Once again, Two Harbors Investment has adjourned the meeting for its shareholders to approve the merger agreement with CrossCountry Mortgage.

The saga now continues until at least July 2, as Two Harbors continues to wrangle votes. It may be a difficult task to get those, a June 22 report from Keefe, Bruyette & Woods said.

The note referenced a UWM Holdings Securities and Exchange Commission filing on the same day that claimed Two Harbors was losing the vote among its stockholders.

The filing included correspondence between UWM Chairman, president and CEO Mat Ishbia and Two Harbors CEO Bill Greenberg and Chairman Stephen Kasnet on June 12.

This letter from Ishbia stated that 75% of the Two Harbors shareholders have submitted votes, with 54% of those saying no to the CrossCountry transaction, as of that date.

However, the only vote which matters towards approving or rejecting the deal is the last one a shareholder casts.

Two Harbors and UWM put out dueling press releases following a June 11 video meeting between Ishbia and Greenberg. The meeting ended without UWM making a new offer. Two Harbors was looking for UWM to drop its all-stock compensation option and instead just offer all-cash.

The latest Two Harbors announcement noted 47 of the 53 required regulatory approvals to merge with CrossCountry have been secured. If approved, the transaction is on track to close in August.

UWM's common stock was down to $2.035 per share as of noon on June 23, following the latest postponement, after closing at $2.05 the previous day.

Two Harbors was trading at $12.32 per share, up 10 cents from its prior day close.

CrossCountry is offering $12 per share in cash. The UWM bid is $12.50 per share in cash or for stock at an exchange ratio of one Two Harbors share for 2.3822 shares of the wholesaler.

UWM is going hard for Two Harbors due to its RoundPoint mortgage servicing portfolio.