Embattled data center company Fermi has canceled a special shareholder meeting arranged by ousted CEO Toby Neugebauer.

The company claims that Neugebauer was terminated "for cause as a direct result of serious misconduct violating the terms of his employment agreement as well as multiple company policies."

Neugebauer left in mid-April and was soon followed by the company's chief financial officer. The company hopes to develop “Project Matador,” an up to 11GW energy and data center campus in Amarillo, Texas.

Despite not having substantially developed any of the land it leased from the Texas Tech University System, having no contracted customers, and having no clear experience in the data center industry, the company went public last October.

At the time, the company hit a valuation of around $15bn. Its market cap at time of writing is $3.42bn.

Neugebauer, the Neugebauer family, and other C-suite executives and management who departed on or after Friday, April 17, own around 40 percent of the outstanding shares.

Last week, Neugebauer said that he "could not be prouder of the execution and progress with tenants at the time of [his] departure." He added: "I saw Project Matador's potential realized, and that's why I have yet to sell a single share of Fermi since the IPO because I know exactly what it is worth."

The Fermi board painted a different picture: "While Mr. Neugebauer served as CEO of Fermi, the company's stock price declined more than 80 percent."

It added that Neugebauer's call for a shareholder meeting was an attempt "to fill the board with his acolytes to force a sale of the company at a depressed valuation."

Caddis Capital, the second-largest Fermi shareholder, at 9.3 percent, said that it was backing the board of directors. "We definitively oppose Mr. Neugebauer’s efforts to seize control of the company in pursuit of a hasty and ill-advised sale," Griffin Perry, managing partner of Caddis Capital, said.

Both Neugebauer and Fermi have filed temporary restraining orders against each other, with Neugebauer claiming that he could only be removed from his position via a shareholder vote.