Yes sadly that is the case. If we don't have 2000 btc by 11 DEC then we will issue an opportunity for refunds to all participants.
Everyone at ARK understandably do not wish for this to happen as we have spent a very long time on our project so far in preparation for our TEC and would be pretty devastating to have to refund everyone, but that is what must be done.
We have discussed the possibility of refunding those who would like to have a refund and also still launching with the amount of people who do not request a refund or after all refunds, we will can sell tokens ourselves from mainnet over time as we are developing during mainnet.
We might have to refund everyone, but it will not kill our project. We will just have to figure out some other method after refunds are completed per the agreement.