Caddis Holdings, LP and Griffin Perry Disclose 9.1% Stake in Fermi Inc. as Co-Founders

Caddis Holdings, LP and Mr. Griffin Perry have filed a Schedule 13D disclosing a 9.1% ownership stake in Fermi Inc. (FRMI), representing 57,446,450 shares of Common Stock. The reporting persons originally acquired these shares as a co-founder of the issuer prior to its initial public offering for approximately $126,382.19. On May 11, 2026, the reporting persons issued a press release reaffirming their support for Fermi's Board of Directors, management team, and long-term strategic plan. Caddis Holdings currently maintains a Director Nomination Agreement with the issuer, granting it the right to nominate one director to the Board as long as it maintains a specific ownership threshold. The reporting persons intend to engage constructively with management on topics such as capital allocation and governance practices. They may consider future transactions, including additional purchases or potential sales, depending on market conditions and the issuer's performance. Mr. Griffin Perry serves as the manager of Caddis Capital, LLC, which is the general partner of Caddis Holdings, LP.