earlyrise Your last statement "The Company has a discretion...

earlyrise
Your last statement
"The Company has a discretion whether or not to accept an application for shares in addition to a shareholder's entitlement thereby keeping space in the shortfall pool for the $4M underwritten amount."

Are there any rules or common practices that govern this?
For example - does the first come, first served rule, apply?

Say a holder has 60,000 shares, and would be entitled to 20,000 shares but for whatever reason decides to apply for 100,000 shares (or a shortfall of 80,000).
Would that be likely to get knocked back?
Or else would the shortfall of 80,000 be scaled back to a lower figure like 40,000 or perhaps 30,000?

Using those numbers above, if that investor applied for a shortfall of 10,000, would that be more likely to succeed?