Krystal Hu

(Reuters) – The chief executive of the blank-check acquisition firm that plans to merge with former U.S. President Donald Trump’s new social media venture is chasing retail investors to save another of his deals from falling apart.

A person who is familiar with the matter and regulatory filings claim that Patrick Orlando, Benessere Capital has delayed its shareholders meeting in order to increase its deadline for completing a merger. This was due to a lack of votes from investors.

A special shareholder meeting was rescheduled for Jan. 7. This is the new date Benessere has set to close a deal. It had been scheduled previously on Jan. 5. If Benessere Capital can’t secure enough shareholder votes to extend the deadline by then, the special purpose acquisition company (SPAC) will face the risk of being dissolved.

Orlando’s other SPAC, Yunhong International, liquidated last year, citing its “inability to consummate an initial business” within the deadline stipulated as per the company’s regulations in its filings.

SPACs can face difficulties in trying to track down individual investors, and obtaining sufficient shareholder votes. Lucid Group (LCID.O), a target of many retail investors for SPACs, struggled last year to obtain enough votes to allow its merger to be approved.

SPACs often hire proxy solicitors in order to reach retail investors by telephone and mail. According to the source, more than 60% of Benessere shareholders are retail investors.

Many retail investors rushed to the stock after Orlando’s SPAC Digital World Acquisition Corp. (DWAC.O) announced that it would merge with Trump’s social media company.

Benessere and eCombustible, the hydrogen fuel supplier, have agreed to merge in November. The energy company is valued at $805million.

SPAC refers to a publicly-listed shell company which raises money in order to merge with private companies within 12 to 24 month.