Fermi Suspends Shareholder Process After Judge's Recusal
Approximately 70% of votes support calling a special meeting. Fermi has paused its proxy campaign following an unexpected judicial recusal.
Fermi has suspended its current proxy campaign following the last-minute recusal of the presiding judge. The company stated that over 70 percent of votes cast to date have favored calling a special meeting, indicating shareholder demand to determine the company's future.
The suspension comes after the Texas Business Court judge, who had previously indicated he was considering his recusal, withdrew from the case. This development has disrupted the timeline for the strategic process. Fermi has reaffirmed its confidence in the company's future.
The significant shareholder support for a special meeting underscores investors' desire for input on Fermi's direction. The company also noted that its top two law firms had recently withdrawn from representation in the case.
Fermi has not yet announced a revised timeline for the process or its next steps.