Just spoke to Meir again., page-23

VO wasn't the problem. SAS had nothing to launch anyway. After the $12m CR in 2018, SAS was supposed to have sufficient funds to put up the first batch of Pearls. We would all like to know why they failed to launch from that position. I asked Meir exactly that question once before. He answered "Plans change".

The we got Michael Malone onboard. I think we all thought we were home and hosed, with the likes of him on the board. Then we had the CR in early 2019, again to get the first Pearls batch up, but Meir changed his mind, dropped the Pearls batch for a global constellation of 16 6U satellites. Michael Malone and Dianne Fulton resigned, the CR fell over, SAS went into suspension and we all know what has happened since.

I think Malone made the comment to Hunterr that SAS was hiring staff and spending money like a successful company with revenue and profits, instead of being lean and mean like the startup company it is with zero revenues.

Comes down to bad management and inexperience, with a bit of arrogance thrown in I guess.