When merger is completed, for example, if PPS goes to .15 cents, the MC (mkt cap) will = revenues only (MC = PPS X OS = .15 PPS X 80M OS = $12M revenues). At .15 cents, no PE or X (multiplier) applied on revenues (normally there is a X factor, imo).
Just a reminder, the preferred D to be converted into commons at .20 cents.
This is going past .05 IF they complete the merger.