Fermi: The Problems Of Raising Capital Amidst Hype [Seeking Alpha]
S&P Global Inc. (SPGI)
Last s&p global inc. earnings: 4/28 07:10 am
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Source: Seeking Alpha
FRMI's structural flaws—massive dilution and inflated market cap vs. capital raised—make value creation for equity holders extremely challenging. Current asset value is mostly cash raised and an idea now diminished by tenant loss; tangible demand from new tenants is unproven. denisik11/iStock via Getty Images Fermi ( FRMI ) has collapsed on news that a major counterparty has pulled out . The loss of the tenant is not insurmountable as there are, at least in theory, plenty of other potential tenants who would want to take their spot. I think this adverse news is merely a catalyst for the latest leg of the 63% price drop since we warned about Fermi back in October. Frankly, the problem was a valuation that was almost impossible to overcome. FRMI was trading at an $18 billion market cap despite having raised only around $2 billion in total capital. To make investors whole, Fermi was faced with the Herculean task of turning every dollar raised into $9 of value. Absolute perfect
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SPGI
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- 10/31/25 - Beat
SPGI
Sec Filings
- 12/4/25 - Form 8-K
- 12/1/25 - Form 8-K
- 11/13/25 - Form 8-K
- SPGI's page on the SEC website