Perry Griffin Dumps 11 Million Fermi Shares as Stock Slides 28 % Amid Big Financing Pitch

Insider Selling Amid a Turbulent Stock

Perry Griffin, managing partner of Caddis Capital and general partner of Caddis Holdings LP, sold 9 million shares of Fermi Inc. on March 30, 2026, followed by a 2 million‑share sale the next day. At a weighted average price of $5.02, Griffin reduced his stake to 60.95 million shares, leaving him with roughly 62.95 million shares post‑transaction. The sales occurred when the market price hovered near $5.84—a 28 % decline from the week’s high and an 83 % drop from the prior year’s close.

What the Trade Signals to Investors

The timing is notable. Griffin’s sales came as Fermi’s stock was sliding sharply and after the company announced a significant financing package, including a $156 million unsecured promissory note from Yorkville Advisors. Insider selling during a liquidity‑driven rally can raise questions about management confidence, especially when the company’s earnings multiple is negative (P/E = –5.47) and its 52‑week high is still more than six times the current price. Market watchers often interpret such moves as a warning that insiders anticipate further downside, or that they are rebalancing portfolios to cut risk exposure.

Broader Insider Activity and Market Sentiment

The broader insider landscape for Fermi Inc. has been mixed. While some executives have purchased shares in the past, the recent wave of sales from Griffin and a few other insiders suggests a trend toward divestiture. Social‑media sentiment, however, remains neutral (+5 on a –100 to +100 scale) and the buzz level is moderate (54.93 %), indicating that the market has not yet reacted dramatically to the insider activity. Investors may therefore view Griffin’s sales as a modest signal rather than a headline‑making event.

Implications for the Company’s Future

Fermi is investing heavily in Project Matador, its private power campus aimed at powering AI workloads. The new financing bundle, totaling more than $1 billion, is intended to accelerate construction and secure long‑term power contracts. Yet, the steep decline in share price and negative earnings outlook suggest that investors may still doubt the company’s ability to monetize its infrastructure quickly enough to offset debt costs. If insider selling continues, it could pressure the stock further, potentially eroding confidence among institutional investors who are key to securing future financing rounds.

Takeaway for Investors

• Assess Liquidity: Insider sales, especially in a declining stock, may signal liquidity concerns or a shift in risk appetite.
• Watch Financing Milestones: Progress on Project Matador and fulfillment of the new credit lines will be crucial in turning the company’s negative P/E into a positive outlook.
• Monitor Insider Patterns: A sustained trend of insider divestitures could foreshadow further downside and may prompt a re‑evaluation of valuation multiples.

For investors considering exposure to Fermi Inc., the current insider selling, combined with the company’s aggressive financing strategy and uncertain earnings trajectory, warrants a cautious approach.