Company: EQS
Filing Date: 2025-04-23
Form Type: PRE 14A
Source: 0001712543-25-000025
Chunk: 65

Company: EQUUS TOTAL RETURN, INC.
Filing Date: 2025-04-23
Form: PRE 14A
Chunk 65
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Effective Time”), each shares of the Corporation’s Common
Stock issued and outstanding immediately prior to the Effective Time shall, automatically and without any action on the part of the Corporation
or the respective holders thereof, be combined and converted into one share of Common Stock without increasing or decreasing the par value
of each share of Common Stock (the “Reverse Stock Split”). No fractional shares of Common Stock shall be issued as a result
of the Reverse Stock Split and, in lieu thereof, upon surrender after the Effective Time of a certificate or book entry position which
formerly represented shares of Common Stock that were issued and outstanding immediately prior to the Effective Time, any person who would
otherwise be entitled to a fractional share of Common Stock as a result of the Reverse Stock Split, following the Effective Time, shall
be entitled to receive a cash payment (without interest and subject to withholding taxes, as applicable) equal to the fraction of a share
of Common Stock to which such holder would otherwise be entitled multiplied by the closing price of Common Stock on the New York Stock
Exchange on the first business day immediately preceding the Effective Time (as adjusted in good faith by the Corporation to account for
the reverse stock split ratio). The Reverse Stock Split shall occur whether or not the certificates representing such shares of Common
Stock are surrendered to the Corporation or its transfer agent. Each certificate or book entry position that immediately prior to the
Effective Time represented shares of Common Stock shall thereafter represent the number of shares of Common Stock into which the shares
of Common Stock represented by such certificate or book entry position has been combined, subject to the elimination of fractional interests
set forth above.”

5. This
Certificate of Amendment to the Certificate of Incorporation shall be effective as of 12:01 a.m. Central Time on ___________, 202__.

IN WITNESS WHEREOF, the Corporation has caused
this Certificate of Amendment to the Certificate of Incorporation to be signed by its Chief Executive Officer this
day of , 202__.

By: ________________________________

John A. Hardy

Chief Executive Officer

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| EQUUS TOTAL RETURN, INC. 
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