Company: EQS
Filing Date: 2025-04-23
Form Type: PRE 14A
Source: 0001712543-25-000025
Chunk: 3

Company: EQUUS TOTAL RETURN, INC.
Filing Date: 2025-04-23
Form: PRE 14A
Chunk 3
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 exercise of warrants issued in connection therewith, and in one or more offerings, in each case
subject to the approval of its Board of Directors (“Board”) and subject to certain conditions as set forth
herein (see Proposal 4), authorize the Company to issue shares of its common stock in excess of 19.99% of the Company’s
shares currently issued and outstanding for such consideration as the Board shall deem reasonably sufficient (see Proposal 5), and to provide the Board the discretion to authorize in the future, for a period not exceeding one year, the Reverse Stock
Split (see Proposal 6).

Who is entitled to vote at the Meeting?

If you owned shares of the Company on the Record Date,
you are entitled to receive notice of and to participate in the Meeting. A list of stockholders on the Record Date will be available for
inspection during normal business hours at Jenner & Block LLP, 1155 Avenue of the Americas, 32 Floor, New York, NY 10036
for ten days before the Meeting.

What are the voting rights of holders of the Company’s common stock?

You may cast one vote per share of the Company’s
common stock that you held on the Record Date on each proposal considered at the Meeting. These shares are: (a) held directly in
your name as the stockholder of record or (b) held for you as the beneficial owner through a stockbroker, bank, or other nominee.

What is the difference between holding shares as a stockholder of record and as a beneficial owner?

Many stockholders of the Company hold their shares
in “street name” through a stockbroker, bank or other nominee rather than directly in their own name. There are some important
distinctions in how Company shares are held.

Stockholder of Record. If your shares are registered
directly in your name with the Company’s transfer agent, Equiniti Group, you are considered, with respect to those shares, the stockholder
of record; therefore, these proxy materials are being sent directly to you by the Company. As the stockholder of record, you have the
right to vote in person at the Meeting, or to grant your voting proxy directly to the Company. You may vote online, by phone, or by mail.

Beneficial Owner. If your shares are held in
a stock brokerage account or by a bank or other nominee, you are considered the beneficial owner of shares held in “street name.”
Your broker or nominee, who is considered the stockholder