Company: EQS
Filing Date: 2025-05-12
Form Type: DEF 14A
Source: 0001712543-25-000028
Chunk: 58

Company: EQUUS TOTAL RETURN, INC.
Filing Date: 2025-05-12
Form: DEF 14A
Chunk 58
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 rights with respect to such fractional interest, except to receive such cash payment.

Additionally, under the escheat laws of the
various jurisdictions where stockholders may reside, where the Company is domiciled or where the cash payment may be deposited, sums due
for fractional interests that are not timely claimed after the Effective Date may be required to be paid to the designated agent for such
jurisdiction, unless correspondence has been received by us or the transfer agent concerning ownership of such funds within the specified
time period. Thereafter, stockholders otherwise entitled to receive such payments would need to seek them directly from the state to which
they were paid.

As of April 1, 2025, there were 586 common stockholders
of record. After the Effective Date, stockholders owning less than a whole share will no longer be stockholders. We do not intend for
this transaction to be the first step in a series of plans or proposals of a “going private transaction” within the meaning
of Rule 13e-3 of the Exchange Act.

Procedure for Effecting a Reverse Stock Split

Beneficial Holders of Common Stock. Stockholders
who hold their shares through a bank, broker or other nominee will be treated in the same manner as registered stockholders who hold their
shares in their names. Banks, brokers and other nominees will be instructed to effect the Reverse Stock Split for beneficial owners of
such shares. However, banks, brokers or other nominees may implement different procedures than those to be followed by registered stockholders
for processing the Reverse Stock Split, particularly with respect to the treatment of fractional shares. Stockholders whose shares of
common stock are held in the name of a bank, broker or other nominee are encouraged to contact their bank, broker or other nominee with
any questions regarding the procedures for implementing the Reverse Stock Split with respect to their shares.

Registered Holders of Common Stock. Registered
stockholders hold shares electronically in book-entry form under the direct registration system (i.e., do not have stock certificates
evidencing their share ownership but instead have a statement reflecting the number of shares registered in their accounts) and, as a
result, do not need to take any action to receive post-split shares. If they are entitled to receive post-split shares, they will automatically
receive, at their address of record, a transaction statement indicating the number of post-split shares held following the Effective Date.

Material U.S. Federal Income Tax Consequences

The following is a summary of material U.S.