Company: EQS
Filing Date: 2025-05-20
Form Type: 8-K
Source: 0001712543-25-000039
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Company: EQUUS TOTAL RETURN, INC.
Filing Date: 2025-05-20
Form: 8-K
Item: Item 3.01
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Item 3.01      Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.  

On May 15, 2025, Equus Total Return, Inc. (the “ Company”)
was notified by the New York Stock Exchange (the “ NYSE”) that it is not in compliance with Section 802.01C of the NYSE Listed
Company Manual because the average closing price of the Company’s Common Stock (the “ Common Stock”) was less than $1.00
over a consecutive 30 trading-day period. The notice does not result in the immediate delisting of the Company’s Common Stock from
the NYSE.

The Company plans to notify the NYSE by May 25, 2025
that it intends to cure the average closing stock price deficiency and to return to compliance with the NYSE's continued listing standards.
The Company can regain compliance at any time within the six-month period following receipt of the NYSE's notice if on the last trading
day of any calendar month during the cure period, the Company has (i) a closing share price of at least $1.00 and (ii) an average closing
share price of at least $1.00 over the 30 trading-day period ending on the last trading day of that month.

The Company intends to consider available alternatives
to cure the stock price non-compliance including, but not limited to, a reverse stock split, authorization for which has been proposed
in connection with the Company’s upcoming annual meeting of stockholders scheduled for June 26, 2025. Under the NYSE’s rules,
if the Company determines that it will cure the stock price deficiency by taking an action that will require stockholder approval at its
next annual meeting of stockholders, the price condition will be deemed cured if the price promptly exceeds $1.00 per share, and the price
remains above that level for at least the following 30 trading days.

The Company’s Common Stock will continue to be
listed and trade on the NYSE during this period, subject to the Company’s ongoing compliance with the NYSE's other continued listing
standards. Furthermore, the notice is not anticipated to impact the ongoing business operations of the Company or its reporting requirements
with the U. S. Securities and Exchange Commission.