Some investors are waitlisted when many apply to invest, and the company receives more money than they can legally accept.
It is common for a Community Round to have a rush of investors as it gets closer to reaching its desired amount, which can create misunderstandings on exactly "when" it becomes oversubscribed.
We can only fully confirm investments after the Community Round ends, and our Wefunder Closing Team works with the company to get everything in order. Our automatic emails regarding the company will all mention the waitlist, including if you invested before it was oversubscribed, which took a bit to process. You could be successful in Reg CF but still, receive a waitlist email.
In an oversubscription situation, investments are accepted on a first-come, first-served basis unless the issuer requests a different setup.