FRMI INVESTIGATION ALERT: Robbins Geller Rudman & Dowd LLP Launches Investigation into Fermi Inc., and Encourages Investors and Potential Witnesses to Contact Law Firm

SAN DIEGO–(BUSINESS WIRE)–$FRMI #FRMI–The law firm of Robbins Geller Rudman & Dowd LLP is investigating potential violations of U.S. federal securities laws involving Fermi Inc. (NASDAQ: FRMI) focused on whether Fermi and certain of its executives made false and/or misleading statements and/or failed to disclose material information to investors.

If you have information that could assist in the Fermi investigation or if you are a Fermi investor who suffered a loss and would like to learn more, you can provide your information here: https://www.rgrdlaw.com/cases-fermi-inc-investigation-frmi.html

You can also contact attorneys J.C. Sanchez or Jennifer N. Caringal of Robbins Geller by calling 800/449-4900 or via e-mail at [e-mail].

THE COMPANY: Fermi is developing a large electric generation campus for AI data centers. On September 30, 2025, Fermi conducted its initial public offering, issuing approximately 32.5 million shares of common stock to the public at the offering price of $21.00 per share. The IPO’s offering document represented that “[o]n September 19, 2025, [Fermi] entered into a letter of intent . . . with an investment grade-rated tenant (the ‘First Tenant’) to lease a portion of the Project Matador Site on a triple-net basis for an initial lease term of twenty years, with four renewal terms of five years each.” In November 2025, Fermi further announced that the First Tenant entered into an Advance in Aid of Construction Agreement (“AICA”), pursuant to which the First Tenant agreed, subject to certain conditions, to advance up to $150 million to fund construction costs.

THE REVELATION: On December 12, 2025, Fermi revealed that “[o]n December 11, 2025, the First Tenant notified [Fermi] that it is terminating the AICA, but the parties continue to negotiate the terms of a lease agreement at Project Matador pursuant to the letter of intent.” After this news, the price of Fermi stock fell more than 33%, closing at $10.09 per share – well below the IPO price.

ABOUT ROBBINS GELLER: Robbins Geller Rudman & Dowd LLP is one of the world’s leading law firms representing investors in securities fraud and shareholder litigation. Our Firm has been ranked #1 in the ISS Securities Class Action Services rankings for four out of the last five years for securing the most monetary relief for investors. In 2024, we recovered over $2.5 billion for investors in securities-related class action cases – more than the next five law firms combined, according to ISS. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world, and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit the following page for more information: https://www.rgrdlaw.com/services-litigation-securities-fraud.html

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Contacts

Robbins Geller Rudman & Dowd LLP

J.C. Sanchez, Jennifer N. Caringal

655 W. Broadway, Suite 1900, San Diego, CA 92101

800-449-4900

[e-mail]