The CEO and co-founder of nascent data center firm Fermi has stepped down.

No reason was given for the departure of Toby Neugebauer. The company said that it has formed an interim office of the CEO, which will include chief operating officer Jacobo Orti and Anna Bofa, an observer to Fermi’s board, while it conducts a search for Neugebauer’s replacement.

Shares in the company fell more than 31 percent in extended trading.

While shares in Fermi saw a brief rally this past week (prior to the departure), they have fallen more than 78 percent since its October IPO.

The company hopes to develop “Project Matador,” an up to 11GW energy and data center campus in Amarillo, Texas.

Last year, it said that it had signed a non-binding letter of intent (LOI) with an unnamed “investment grade-rated tenant” to be the first customer at the campus - but that firm later withdrew from the deal, a matter that led to a class action lawsuit.

Fermi has signed several MoUs with power companies and took delivery of six natural gas turbines and accompanying generators from Siemens Energy this February.

"We are moving at this pace because hyperscalers - and American consumers - demand reliable, world-class power yesterday," Neugebauer said at the time.

"Sure, this is a testament to our team's unwavering drive to hit an aggressive power delivery timeline, but it's not just about moving heavy machinery; it's about a mission-critical commitment to our country's energy independence and national security, without our fellow Texans having to foot the bill."