Company: EQS
Filing Date: 2025-05-12
Form Type: DEF 14A
Source: 0001712543-25-000028
Chunk: 57

Company: EQUUS TOTAL RETURN, INC.
Filing Date: 2025-05-12
Form: DEF 14A
Chunk 57
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543 |     |                                                        1,272,557 |     |                                                                 95,330,900 |     |                                                                             $          383,764,070 |
| Post-Reverse Stock Split 5:1 |     |                                 100,000,000 |     |                                               2,717,235 |     |                                                        1,018,046 |     |                                                                 96,264,720 |     |                                                                             $          484,404,070 |

| (1) | Includes 3,400,000 pre-Reverse Stock Split Shares issuable from the conversion of the Investment Note                             
 and Warrants described in Proposal 4 above, and 1,690,228 pre-Reverse Stock Split Shares issuable under the Company’s 2016 Equity 
 Incentive Plan.                                                                                                                   |

| (2) | Based upon a hypothetical post-split stock price calculated by multiplying the closing price on April 
 17, 2025 ($1.0064) by the reverse-split ratio.                                                        |

A Reverse Stock Split would affect all
stockholders uniformly. As of the Effective Date, each stockholder would own a reduced number of shares of common stock. Percentage ownership
interests, voting rights and other rights and preferences would not be affected, except to the extent that the Reverse Stock Split would
result in fractional shares (as described below).

A Reverse Stock Split would not affect the registration
of our common stock under Section 12(b) of the Exchange Act, and we would continue to be subject to the periodic reporting and other requirements
of the Exchange Act. Barring delisting by the NYSE, our common stock would continue to be listed on the NYSE under the symbol “EQS,”
but would have a new Committee on Uniform Securities Identification Procedures (CUSIP) number after the Effective Date.

| 46 |

Cash Payment In Lieu of Fractional Shares

No fractional shares of common stock will be
issued as a result of the Reverse Stock Split. In lieu of any fractional shares to which a stockholder of record would otherwise be entitled,
the Company will pay cash (without interest and subject to withholding taxes, as applicable) equal to such fraction multiplied by the
closing price of the common stock on Nasdaq on the first business day immediately preceding the Effective Date (as adjusted in good faith
by the Company to account for the reverse stock split ratio). After the Effective Date, a stockholder otherwise entitled to a fractional
interest will not have any voting, dividend or other