Company: EQS
Filing Date: 2025-04-23
Form Type: PRE 14A
Source: 0001712543-25-000025
Chunk: 47

Company: EQUUS TOTAL RETURN, INC.
Filing Date: 2025-04-23
Form: PRE 14A
Chunk 47
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The Board, including a majority of the non-interested
directors who have no financial interest in this proposal, concluded that the overall benefits to the stockholders from increasing the
Company’s capital base outweighed the detriments.

Required Vote

The affirmative vote of holders of at least a “majority,”
as defined in the 1940 Act, of (1) the outstanding shares of the Company’s common stock entitled to vote at the Meeting and (2)
the outstanding shares of the Company’s common stock entitled to vote at the Meeting held by persons that are not affiliated persons
of the Company, is required to approve this proposal. Under the 1940 Act, the vote of holders of a “majority” means the vote
of the holders of the lesser of: (a) 67% or more of the outstanding shares of the Company’s common stock present or represented
by proxy at the Meeting if the holders of more than 50% of the shares of the Company’s common stock are present or represented by
proxy, or (b) more than 50% of the outstanding shares of the Company’s common stock. Abstentions and broker non-votes, if any, will
have the effect of a vote against this proposal.

<div align='center'>THE BOARD, INCLUDING ALL OF THE INDEPENDENT DIRECTORS, RECOMMENDS A VOTE

“FOR”

THE PROPOSAL TO AUTHORIZE THE COMPANY TO SELL OR OTHERWISE ISSUE

SHARES OF ITS COMMON STOCK AT A PRICE BELOW ITS THEN-CURRENT NAV

PURSUANT TO A CONVERSION OF THE INVESTMENT NOTE AND EXERCISE OF THE WARRANTS

AND IN ONE OR MORE OFFERINGS, IN EACH CASE SUBJECT TO THE APPROVAL OF THE BOARD AND SUBJECT TO THE CONDITIONS AS SET FORTH HEREIN</div>

| 40 |

<div align='center'>PROPOSAL 5—AUTHORIZATION OF THE COMPANY

TO SELL OR OTHERWISE ISSUE SHARES OF ITS COMMON STOCK

IN EXCESS OF 19.99% OF ITS OUTSTANDING SHARES IN CONNECTION WITH THE CONVERSION

OF THE INVESTMENT NOTE AND THE EXERCISE OF THE WARRANTS

AND IN ONE OR MORE FUTURE OFFERINGS</div>

Overview

Rule 312.03(c) of the NYSE Listing Manual requires
shareholder approval for the issuance of common stock or securities convertible into common stock that has, or will have upon issuance,
voting power in excess of 19.99% of an