All this info comes from a source very close to the studio.
First of all, I was told that the reveal trailer was all cinematic. It was faked to mimic gameplay, assets, etc. from a real game but 0% of the game was implemented.
So the real challenge for the studio was to put that vision into the final game. And apparently this has been impossible to achieve.
This words are a direct quote from my source about this news and the studio itself (it contains his personal opinion):
"Sony required about one month ago the DEV KITs to be returned and canceled the fundings into Tequila Works, due of the game had no-sense. Basically there wasn't a game.
This is a consecuence of the bad studio direction, basically Raul Rubio thinks that he is the next Tim Schafer. The truth is that Raul was fired from MercurySteam. The people from MercurySteam speak really bad about him (the main critics are: he has no idea about games, technology and he has crazy ideas without sense). If you add that his wife is the chairman of Tequila Works and looking for info about her you can find this:
You could see that she is public notary in Spain. She hasn't any background making games. The results are, that Rime has no publisher and it is not cancelled due of they got public spanish founds to develop games:
If you take a look into their website and you compare the hellworkers list with the original team from Deadlight , only a couple guys remains from the original team. If all the team has left the studio, you must think that something wrong there is into the top of the company."
I'm a bit sad to be honest since i was there in the first days of the studio (not working).