Almost. There are 1.8billion shares, 1 billion of which are in...

Almost.

There are 1.8billion shares, 1 billion of which are in escrow and will be quoted on the ASX on May 31. So there is no dilution from the shares exiting escrow. The share price may drop, however, on May 31 as the current market cap is $69.2 and the number of shares in circulation will increase on that day by about 125%, implying a market cap of $155.7m.

In terms of dilution, there are still about 340m shares that SAS has the authority to issue. If they were all issued then total shares would increase to about 2.1b. The issue of these 300m shares would be diluting.

The big question, of course, is what will happen to the share price on May 31. it's difficult to say. $155m is about 40% of the SAS's market cap at it's peak, but about 20% higher than the circulating market cap when SAS was at $.16. Although priced by the ASX, the founders have promised not to trade their shares sort of some kind of partnership arrangement if it where to present itself. How much will this affect the re-balancing of the market cap? It's difficult to say. If, as a rough estimate, SAS splits the difference at about$112m then the price per share would drop to about $.067.

On the other hand, SAS was valued at $500m (at 1.8b shares) in April of '17 just before the Diamonds launched. So it's difficult to predict where the market will price this stock on June 1. I'm curious to find out.