If indeed FLI does regularly reject grants at due diligence stage, that would update me towards thinking nothing went too badly with this particular grant
The FLI FAQ does say this:
β¦ 4) [Inform the grantee of our intention to issue a grant] is done via an informal email, but in some cases (including this one), the grantee requested a letter of intent.
The FLI FAQ does say this: