Toby R. Neugebauer and affiliated entities holding approximately 22% of Fermi Inc.’s outstanding shares have asked the board to retain an independent, nationally recognized investment bank to assess extraordinary transactions, including a full-value sale or majority recapitalization with a strategic counterparty. The request does not require Fermi to pursue a transaction or abandon its standalone plan. The founder group also urged the board to act quickly to restore stakeholder confidence, citing a roughly 20% share-price decline since August 13, when the board said it had completed all five objectives of its 90-day plan. Fermi shares touched $5.26 intraday on September 10, while Neugebauer separately asked the board to put advisory questions on voting standards and the general REIT ownership limit before shareholders at the October 30 Annual Meeting.