u201d Neugebauer said.<\/p>\n Neugebauer\u2019s statement also said Double Eagle proposed a \u201cprice tag\u201d and \u201cother terms\u201d in a recent offer.<\/p>\n But offer to what? The statement did not say what Double Eagle was offering to provide or to do in exchange for a \u201cprice tag.\u201d<\/p>\n Double Eagle has not yet responded to Lubbock Lights\u2019 request for a comment.<\/p>\n Fermi opposes Neugebauer<\/p>\n Despite Neugebauer\u2019s press release, Fermi claimed recent progress.<\/p>\n The search for a new CEO is going well, Fermi said, and financing commitments of $1 billion have been secured.<\/p>\n \u201cMore than $1.4 billion of infrastructure [is] already deployed, establishing a highly compelling speed-to-power advantage for customers,\u201d Fermi\u2019s statement said.<\/p>\n Customers would rent space inside the Fermi campus with Fermi providing the power and other infrastructure on site.<\/p>\n \u201cAlthough no assurances can be made, the company is increasingly confident it will announce one or more transactions with a tenant and\/or joint venture partner. The company urges shareholders not to support Mr. Neugebauer\u2019s actions when it is at a critical inflection point for delivering significant long-term value-enhancing benefits to its shareholders,\u201d Fermi said.<\/p>\n![\"John](\"https:\/\/www.newsbeep.com\/us-tx\/wp-content\/uploads\/2026\/06\/john_sellers_943x1509.jpg\")
John Sellers. Credit: MatadorClub.org.<\/p>\n
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