Company: EQS
Filing Date: 2025-11-20
Form Type: 10-Q
Source: 0000878932-25-000007
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Company: EQUUS TOTAL RETURN, INC.
Filing Date: 2025-11-20
Form: 10-Q
Item: Part II, Item 1A
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Item 1A. Risk Factors

In connection with
our efforts to convert Equus into an operating company in furtherance of our plan to convert the Fund into an operating company, we may
be subject to a number of risks associated with this process, the transactions that would embody a consolidation of Equus with another
company, as well as specific risks associated with the commercial enterprise with which Equus may seek to combine itself. We intend to
identify, as will be reasonably possible, such risks and include the same in our subsequent filings and reports with theSEC.

Readers should carefully
consider these risks and all other information contained in our annual report on Form 10-K (“10-K”) for the year ended December
31, 2024, including the Fund’s financial statements and the related notes thereto. The risks and uncertainties described in our
10-K and throughout this 10-Q are not the only ones facing the Fund.

Additional risks and
uncertainties not presently known to us, or not presently deemed material by us, may also impair our operations and performance.

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  Table of Contents  

Item 6. Exhibits