Twitter on Tuesday encouraged investors to support Elon Musk's $44 billion acquisition of the online platform, calling for a vote on the merger on September 13.
The company and the erratic Tesla CEO are engaged in a legal dispute over his attempt to renege on the agreement, and a court has scheduled a trial to start in October.
"Twitter believes that Mr. Musk's purported termination is invalid and wrongful, and the merger agreement remains in effect," Bret Taylor, board chairman, and chief executive Parag Agrawal made these statements in a letter to investors that was submitted to the US Securities and Exchange Commission.
"Your vote at the special meeting is critical to our ability to complete the merger."
It has been confirmed that Twitter shareholders can participate in the meeting online and cast their votes from a distance.
The board of Twitter unanimously recommended that shareholders approve Musk's plan to acquire the firm for $54.20 per share in accordance with the terms of an April agreement.
"We are committed to closing the merger on the price and terms agreed upon with Mr. Musk," according to Tuesday’s letter
Tuesday's official trading day saw Twitter shares end at $39.34.
Last week, the corporation attributed its weak quarterly earnings to "headwinds," particularly the uncertainty brought on by Musk's erratic takeover bid.
The social media behemoth claimed an 8.8 million increase to 237.8 million in the number of "monetizable" daily active users or those who may see advertisements.
Twitter's statistics covered the time period that ended in June; therefore, they do not take into consideration Musk's attempt to "terminate" the agreement in July on the grounds that the network was secretive about its number of false accounts.
The social media platform responded that Musk couldn't back out now because he had already agreed to the deal.
A Delaware court in the east of the United States authorized a speedy trial to determine whether to order the billionaire to complete the buyout.
Billions of dollars are on the line, but Twitter's survival is also in jeopardy due to Musk's absolutist attitude that the platform should let any lawful speech, which has raised concerns that it may be used to encourage violence.