Assuming that is only a calculation of the future book value the actual PPS could be a multiple of that number. With the multiple based on the future perception of earnings and overall worth.
The Wainwright earnings are likely somewhat fixed due to set fees on continuous trading within the ETF funds. Earnings from the other existing (and potential future) subsidiaries can add to this. The pending 10K should shield some light on the recent and future earnings of the existing subsidiaries.