Fermi Says Data Center Lease With TensorWave Remains Pending After Deadline Passes

MT Newswires Live11-03 22:59

Fermi (FRMI) said Tuesday its data center lease with TensorWave TEX1 has not taken effect after the Oct. 31 closing deadline passed without an extension because several conditions remain unmet.

The outstanding requirements include finalizing operational documents, securing board approvals and obtaining financing for construction of the leased premises, the company said.

Neither party has terminated the agreement signed in August, and both remain committed to completing the transaction, Fermi said, adding that it expects to provide an update during next week's earnings call or sooner.

Shares of the company were down more than 5% in Tuesday trading.

Price: 2.10, Change: -0.11, Percent Change: -4.99

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