Ann: INOVIQ lodges SPP and Options Prospectus, page-7

From the 2023 Annual Report the shareholder breakdown was;

Ordinary Shares
Range of Units as of 30 August 2023
Range Total holders Units % Units
1 - 1,000 2,502 1,131,696 1.23
1,001 - 5,000 1,932 4,872,886 5.30
5,001 - 10,000 633 4,811,440 5.23
10,001 - 100,000 855 26,336,798 28.62
100,001 Over 123 54,865,882 59.62

Total 6,045 92,018,702 100.00
For arguments sake, let's assume that similar to the current situation

There is only a maximum $2.4 M available.

Let assume all 123 who own 100,000 shares apply for their full $30,000. That is of itself $3.7 M
If the 855 (who own 10,001 - 100,000 shares) apply for just $10,000, that's a further $8.55 M

you see where this is going, and there are still another over 4,500 shareholders to account for even if they only want $1,000 worth, that's another 4.5M

I'm one of the 855. Now the one wrinkle in my analysis is that they have the discretion to apply as they like. It's not inconceivable (although I have no knowledge about the legality of it) that they could favour allotting a larger amount to shareholders who have held shares for a long time and don't have a history of flipping them. In that way making the new shares held more tightly and build demand. I have no idea if this is a thing or not.