US Stock Market Move | Due to the termination of the $150 million project construction agreement by the tenant, Fermi (FRMI.US) plunged over 40% before the market opening.

On Friday, Fermi (FRMI.US) plunged over 40% before the market opened, to $8.84. On the news front, the company disclosed that an investment-grade tenant had terminated an agreement to provide $150 million in construction funding for its Matador project in Texas. The company stated that a Construction Assistance Agreement signed in November pledged the tenant to provide up to $150 million, but in reality, no funds were actually drawn. The company said that negotiations regarding the site lease agreement terms are still ongoing, and added that due to the "strong" demand for power for artificial intelligence applications, it "remains confident in meeting the expected power delivery schedule".