Texas court denies former Fermi CEO bid to block board bylaw changes

• Texas Business Court denied a former CEO’s bid for emergency relief in Neugebauer v. Fermi, rejecting all requested temporary restraining orders.
• Ruling leaves in place board-adopted bylaw changes, including a 70% shareholder vote threshold for certain bylaw amendments.
• Court also declined to block the director-election voting standard in amended bylaws.
• Nomination and proposal deadline for the Oct. 30, 2026 annual meeting remains effective following the denial.
• Order found no sufficient factual showing of fraud or improper purpose, with no discovery granted; underlying claims remain pending.

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