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This could mean either it is really a piece of sh*t, or they just didn't recognize a future cult classic. I'll definitely will have a look once it is easily available, and decide the question for me.
It could also be that they are risk-adverse, hence all the franchises, sequels and remakes.
I did wonder if he was asking a lot for the rights to cover his investment but the article says this:
The American distribution rights will be more but it might not be as high as I suspected and he may be asking for a higher cut of the take. Which they also might not like - after all, this is an industry that used creative accounting to fuck over the writer of Forrest Gump so badly he refused to option the sequel.
However, at this point you have to wonder if a director's self-funded project that he wrote and directed himself without any oversight might be pretentious and dull. All that said, you couldn't pay for all thr publicity this has got and I can't see them not breaking even.