Toby R. Neugebauer and affiliated entities holding approximately 22% of Fermi’s outstanding shares have urged the company’s board to act quickly to restore stakeholder confidence. Ahead of Fermi’s October 30 Annual Meeting, they sent a September 9 letter, delivered a presentation on September 10 and submitted a shareholder proposal under SEC Rule 14a-8 requesting that an independent, nationally recognized investment bank review extraordinary transactions, including a full-value sale or majority recapitalization with a strategic counterparty. The proposal does not require Fermi to pursue a transaction or abandon its standalone plan. Fermi shares touched $5.26 intraday on September 10 and are down roughly 20% since the Board said on August 13 that it had completed all five objectives of its 90-day plan, 35% since July 2 and 20% since Neugebauer’s removal as CEO on April 17. Neugebauer also asked the Board to place advisory questions before shareholders on restoring earlier voting standards and increasing the general REIT ownership limit from 2.5% to 9.8%.