Yes, they will almost certainly retire shares. Jay's 38,653,682 shares are all common, so some or all of those must be restricted. If if all Jay's shares were restricted, that leaves 33,313,154 restricted shares available to cut. To my mind, that number would represent the least number of shares they would wack.
I always planned on holding this play for a while, so I figure in a month or two (or sooner, who knows), this should all settle out & become more clear. Until then, we should see either a general maintenance or steady increase in the price, IMHO.