Fermi (FRMI) Stock Drops 4% as Court Subpoena Targets Texas Data Center Project
TLDR
- Fermi (FRMI) fell 4.3% Monday after disclosing a subpoena from a U.S. District Court linked to its Project Matador data center campus in west Texas.
- The Eastern District of New York also requested records tied to former members of Fermi’s management team, with the SEC making a similar document request.
- Manufacturers Life Insurance sold 374,995 FRMI units, cutting its stake by 81.7% in Q1.
- Fermi signed its first binding lease with TensorWave for up to 650 megawatts, and named Lee McIntire as CEO last week.
- The stock opened at $6.40, well below its 52-week high of $36.99, with analysts expecting a full-year loss of $0.33 per share.
Fermi (FRMI) dropped 4.3% on Monday after the company disclosed it received a subpoena from the U.S. District Court for the Eastern District of New York. The request is tied to documents related to Project Matador, Fermi’s data center campus under development in west Texas.
The subpoena also sought records connected to former members of Fermi’s management team. The SEC made a similar document request, according to a Friday filing.
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