Fermi Inc. shares fell 16% in extended trading after the company priced an upsized offering of 5.00% convertible senior notes due 2031 in an aggregate principal amount of $375 million. The initial conversion price is approximately $9.52 per share, representing a 30% premium over the July 9 closing price of $7.32. The notes are senior unsecured obligations, pay interest semiannually beginning January 15, 2027, and mature on July 15, 2031. The sale is expected to close on July 14, 2026.
Fermi Inc.Pricing of $375M convertible notes dilutes existing shareholders and signals financial need.