Company: EQS
Filing Date: 2025-04-23
Form Type: PRE 14A
Source: 0001712543-25-000025
Chunk: 60

Company: EQUUS TOTAL RETURN, INC.
Filing Date: 2025-04-23
Form: PRE 14A
Chunk 60
---
301 of the Code, so stockholders should consult their own tax advisors as to that possibility and the resulting tax consequences
to them in that event.

U.S. holders that have acquired different blocks
of our common stock at different times or at different prices are urged to consult their own tax advisors regarding the allocation of
their aggregated adjusted basis among, and the holding period of, our common stock.

Information returns generally will be required
to be filed with the IRS with respect to the payment of cash in lieu of a fractional share made pursuant to the Reverse Stock Split unless
such U.S. holder is an exempt recipient and timely and properly establishes with the applicable withholding agent the exemption. In addition,
payments of cash in lieu of a fractional share made pursuant to the Reverse Stock Split may, under certain circumstances, be subject to
backup withholding, unless a U.S. holder timely provides to the applicable withholding agent proof of an applicable exemption or a correct
taxpayer identification number, and otherwise complies with the applicable requirements of the backup withholding rules. Any amounts withheld
under the backup withholding rules are not additional tax and may be refunded or credited against the U.S. holder’s U.S. federal
income tax liability, provided that the U.S. holder timely furnishes the required information to the IRS. U.S. holders should consult
their tax advisors regarding their qualification for an exemption from backup withholding and the procedures for obtaining such an exemption.

| 47 |

Accounting Consequences

The par value per share of our common stock
will remain unchanged at $0.001 per share following the Reverse Stock Split. As a result, as of the Effective Date, the stated capital
on the Company’s balance sheets attributable to common stock will be reduced proportionally based on the Reverse Stock Split ratio,
and the additional paid-in capital will be credited with the amount by which the capital is reduced. The net income or loss per share
of common stock will be increased as a result of the fewer shares of common stock outstanding. The Reverse Stock Split will be reflected
retroactively in our consolidated financial statements.

No Dissenter’s or Appraisal Rights

Under the Delaware General Corporation
Law, stockholders are not entitled to dissenter’s or appraisal rights with respect to the Reverse Stock Split or the corresponding
amendment to our Certificate of Incorporation.

Interest of Certain Persons in Matter to be Acted Upon

No officer or director has any substantial interest,
direct or indirect, by security holdings or otherwise, in connection with the Reverse Stock Split that