Its a possible outcome for sure and a major set back but even if...

Its a possible outcome for sure and a major set back but even if they raised half the amount, launch pulse and get some sales momentum then a second raise further down the line they would still survive. It would be a major blow to a rapid expansion and would probably result in the band being delayed but the company would survive, probably under a different leadership.
It would result in a massive waste of funds related to the IPO that could have been used to move Pulse to market, a massive failure in leadership.

You can only hope that Graig had some idea of the potential to raise funds in the US before he went down that road and hence reasonably confident he can pull it off. So really, it all hinges on his capacity to make this move successfully. Hence why a change in leadership would be on the cards if he fails. He's also got a lot of options hinging on share price performance so there a lot on the line for him.

So, guess we'll see, is he a charlatan or will he knock it out of the park. I suspect it will be somewhere in between but I hope its in the upper half and not the lower half!!