Company: EQS
Filing Date: 2025-04-23
Form Type: PRE 14A
Source: 0001712543-25-000025
Chunk: 61

Company: EQUUS TOTAL RETURN, INC.
Filing Date: 2025-04-23
Form: PRE 14A
Chunk 61
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 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>

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<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 request. Please direct your request to Equus Total Return, Inc., Attention: Secretary, 700 Louisiana Street,
41 Floor, Houston, TX 77002, or call our proxy solicitor Georgeson LLC toll-free at (800) 903-2897. Copies also may be requested
through the Company’s website at www.equuscap.com. (Information contained on the Company’s website is not incorporated
into this proxy statement.) Copies are also posted via EDGAR on the SEC’s website at www.sec.gov.

<div align='center'>ADDITIONAL INFORMATION</div>

Stockholder Proposals for the 2026 Annual Meeting.
Stockholders interested in submitting a proposal for inclusion in the proxy materials for the annual meeting of stockholders in 2026 may
do so by following the procedures prescribed in SEC Rule 14a-8. To be eligible for inclusion, the Company’s Secretary must receive
stockholder proposals no later than December 31, 2025. Proposals should be sent to the Company, at 700 Louisiana Street, 41
Floor,