Company: EQS
Filing Date: 2025-05-12
Form Type: DEF 14A
Source: 0001712543-25-000028
Chunk: 51

Company: EQUUS TOTAL RETURN, INC.
Filing Date: 2025-05-12
Form: DEF 14A
Chunk 51
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 of Not Obtaining Required Vote for Approval of the Stock Issuance Proposal

If we are unable to obtain approval of the Stock Issuance
Proposal, we will be unable to issue shares of common stock upon conversion of the Convertible Securities or in connection with a Future
Offering to the extent such issuance would exceed 19.99% of the outstanding shares of our common stock. If we are unable to issue shares
of common stock upon conversion of the Convertible Securities on the terms currently contemplated or in connection with Future Offerings
on terms reasonably determined by our Board, we may be required to pursue other alternatives to strengthen our liquidity position. These
alternatives may include (subject to market conditions) the issuance of nonconvertible debt, the potential sale of our assets and/or other
strategic transactions and/or other measures. These alternatives involve significant uncertainties, potential significant delays, costs
and other risks, and there can be no assurance that any of these alternatives will be available on acceptable terms, or at all, in the
current market environment or in the foreseeable future.

Required Vote

Approval of the Stock Issuance Proposal requires the
affirmative vote of the holders of a majority in voting power of the votes cast by holders of common stock. Abstentions and broker non-votes,
if any, will have no effect on the vote on the Stock Issuance Proposal.

Recommendation of the Board

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

“FOR”

THE PROPOSAL TO AUTHORIZE 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>

| 43 |

<div align='center'>PROPOSAL 6—GIVING THE BOARD THE DISCRETION

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

THE REVERSE STOCK SPLIT</div>

Background

We are asking our stockholders to approve
an amendment to our Certificate of Incorporation, which the Board has approved and declared advisable, to provide the Board the discretion
in the future, for a period not exceeding one year, to authorize a reverse stock split (the “Reverse Stock Split”)
of all issued and outstanding shares of our common stock, at a ratio ranging from 2