I suspect there are Customer PRs (partner/proto/order/contract) (pumper/dumper point of view) held up until Li deal is done.
No customer will commit until the Fat Lady sing
If Steip felt there was no chance deal could be done during ÇC, he would have filed extension then. It would prevent taking hit twice on the PPS. He is still a shareholder after all
Perhaps the odd of success is low but he has to string the customers along
Now that reality (funding not completed) sinks in, whatever customer he tried to hold on will have to make their own decision base on new extension date
120 days extension seems long. However once you take the hit, you might as well play it safe.
Cry wolf is never good