The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed on behalf of investors who acquired Fermi Inc. (“Fermi” or the “Company”) (NASDAQ: FRMI) securities during the period of September 28, 2025 through December 11, 2025, inclusive (“the Class Period”).

If you suffered a loss on your Fermi investments, you have until March 6, 2026 to request lead plaintiff appointment. For more information:

[CONTACT THE FIRM IF YOU SUFFERED A LOSS]

What Is This Lawsuit About? The lawsuit alleges that (1) the Company overstated its tenant demand for its Project Matador campus; (2) the extent to which Project Matador would rely on a single tenant's funding commitment to finance the construction of Project Matador; and (3) there was a significant risk that that tenant would terminate its funding commitment.

On October 1, 2025, Fermi began trading on the NASDAQ at $21.00 per share following its Initial Public Offering. Then, on December 12, 2025, Fermi revealed that the first tenant for the Company’s anticipated Project Matador AI campus had terminated its $150 million Advance in Aid of Construction Agreement, which would have supplied construction costs for the facility. On this news, the price of Fermi shares declined by $5.16 per share, or approximately 33.8%, from $15.25 per share on December 11, 2025 to close at $10.09 on December 12, 2025.

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The Lead Plaintiff Appointment Process. The federal securities laws permit any investor who acquired eligible securities during the class period to seek appointment as lead plaintiff in a class action lawsuit. Courts typically appoint the investor(s) with the largest financial loss in the case and the ability to represent the class rather than investors with simply the largest investment portfolio. Courts regularly appoint individual investors, whether acting alone or as a group, as lead plaintiffs. The rights of any investor who bought shares during the class period are generally already protected. However, lead plaintiffs have the power to influence case strategy and have a say in settlement decisions, as well as decisions concerning allocation of settlement funds among class members.

[LEARN MORE ABOUT THE LEAD PLAINTIFF PROCESS]

What Should I Do? If you purchased or otherwise acquired Fermi securities, have information, or would like to learn more about this investigation, please contact Lauren Molinaro of Kirby McInerney LLP by email at investigations@kmllp.com, or fill out the contact form below, to discuss your rights or interests with respect to these matters at no cost.

Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

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