During a THQ Nordic financial presentation, new footage of Shenmue III was debuted, hopefully softening the blow of the 2019 delay.  If you want to skip right to the footage, jump to around 2:15 in the video.

This still doesn’t necessarily rule out that we won’t see the game in some form at E3, but it certainly lowers its chances.  If anything new pops up during E3 we’ll be sure to have that information or media posted.