Company: EQS
Filing Date: 2025-05-12
Form Type: DEF 14A
Source: 0001712543-25-000028
Chunk: 62

Company: EQUUS TOTAL RETURN, INC.
Filing Date: 2025-05-12
Form: DEF 14A
Chunk 62
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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 is not shared by all other stockholders.

Recommendation of the Board

<div align='center'>THE BOARD RECOMMENTS A VOTE

“FOR”

GIVING THE BOARD THE DISCRETION

TO AUTHORIZE IN THE FUTURE, FOR A PERIOD NOT EXCEEDING ONE YEAR

THE REVERSE STOCK SPLIT</div>

| 49 |

<div align='center'>OTHER MATTERS</div>

The Board knows of no other matter that is likely
to come before the Meeting. However, if any other matter properly comes before the Meeting, the individuals named as proxy holders will
vote in accordance with their discretion on such matters.

In the event that sufficient votes in favor of the
proposals set forth in the Notice of the Meeting are not received by the time scheduled for the annual meeting, the holders of a majority
of the shares of the Company, present in person or represented by proxy, although not constituting a quorum, may adjourn the Meeting.

<div align='center'>ANNUAL AND QUARTERLY REPORTS</div>

A copy of the Company’s Annual Report on Form
10-K for the year ended December 31, 2024 (without exhibits, unless otherwise requested) is provided concurrently with this proxy statement.
A copy of the Company’s 2024 Annual Report on Form 10-K and copies of the Company’s quarterly reports on Form 10-Q are also
available without charge upon