Fermi (FRMI) Nosedives on Profit-Taking on Double-Digit Upside Potential

We recently published 10 Stocks Investors Are Dumping. Fermi Inc. (NASDAQ:FRMI) is one of the worst performers on Monday.

Fermi extended its losing streak to a third consecutive day on Monday, losing 7.87 percent to end at $26.35 apiece as investors continued to take profits to take advantage of the stock’s 25 percent upside potential.

Fermi Inc. (NASDAQ:FRMI), a newly listed company, debuted on the stock market last Wednesday, offering 32.5 million shares at an initial public offering (IPO) price of $21 apiece, raising as much as $682 million.

In line with the offer, Fermi Inc. (NASDAQ:FRMI) also granted its underwriters a 30-day option to purchase up to an additional 4.87 million shares at the IPO price, less underwriting discounts and commissions.

In other developments, Fermi Inc. (NASDAQ:FRMI) told the Securities and Exchange Commission on Monday that it entered into an employment agreement with Toby Neugebauer to serve as the company’s chief executive for a three-year term with automatic successive one-year renewals, unless earlier terminated.

In line with the agreement, Neugebauer will receive an annual base salary of $500,000.

Fermi is pioneering the development of next-generation electric grids that deliver highly redundant power at a gigawatt scale, required to create next-generation artificial intelligence.

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Disclosure: None. This article is originally published at Insider Monkey.