I participated in the PLS SPP back in April/May 2016. They were...

I participated in the PLS SPP back in April/May 2016. They were raising $15m but received in excess of $50m from 3,700 holders. The purchase options were similar - $5k, $10k or $15k from memory. It's at the company's discretion how they allocate the shares, but PLS ruled out any holders with less than a certain number of shares (5,000 units) at a certain date prior to allocation and of the remaining applicants, they scaled back applications by roughly 40% regardless of which tier you applied.

By ruling out applicants with less shares than the threshold, they actually rewarded those holding rather than those who sold prior to allocation. Pretty clever IMO!