Two Harbors Investment Corp. (TWO) announced that its special meeting to vote on the proposed merger with UWM Holdings Corporation has been adjourned to March 24 2026, giving shareholders an additional week to review the deal and submit proxy materials. The adjournment extends the voting window from the originally scheduled March 15 2026 date.
The merger is an all‑stock transaction valued at roughly $1.3 billion in equity. Under the terms, each TWO common share will be exchanged for 2.3328 shares of UWM Class A Common Stock. The deal was first announced on December 17 2025 and is expected to close in the second quarter of 2026, subject to shareholder and regulatory approvals.
Two Harbors’ board has issued a unanimous recommendation that shareholders vote “FOR” the transaction. The board stated, "The Two Harbors Board of Directors 'determined, and continues to believe, that the proposed transaction is in the best interest of the TWO stockholders and unanimously recommends stockholders support the transaction and vote “FOR” each proposal at the Special Meeting.'" The merger is positioned to combine UWM’s wholesale origination strength with Two Harbors’ mortgage‑servicing expertise, creating one of the largest mortgage‑servicing platforms in the United States.
A shareholder filed a lawsuit on February 4 2026 seeking to block the merger. The suit alleges that the registration statement omitted critical information about executive stock sales and conflicts of interest involving the financial adviser Houlihan Lokey. The legal challenge adds uncertainty to the approval process and could influence shareholder sentiment.
UWM has recently updated its financial outlook, raising first‑quarter 2026 revenue guidance to $800 million–$900 million and full‑year 2026 revenue guidance to $3.5 billion–$4.5 billion. In a March 9 2026 press release, Chairman, President and CEO Mat Ishbia said, "Even without the Two Harbors transaction, we now expect our total revenue for the first quarter of 2026 to be between $800 million and $900 million, and for fiscal year 2026 to be between $3.5 billion and $4.5 billion." He added, "Further, our investments in AI are now implemented and working in multiple areas to make our team members materially more efficient. As such, we remain confident in handling two to three times our current volume while avoiding the need to replace team members who depart through natural attrition."
Two Harbors shares were trading around $8.97 on March 16 2026, near a 52‑week low of $8.78, and had declined 25 % over the past year. UWM’s stock price has also been volatile, falling from $5.12 on December 16, 2025, to $3.89 on March 9, 2026, and reaching a 52‑week low of $3.64. The market’s focus on the merger is shaped by these price levels, the recent revenue guidance lift, and the pending lawsuit, all of which will be closely watched as the meeting reconvenes on March 24.
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