Company: EQS
Filing Date: 2025-04-23
Form Type: PRE 14A
Source: 0001712543-25-000025
Chunk: 44

Company: EQUUS TOTAL RETURN, INC.
Filing Date: 2025-04-23
Form: PRE 14A
Chunk 44
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 Share(3) |     | 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. |

| 37 |

Examples of Dilutive Effect of a Future Issuance of Shares Below NAV

The following table explains and provides hypothetical
examples on the impact of a public or private offering of the Company’s common stock at a price less than NAV where existing stockholders
do not purchase any shares in the offering. As shown in the table, these stockholders will experience an immediate decrease in the NAV
of the shares they hold and their NAV per share. These stockholders will also experience a disproportionately greater decrease in their
participation in the Company’s earnings and assets and their voting power than the increase the Company will experience in its assets,
potential earning power and voting interests due to the offering. These stockholders may also experience a decline in the market price
of their shares, which often reflects, to some degree, announced or potential increases and decreases in NAV. This decrease could be more