Fermi Inc. (FRMI.US) Plunges Over 40% in Pre-Market After Tenant Terminates $150M Construction Funding Agreement

Stock News2025-12-12

Fermi Inc. (FRMI.US) plummeted more than 40% in pre-market trading on Friday, reaching $8.84 per share. The sharp decline followed the company's disclosure that an investment-grade-rated tenant terminated a $150 million construction funding agreement for its Matador project in Texas.

The company stated that the Construction Funding Agreement, signed in November last year, committed the tenant to provide up to $150 million in funding, but no funds were actually drawn. Fermi Inc. noted that negotiations regarding the terms of the site lease agreement are ongoing.

Despite the setback, the company remains optimistic, citing "strong" demand for power used in AI applications. It expressed confidence in meeting the expected power delivery timeline.

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