Paper napkin math So I'm here jotting down some numbers on a napkin as I usually do. I'm reminded of the enterprise multiple given to saas companies in the US of approximately 14 as of April 2021 relative to sales. Using 171.9 million fully diluted shares from their recent April 15th investor press conference and subtracting the potential cash proceeds from the warrants and options of ~ 15m *$0.2 + 15m*$0.24 =~ $6.6m we get an approximate enterprise value fully diluted of $28.3 -$6.6m - $0.5m(cash) + $2.1m (long term debt) =~ $23.36
total saas revenue ttm =~ $2.8m
Ev to saas revenue multiple =~ 8.34
If we use 14 as an industry standard then the share price should be approximately $0.257 to be in line with the industry. Keep in mind I used a fully diluted share count and some of these warrants may expire and so cash proceeds may never be received. However, this will also lower the diluted share count.
https://softwareequity.com/research/