If you had ever been involved with raising funds, you would know how hit-and-miss the whole exercise can be. Funders often don't fully commit until the last minute, and will often offer both words and even letters of comfort.
An offer of funding can be withdrawn at any time without notice, and for any reason. Often the reason has nothing to do with the subject business (other investments not performing/better opportunities elsewhere/investor sentiment/international politics, etc).
Entrepreneurs are forced to continue with their plans in the expectation that promised funds will materialise until the cheque doesn't arrive as expected.
Now have actually done well to be continuing to seek a backer despite an evident setback. Sooner or later though, the cheque has to arrive,