Changes in US stocks | Fermi (FRMI.US) plummeted more than 40% before the market due to tenants' termination of the US$150 million project construction agreement

The Zhitong Finance App learned that on Friday, Fermi (FRMI.US) plummeted by more than 40% before the market to $8.84. According to the news, the company previously disclosed that an investment-grade tenant terminated an agreement to provide $150 million in construction capital for its Matado project in Texas. The company said that the “Construction Funding Agreement” signed in November last year promised that the tenant would provide up to 150 million US dollars in capital, but did not actually withdraw any funds.

The company said negotiations on the terms of the site's lease agreement continued, adding that it “remains confident that it will meet the anticipated power delivery schedule” as demand for electricity for artificial intelligence applications remains “strong”.