Company: EQS
Filing Date: 2025-04-23
Form Type: PRE 14A
Source: 0001712543-25-000025
Chunk: 1

Company: EQUUS TOTAL RETURN, INC.
Filing Date: 2025-04-23
Form: PRE 14A
Chunk 1
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holders

| Meeting Date: | June 26, 2025                           |
|:--------------|:----------------------------------------|
| Meeting Time: | 11:00 a.m., EDT                         |
| Location:     | Jenner & Block LLP                      
 1155 Avenue of the Americas, 32nd Floor 
 New York, NY 10036                      |

Purpose of the Meeting

| • | To elect 5 directors, each for a term of one year; |

| • | To                                                                                                                 
 approve, on a non-binding advisory basis, the compensation paid to the Company’s named executive officers in 2024; |

| • | To                                                                                                                                                                                                                                                                                                           
 authorize the Company, with approval of its Board of Directors, (“Board”), to sell or otherwise issue shares                                                                                                                                                                                                 
 of its common stock at a price below its then-current net asset value per share in connection with the conversion of an existing                                                                                                                                                                             
 investment note and the exercise of warrants issued in connection therewith, and in one or more future offerings, subject to certain                                                                                                                                                                         
 conditions as set forth herein;                                                                                                                                                                                                                                                                              |
| • | To authorize the Company to issue shares of its common stock in excess of 19.99% of the Company’s shares presently issued and outstanding in connection with the conversion of an existing investment note and the exercise of warrants issued in connection therewith, and in one or more future offerings; |
| • | To                                                                                                                                                                                                                                                                                                           
 approve an amendment to our Certificate of Incorporation to provide the Board the discretion to authorize in the future, for a period                                                                                                                                                                        
 not exceeding one year, a reverse stock split of our common stock at a reverse stock split ratio ranging from 2:1 to 5:1, inclusive                                                                                                                                                                          
 (“Reverse Stock Split”); and                                                                                                                                                                                                                                                                                 |
| • | To transact such other business as may properly come before the annual meeting.                                                                                                                                                                                                                              |

Voting

All holders of record of shares of the Company’s common stock (NYSE:
EQS) at the close of business on May 15, 2025 (the “Record Date”), or their legal proxy holders, are entitled
to vote at the meeting and any postponements or adjournments of the meeting.

Please submit a proxy as soon as possible so that your shares can be voted
at the meeting in accordance with your instructions. You may submit your proxy online, by phone, or by mail. For specific instructions,
please refer to the Questions and Answers in this proxy statement and the instructions on the proxy card