Subscriptions will be allocated on a first-come, first-served basis, based on the time at which each subscription is submitted. The subscription period will automatically end once the maximum amount of the offer is reached. 

Each investor will be allocated the full amount they subscribed, provided that funds are paid at the time their subscription is processed. If the offer is fully subscribed before your payment or subscription is received, your subscription may be partially accepted or not accepted at all. 

We therefore recommend subscribing as early as possible if you wish to ensure your participation.

If the total subscriptions exceed the maximum amount of the offer, the subscriptions will be distributed proportionally among all participating investors. 

In the case of the first investment in a company, this proportional allocation is based on each investor's initial expression of interest, meaning that the subscribers will be allocated an amount equal to the outcome of this formula: [amount subscribed to] ÷ [sum of all the subscriptions] × [maximum amount of the offer]. 

In case of exercise of a preferential right, the proportional allocation is based on each investor’s total economic participation in the underlying company (in proportion to the total economic participation held by Spreds Finance in said company). Meaning that the subscribers will be allocated an amount equal to the outcome of this two-step formula: 

As such, you are welcome to subscribe for more than your (indicative or expected) allocation. If other investors do not subscribe the full amount they indicated or were entitled to, their unallocated portion will be redistributed to those who have subscribed for more, according to the above formulas.

Once all subscriptions have been received and the allocation process is complete, we will inform you of the final amount of your investment allocation. If applicable, we will also refund any excess funds received. 

However, we do not process refunds in cases where doing so would result in transaction fees (for Spreds or the investor) that are equal to or greater than the amount to be reimbursed, and no reimbursements are done for amounts under €1, as this makes no economic sense.