TPG Pace Beneficial Finance (NYSE:TPGY) and EVBox Group, a global provider of EV charging technologies, announced this evening they have opted to mutually terminate their business combination agreement.

TPGY and EVBox originally announced their intended combination over a year ago on December 10, 2020. However, a proxy was never filed during that entire time period. In addition, there was originally an Outside Date of June 8, 2021, which was extended to August 6, 2021. This was then further extended to December 31, 2021.  TPGY also had the right to terminate the combination agreement at any time during the fifteen business day window after EVBox Group delivered its Interim Unaudited Financial Statements, in addition to delivery of the 2020 Audit. Its not clear if or when EVBox delivered those documents, but regardless, it appears both sides agreed to move on.

However, the door is still open to deal between the two parties since it was noted in today’s 8-K that “TPG Pace, Engie Seller and EVBox Group may (but are not required to) continue to discuss a potential business combination transaction involving TPG Pace and EVBox Group.” TPGY intends to continue looking for a business combination with a good amount of time left on its clock since it doesn’t expire until October 9, 2022, or 9.3 months away.

TPG Pace Beneficial Finance marks the 16th deal to terminate in 2021 out of 282 deals announced so far this year, implying a termination rate of 5.7%.

TPG Pace Beneficial Finance’s stated search focus is on “companies that combine attractive business fundamentals with, or with the potential for strong environmental, social and governance (“ESG”) principles and practices,” and is led by Non-Executive Chairman Karl Peterson, President Michael MacDougall, CFO Martin Davidson, and Secretary Eduardo Tamraz.

is led by Michael Doniger, in partnership with Hudson Bay, as Chief Executive Officer and Chairman, and Hank Thomas, of Strategic Cyber Ventures, as Chief Technology Officer and Director.