You are one of the many who ordered cards and still waiting for them.
Quite ugly from their side they've waited this long only to tell they can't deliver at the promised time.
But on the other side, they need some strength to come out and admit they've behind schedule.

Another bad thing is that they didn't announce another time frame for the cards, but at least they've promised more frequent updates, which is something they should have had started months ago.
All in all, it's not so excessively bad, not yet. I was expecting TenX be in the first 3 to deliver cards after Wavecrest demise and they still can do that. If they don't, then we can be indeed disappointed, since they've been working on something before Wavecrest went down and then it'll mean they don't use well enough the funds people entrusted in them.