Ann: Operational Evaluation Agreement signed with Globalsat Group, page-50

I think u have summed this up nicely.
This is the dilema that many face.
I felt really deflated yesterday, but the SAS twitter feeds from Satellite 2018 together with the announcement today has revitalised my confidence in SAS.
I also see that the lower SP provides new opportunity for me (and others) to accumulate.
Perhaps SAS need more than the CR amount to launch the 20 Pearls, given their other operating costs to keep the lights on. But my prediction is that SAS are confident that another income stream will come into play that will supplement the cost of the first batch plus other future batches. This may be revenue from the 3 Diamonds, or a very well negotiated new binding contract that involves an upfront payment, or like you said some game changing announement of a new investor to provide the full funds for the full constellation.
The SAS team are smart and strategic, and have the skills to make this all work despite the seemingly disappointing CR.
IMO, this time next year we will have 20 Pearls flying above, with a schedule of future launches and additional binding contracts / revenue streams.