Company: EQS
Filing Date: 2025-05-12
Form Type: DEF 14A
Source: 0001712543-25-000028
Chunk: 44

Company: EQUUS TOTAL RETURN, INC.
Filing Date: 2025-05-12
Form: DEF 14A
Chunk 44
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2,000,000 shares of Equus common stock for an exercise price of $1.50 per share, or $3,000,000
in the aggregate. Based on these assumptions, the Investment Note and Warrants Issuance, if converted into shares of common stock of the
Company pursuant to the terms of such instruments, would result in the following effects to NAV and existing stockholders:

|                                                |     |                                               |     |                                      |     |                                                  |     |                                                 |     |                                                        |     |                   |     |                               |     |                                              |     | Decrease in NAV per Share from Conversion of Investment Note and Exercise of Warrants |     |          |
| Equus Net Assets Prior to Conversion/ Exercise |     | Aggregate Conversion Amt. / Exercise Price(2) |     | Conversion/ Exercise Price per Share |     | Increase in net assets from Conversion/ Exercise |     | Equus Net Assets Following Conversion/ Exercise |     | Equus Shares Outstanding Prior to Conversion/ Exercise |     | New Shares Issued |     |                 NAV per Share 
 Prior to Conversion/ Exercise |     | NAV per Share Following Conversion/ Exercise |     |                                                                              Decrease |     | % Change |
| $29,525,000                                    |     |                                    $5,100,000 |     |                                $1.50 |     |                                       $5,100,000 |     |                                     $34,625,000 |     |                                             13,586,173 |     |         3,400,000 |     |                         $2.17 |     |                                        $2.04 |     |                                                                                -$0.13 |     | -6.20%   |

| (1) | For illustrative purposes only. Assumes no other changes in net assets from those reported at December 
 31, 2024.                                                                                              |

| (2) | Includes the conversion of the principal amount of the Investment Note ($2,000,000) and payment of the                                
 aggregate exercise price of the Warrants ($3,000,000). Also assumes conversion of the Investment Note after six months from issuance, 
 resulting in accrued interest of $100,000.                                                                                            |

| (3) | The conversion/exercise price may be subject to downward adjustment in the event that the Company issues                     
 common stock or instruments convertible into common stock at a purchase price or conversion price less than $1.50 per share. |

| 38 |

Examples of Dilutive Effect of a Future