Spice has been cursed with a revolving door of ownership and management that looked for a quick profit before exiting the airline.
The never ending flash sales over fall were to me the death knell of this airline. The motive was transparent. Sell seats at rock bottom prices with no regard for yield, and this is what you get. The primary aim was to mop up as much cash as possible before calling it quits. Profitability or long term sustainability was never a motivating factor in their decision making model.
This was an eventuality. This does not even qualify as predatory pricing because by default a predator has distinct advantages over its prey. This was a fight they meant to lose. Unfortunately the only losers in all this are the employees and the fare paying public.