The acquisition of Two Harbors by UWM Holdings is possibly on life support as the real estate investment trust's special meeting to approve the transaction, scheduled for March 16 was adjourned because of an apparent lack of participation.

March 24 is when the meeting will reconvene after an effort by Two Harbors to solicit more votes and gain more proxies in favor of the deal, its press release said.

"With the UWM share price down about 26% since deal announcement, it is possible that the acquisition price would need to be increased for the deal to be approved by Two shareholders," a flash note from Bose George of Keefe, Bruyette & Woods said.

Likely sensing an unfavorable outcome, on March 9 UWM put out a press release updating its revenue outlook for both the first quarter and full year 2026, as well as touting its investments in artificial intelligence.

After UWM's press release came out, BTIG said in a report it was confident the deal will still happen, but stock price volatility reduced its odds.

The deal is still in the best interest of its shareholders, Two Harbors said in a press release, and its board still recommends a vote in favor of the transaction.

The Two Harbors press release was on Business Wire at 10:10 a.m. eastern time. Around this same time, UWM's stock price reached its high for the day at $3.82 per share; by 3 p.m. it was down to $3.68, still 2 cents higher than the previous close.

Two Harbors, which opened the day at $9.13, up 16 cents from its previous close, turned downward almost immediately. Its low for the day was $8.91, but it was back up to $8.97 by 12:30 and $9 by 3 p.m.

On Dec. 16, prior to the announcement that UWM was buying Two Harbors and its RoundPoint mortgage servicing business at a fixed exchange ratio of 2.33 shares, the No. 1 mortgage banker closed at $5.12 per share. The next day, it was down to $4.81. Two Harbors was at $11.11 per share after the deal was made public, up from $9.91.

National Mortgage News reached out to UWM for a comment.