Company: EQS
Filing Date: 2025-04-23
Form Type: PRE 14A
Source: 0001712543-25-000025
Chunk: 46

Company: EQUUS TOTAL RETURN, INC.
Filing Date: 2025-04-23
Form: PRE 14A
Chunk 46
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umed to be $2.17 per share on Shares Held Prior to Sale) |                   $2.17 |     |           $2.17 |     |          |     |                |           $2.17 |     |          |     |                |           $2.17 |     |          |     |                |           $2.17 |     |          |
| Net Asset Value per Share Held by Stockholder A                                                         |                         |     |           $2.15 |     |          |     |                |           $2.10 |     |          |     |                |           $2.02 |     |          |     |                |           $1.92 |     |          |
| Dilution Per Share Held by Stockholder A (Net Asset Value per Share Less Investment per Share)          |                         |     |         $(0.02) |     |          |     |                |         $(0.07) |     |          |     |                |         $(0.15) |     |          |     |                |         $(0.25) |     |          |
| Percentage Dilution to Stockholder A (Dilution per Share Divided by Investment per Share)               |                         |     |          -0.92% |     |          |     |                |          -3.30% |     |          |     |                |          -6.91% |     |          |     |                |         -11.72% |     |          |

| 39 |

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.                                                  |