Company: EQS
Filing Date: 2025-05-12
Form Type: DEF 14A
Source: 0001712543-25-000028
Chunk: 47

Company: EQUUS TOTAL RETURN, INC.
Filing Date: 2025-05-12
Form: DEF 14A
Chunk 47
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40 |

Other Considerations

Prior to the time of issuance, the Board may determine
to issue shares of the Company’s common stock below NAV in a registered public offering or in a private placement, either with or
without an obligation to seek to register their resale at the request of the holders. The Board may also determine to use an underwriter
or placement agent to assist in selling such shares of common stock if it concludes that doing so would assist in marketing such securities
on favorable terms.

The Board also considered the effect of the following
factors:

| · | the costs and benefits of a common stock offering below                                      
 NAV compared to other possible means for raising capital or concluding not to raise capital; |

| · | the size of a common stock offering in relation to the number 
 of shares outstanding;                                        |

| · | the general condition of the securities markets; and |

| · | any impact on operating expenses associated with an increase 
 in capital.                                                  |

The Board, including a majority of the non-interested
directors who have no financial interest in this proposal, concluded that the overall benefits to the stockholders from increasing the
Company’s capital base outweighed the detriments.

Required Vote

The affirmative vote of holders of at least a “majority,”
as defined in the 1940 Act, of (1) the outstanding shares of the Company’s common stock entitled to vote at the Meeting and (2)
the outstanding shares of the Company’s common stock entitled to vote at the Meeting held by persons that are not affiliated persons
of the Company, is required to approve this proposal. Under the 1940 Act, the vote of holders of a “majority” means the vote
of the holders of the lesser of: (a) 67% or more of the outstanding shares of the Company’s common stock present or represented
by proxy at the Meeting if the holders of more than 50% of the shares of the Company’s common stock are present or represented by
proxy, or (b) more than 50% of the outstanding shares of the Company’s common stock. Abstentions and broker non-votes, if any, will
have the effect of a vote against this proposal.

<div align='center'>THE BOARD, INCLUDING ALL OF THE INDEPENDENT DIRECTORS, RECOMMENDS A VOTE

“FOR”

THE PROPOSAL TO AUTHORIZE THE COMPANY TO SELL OR OTHERWISE ISSUE

SHARES OF ITS COMMON STOCK AT A PRICE BELOW ITS THEN