Digital World Acquisition Corp DWAC gapped down 21% to start the trading session Tuesday after a report indicated shareholders rejected a one-year deadline extension that the special purpose acquisition company requested to complete its planned merger with Donald Trump's Trump Media & Technology.

The SPAC requested the extension in order to buy the time required to gain SEC approval for the deal, and if the majority of shareholders vote “no” to the request, Digital World plans to either unilaterally extend the merger deadline by six months or extend the voting deadline.

Not surprisingly, Digital World has had to navigate a number of unknowns, even including provisions to account for how the SPAC would handle possible disruptive events, such as Trump running for office in the future or being charged with a felony.

Digital World’s preparedness for the future may have helped the stock to hold fairly steady throughout the summer, despite Trump using his rhetoric to ignite a number of controversies, especially after the FBI raided his Mar-a-Lago estate last month.

Tuesday’s news has presented an unknown, however, and shareholders appear to be losing patience for the merger to be completed, which is reflected in the stock’s share price.

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The Digital World Chart: Digital World began trading in a downtrend on Aug. 4 after attempting to regain the 50-day simple moving average as support and failing. The most recent lower high within the pattern was formed on Friday at $25.87, and the most recent confirmed lower low was printed at the $22.20 mark the day prior.

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