Company: EQS
Filing Date: 2025-04-23
Form Type: PRE 14A
Source: 0001712543-25-000025
Chunk: 55

Company: EQUUS TOTAL RETURN, INC.
Filing Date: 2025-04-23
Form: PRE 14A
Chunk 55
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 approval of the Reverse Stock Split could facilitate future
efforts by us to deter or prevent changes in control, including transactions in which stockholders might otherwise receive a premium for
their shares over then-current market prices.

Stockholders should also keep in mind that the
implementation of a Reverse Stock Split does not have an effect on the actual or intrinsic value of our business or a stockholder’s
proportional ownership interest (subject to the treatment of fractional shares). However, should the overall value of our common stock
decline after a Reverse Stock Split, then the actual or intrinsic value of shares held by stockholders will also proportionately decrease
as a result of the overall decline in value.

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Effects of a Reverse Stock Split

As of the Effective Date:

| · | each                                                                                         
 two (2) to five (5) shares of common stock outstanding (depending on the Reverse Stock Split 
 ratio selected by the Board) will be combined, automatically and without any action on the   
 part of the Company or its stockholders, into one new share of common stock;                 |

| · | no fractional shares of common stock will be issued; instead,                                                                      
 stockholders who would otherwise receive a fractional share will receive cash in lieu of the fractional share (as detailed below); |

| · | proportionate adjustments will be made to the number of                                                                                    
 shares issuable upon the exercise or vesting of all then-outstanding stock options, warrants and restricted stock units, which will result 
 in a proportional decrease in the number of shares of common stock reserved for issuance upon exercise or vesting of such stock options,   
 warrants and restricted stock units, and, in the case of stock options, a proportional increase in the exercise price of all such stock    
 options;                                                                                                                                   |

| · | the number of shares of common stock then reserved for issuance           
 under our 2016 Equity Incentive Plan will be reduced proportionately; and |

| · | the number of shares of common stock then reserved for issuance                                                                        
 pursuant to the Investment Note and Warrants described in Proposals 4 and 5 above will be reduced proportionately, and, the conversion 
 and exercise prices of the Investment Note and Warrants will be increased proportionately.                                             |

The following tables summarize, for illustrative
purposes only, the anticipated effects of a Reverse Stock Split on our shares available for issuance based on information as of April
17, 2025 and without giving effect to the treatment of fractional shares.

| Status