Company: EQS
Filing Date: 2025-04-23
Form Type: PRE 14A
Source: 0001712543-25-000025
Chunk: 56

Company: EQUUS TOTAL RETURN, INC.
Filing Date: 2025-04-23
Form: PRE 14A
Chunk 56
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holders uniformly.
As of the Effective Date, each stockholder would own a reduced number of shares of common stock. Percentage ownership interests, voting
rights and other rights and preferences would not be affected, except to the extent that the Reverse Stock Split would result in fractional
shares (as described below).

A Reverse
Stock Split would not affect the registration of our common stock under Section 12(b) of the Exchange Act, and we would continue to be
subject to the periodic reporting and other requirements of the Exchange Act. Barring delisting by the NYSE, our common stock would continue
to be listed on the NYSE under the symbol “EQS,” but would have a new Committee on Uniform Securities Identification Procedures
(CUSIP) number after the Effective Date.

Cash Payment In Lieu of Fractional Shares

No fractional shares of common stock will be
issued as a result of the Reverse Stock Split. In lieu of any fractional shares to which a stockholder of record would otherwise be entitled,
the Company will pay cash (without interest and subject to withholding taxes, as applicable) equal to such fraction multiplied by the
closing price of the common stock on Nasdaq on the first business day immediately preceding the Effective Date (as adjusted in good faith
by the Company to account for the reverse stock split ratio). After the Effective Date, a stockholder otherwise entitled to a fractional
interest will not have any voting, dividend or other rights with respect to such fractional interest, except to receive such cash payment.

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Additionally, under the escheat laws of the
various jurisdictions where stockholders may reside, where the Company is domiciled or where the cash payment may be deposited, sums due
for fractional interests that are not timely claimed after the Effective Date may be required to be paid to the designated agent for such
jurisdiction, unless correspondence has been received by us or the transfer agent concerning ownership of such funds within the specified
time period. Thereafter, stockholders otherwise entitled to receive such payments would need to seek them directly from the state to which
they were paid.

As of April 1, 2025, there were 586 common stockholders
of record. After the Effective Date, stockholders owning less than a whole share will no longer be stockholders. We do not intend for
this transaction to be the first step in a series of plans or proposals of a “going private transaction” within the meaning
of Rule 13e-3 of the Exchange Act.

Procedure for Effect