Yeah, that's what's written on Their Twitter page too :
"Our team has invested money and effort into developing this project and the port for the Super Nintendo. But unfortunately, for some reason unknown to us, the head of the Meridian4 campaign, Jeff Giasson, refused to pay us money when we prepared a batch of games for shipping.
The entire batch of games is already completely ready and is ready to be sent, but we never received the money. Don’t even have anything to send it to you with. The only option after a refund is to buy the game in our store."
So they just posted this on kickstarter:
So I guess the refund/repurchase is for kickstarter backers as well.