To me market cap and PPS are different....obviously they're related as you point out.  100 million shares OS at a PPS of $1 = a Market Cap of $100 million, easy peasey.

As per the most recently published info we have about 112.2 shares issued and about 132 million fully diluted, but that's not including the HL private placement of course as it hasn't yet been finalized.  Assuming it does get completed then that adds another 60.4 million shares taking the issued to 172.6 million.  Then there are warrants attached to the HL financing,  which I make out to  be another 5 million shares.

So fully fully diluted I make the share count to be, in millions...132+60.4+5=197.4 million.

Beacon has put a target of $8.55 on the PPS.  Fully fully diluted that would put the MC up around 1.7 billion.