Caddis Capital, the second-largest shareholder in nuclear project developer Fermi Inc and owner of approximately 9.3% of the company’s outstanding common shares, has expressed its support of Fermi’s board of directors, the company’s management team and its long-term strategic plan.

The US investment firm backed Fermi’s recent decision to remove Toby Neugebauer as chief executive officer and the resignation of Miles Everson as chief financial officer.

Caddis Capital said in a statement it opposes Neugebauer’s efforts to pursue what it characterised as a hasty sale of the company.

“Caddis is confident in the company’s long-term prospects and believes its shares represent a compelling opportunity for investors,” the statement said.