Company: EQS
Filing Date: 2025-05-12
Form Type: DEF 14A
Source: 0001712543-25-000028
Chunk: 56

Company: EQUUS TOTAL RETURN, INC.
Filing Date: 2025-05-12
Form: DEF 14A
Chunk 56
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 restricted stock units, which will result 
 in a proportional decrease in the number of shares of common stock reserved for issuance upon exercise or vesting of such stock options,   
 warrants and restricted stock units, and, in the case of stock options, a proportional increase in the exercise price of all such stock    
 options;                                                                                                                                   |

| · | the number of shares of common stock then reserved for issuance           
 under our 2016 Equity Incentive Plan will be reduced proportionately; and |

| · | the number of shares of common stock then reserved for issuance                                                                        
 pursuant to the Investment Note and Warrants described in Proposals 4 and 5 above will be reduced proportionately, and, the conversion 
 and exercise prices of the Investment Note and Warrants will be increased proportionately.                                             |

The following tables summarize, for illustrative
purposes only, the anticipated effects of a Reverse Stock Split on our shares available for issuance based on information as of April
17, 2025 and without giving effect to the treatment of fractional shares.

| Status                       |     | Number of Shares of Common Stock Authorized |     | Number of Shares of Common Stock Issued and Outstanding |     | Number of Shares of Common Stock Reserved for Future Issuance(1) |     | Number of Shares of Common Stock Authorized but Unissued and Unreserved(2) |     | Hypothetical Initial Market Value of Shares of Common Stock Authorized but Unissued and Unreserved |
| Pre-Reverse Stock Split      |     |                                 100,000,000 |     |                                              13,586,173 |     |                                                        5,090,228 |     |                                                                 81,323,599 |     |                                                                            $            81,844,070 |
| Post-Reverse Stock Split 2:1 |     |                                 100,000,000 |     |                                               6,793,087 |     |                                                        2,545,114 |     |                                                                 90,661,800 |     |                                                                             $          182,484,070 |
| Post-Reverse Stock Split 3:1 |     |                                 100,000,000 |     |                                               4,528,724 |     |                                                        1,696,743 |     |                                                                 93,774,533 |     |                                                                             $          283,124,070 |
| Post-Reverse Stock Split 4:1 |     |                                 100,000,000 |     |                                               3,396,