Fermi's biggest shareholder wrote a letter to the company's board urging it to retain a bank to review possible transactions, including a sale.

Vicksburg Investments Management, Melissa Neugebauer 2020 Trust and Toby Neugebauer, who collectively own 22% of Fermi's shares, sent the letter to Fermi's board ahead of the company's annual meeting in October.

The shareholders are proposing the board retains an independent, nationally recognized bank to evaluate a full range of transactions, including a sale or majority recapitalization with a strategic counterparty.

Toby Neugebauer asked the board to place two additional non-binding advisory questions before shareholders at the annual meeting. He wants the board to revert to its old voting bylaws where directors can be elected by a simple majority of votes, rather than a 70% supermajority.

He also wants Fermi to raise its REIT ownership limit from 2.5% to 9.8%.

The shareholders are also asking Fermi to release all written communications with Neugebauer to give greater transparency to investors.

The shareholders said they were bringing up the issues after Fermi's shares touched an intraday low of $5.26 on Thursday.

Neugebauer has other concerns beyond the stock price, he said. As of Thursday morning, Fermi hadn't confirmed the guaranteed agreement it previously said would support its 222-megawatt TensorWave lease.

Fermi's charter also has a 2.5% ownership cap, which Neugebauer said limits the size of position that any single investor can hold.

The board's recent selection of Lee McIntire as chief executive, who was chosen from within the company, was also seen as only a temporary leader, Neugebauer said.

"The issue is not simply that Fermi's stock has declined -- it's that the stock is only one of many indicators of the lack of confidence that stakeholders have in the Company," Neugebauer said.