<SEC-DOCUMENT>0001391609-19-000192.txt : 20191120
<SEC-HEADER>0001391609-19-000192.hdr.sgml : 20191120
<ACCEPTANCE-DATETIME>20191119185716
ACCESSION NUMBER:		0001391609-19-000192
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20191114
ITEM INFORMATION:		Submission of Matters to a Vote of Security Holders
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20191120
DATE AS OF CHANGE:		20191119

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EQUUS TOTAL RETURN, INC.
		CENTRAL INDEX KEY:			0000878932
		IRS NUMBER:				760345915
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	814-00098
		FILM NUMBER:		191232675

	BUSINESS ADDRESS:	
		STREET 1:		700 LOUISIANA STREET
		STREET 2:		48TH FLOOR
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77002
		BUSINESS PHONE:		7135290900

	MAIL ADDRESS:	
		STREET 1:		700 LOUISIANA STREET
		STREET 2:		48TH FLOOR
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77002

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EQUUS II INC
		DATE OF NAME CHANGE:	19970422
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>f8k_equus11192019.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 20pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><B>___________________________________________</B></P>

<P STYLE="font: 20pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 20pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>WASHINGTON, D.C. 20549</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 20pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center">CURRENT REPORT</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center">Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Date of Report (Date of earliest event reported):
November 14, 2019</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 20pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>EQUUS TOTAL RETURN, INC.</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact Name of Registrant as Specified in its
Charter)</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>Delaware</B></FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;&nbsp;&nbsp;<B>814-00098</B></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>76-0345915</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">(State or Other Jurisdiction</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">(Commission File</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">(IRS Employer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">Of Incorporation)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">Number)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">Identification No.)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>700 Louisiana Street, 48<SUP>th</SUP> Floor
        Houston, Texas</B></P></TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>77020</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">(Address of Principal Executive Offices)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">(Zip Code)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Registrant&rsquo;s telephone number, including
area code: (713) 529-0900</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>N/A</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Former Name or Former Address, if Changed Since
Last Report)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Check the appropriate box below if the Form 8-k filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">[ ] Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange
Act (17 CFR 240.14a-12)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under
the Exchange Act (17 CFR 240.14d-2(b))</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under
the Exchange Act (17 CFR 240.13e-4(c))</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; background-color: white">Indicate by check mark whether the
registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR &sect;230.405) or Rule 12b-2
of the Securities Exchange Act of 1934 (17 CFR &sect;240.12b-2). <FONT STYLE="font-family: MS Mincho">&#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided
pursuant to Section 13(a) of the Exchange Act. <FONT STYLE="font-family: MS Mincho">&#9744;</FONT></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 5.07</B></TD><TD><B>Submission of Matters to a Vote of Security Holders.</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">On November 14, 2019, holders of a majority
of the outstanding common stock of Equus Total Return, Inc. (the &ldquo;Company&rdquo;) authorized the Company&rsquo;s Board of
Directors (the &ldquo;Board&rdquo;) to: (i) cause the Company&rsquo;s withdrawal of its election to be classified as a business
development company (&ldquo;BDC&rdquo;) under the Investment Company Act of 1940 (the &ldquo;1940 Act&rdquo;) but in no event later
than March 31, 2020 and, (ii) decrease the Company&rsquo;s asset coverage ratio from 200% to 150% as permitted under the 1940 Act.
Such actions will become effective twenty days after mailing of a definitive information statement to shareholders of the Company
in accordance with the requirements of the Securities Exchange Act of 1934.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 8.01</B></TD><TD><B>Other Events.</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">On November 19, 2019, the Company issued a press
release announcing the authorization given to the Board by the shareholders as described in Item 5.07 above. The text of the press
release is included as Exhibit 99.1 to this Current Report and is incorporated herein by reference.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 9.01</B></TD><TD><B>Financial Statements and Exhibits.</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>(d) Exhibits.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">99.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<A HREF="ex991_pressrelease11192019.htm">Press release issued on November 19, 2019 by Equus Total Return, Inc.</A></P>


<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>SIGNATURES</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 29%; padding-right: -45pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 30%; padding-right: -45pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 41%; padding-right: -45pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">Equus Total Return, Inc.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -45pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -45pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -45pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -45pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">Date:&nbsp;&nbsp;November 20,
    2019</FONT></TD>
    <TD STYLE="padding-right: -45pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -45pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">By:&nbsp;&nbsp;<U>/s/ Kenneth I. Denos</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -45pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -45pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -45pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">Name:&nbsp;&nbsp;Kenneth I. Denos</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -45pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -45pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -45pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">Title:&nbsp;&nbsp;Secretary</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>



<P STYLE="margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex991_pressrelease11192019.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><B></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 360pt"><A HREF="f8k_equus11192019.htm">EXHIBIT 99.1</A></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><IMG SRC="image_001.jpg" ALT=""></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>EQUUS SHAREHOLDERS GRANT AUTHORIZATION</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>TO WITHDRAW BDC ELECTION</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>AND INCREASE BORROWING CAPACITY</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Authorization Supports Company&rsquo;s Growth
Strategies</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>HOUSTON, TX &ndash; November 19, 2019 &ndash; </B>Equus Total
Return, Inc. (NYSE: EQS) (&ldquo;Equus&rdquo; or the &ldquo;Company&rdquo;) today announced that its shareholders have authorized
the Company&rsquo;s Board of Directors (hereinafter, the &ldquo;Board&rdquo;) to: (i) cause the Company&rsquo;s withdrawal of its
election to be classifed as a business development company (&ldquo;BDC&rdquo;) under the Investment Company Act of 1940 (the &ldquo;1940
Act&rdquo;) as part of a potential strategic transformation of Equus into an operating company or a permanent capital vehicle;
and, to the extent Equus remains a BDC, (ii) increase the Company&rsquo;s borrowing capacity under the 1940 Act for additional
portfolio investments.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">The authorization to withdraw the Company&rsquo;s BDC election,
which expires on March 31, 2020, is a consequence of the Company&rsquo;s Plan of Reorganization announced on May 15, 2014 (also
referred to herein as the &ldquo;Plan&rdquo;). In announcing the Plan, Equus stated its intention to implement the Plan which entailed,
among other things: (i) the restructuring of the Company by way of an acquisition of, or merger with, an operating company, and
(ii) a withdrawal of the Company&rsquo;s election to be classified as a BDC. Although Equus has been authorized to withdraw and
terminate the Company&rsquo;s BDC election under the 1940 Act, it will not submit any such withdrawal unless and until Equus has
entered into a definitive agreement to acquire an operating company or qualify as a permanent capital vehicle.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">The authorization to increase the Company&rsquo;s borrowing capacity
is a consequence of the Small Business Credit Availability Act (&ldquo;SBCAA&rdquo;) which was signed into law in March 2018 and
amends certain sections of the 1940 Act applicable to BDCs. Pursuant to the SBCAA, a BDC may be authorized by its board or its
shareholders to decrease its asset coverage ratio from 200% to 150%, the effect of which is to double the potential borrowing capacity
of BDCs. The SBCAA requires a one-year waiting period to decrease the ratio if authorized solely by a BDC&rsquo;s board of directors,
but such decrease may be implemented immediately if authorized by its shareholders, as in the case of Equus.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Equus management regularly reviews and evaluates the Company&rsquo;s
performance, prospects and long-term strategic plans in light of the Company&rsquo;s business and the industries in which it invests,
and then makes recommendations to the Board of Directors. Over the past several years, the Company has examined a number of potential
transactions in a variety of industries, including energy, natural resources, containers and packaging, real estate, media, technology,
and telecommunications. These reviews have included consideration of potential strategic transactions to maximize value to shareholders
as an operating company or a permanent capital vehicle not subject to the 1940 Act, as well as potential investments that could
be made while continuing as a BDC, but which would require more borrowing capacity than has previously been possible for Equus.
The pursuit of these growth strategies has culminated in the authorization granted by the Company&rsquo;s stockholders to the Board
to: (i) withdraw the Company&rsquo;s BDC authorization as part of a potential strategic transformation of Equus into an operating
company or a permanent capital vehicle and, to the extent Equus remains a BDC, (ii) increase the Company&rsquo;s borrowing capacity
for additional portfolio investments.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Potential Advantages</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">An operating company structure, in lieu of a closed-end fund structure,
could be advantageous to Equus and its shareholders in various ways, including: (i) a wider range of growth opportunities through
merger with and acquisition of other operating companies, (ii) a valuation of Equus based on typical operating criteria such as
earnings, revenue, and gross profit, instead of net asset value, (iii) lower proportional compliance costs due to Equus not being
regulated under the 1940 Act, and (iv) greater flexibility to issue common and preferred equity, as well as other types of securities
as consideration for acquisitions and growth of the Company.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">To the extent that Equus remains a BDC, an increase in the Company&rsquo;s
borrowing capacity could be advantageous to Equus and its shareholders to: (i) enable the Company to participate in a wider variety
of potential investments, some of which could involve debt securities issued by Equus as part of the consideration for the investment,
and (ii) potentially improve returns to stockholders by increasing the assets under management and generating returns on these
assets in excess of the Company&rsquo;s borrowing costs.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Moreover, the Company believes that it could gain cost efficiencies
in managing a greater number of assets such that Fund expenses as a percentage of assets under management would decrease. In recent
years, Fund management has made significant efforts to decrease overall costs and costs relative to its net asset value including,
for example, reductions in staff and in the number of members of the Company&rsquo;s Board.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Risks and Uncertainties</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">The transformation of Equus into an operating company or the continuation
of Equus as BDC with increased borrowing capacity are each subject to various conditions, risks, and uncertainties. Such risks
should be considered in addition to the items identified as &ldquo;Risk Factors&rdquo; in the Company&rsquo;s most recent Annual
Report on Form 10-K filed with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) on March 29, 2019.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Forward-Looking Statements</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">This press release contains certain forward-looking statements regarding
possible future circumstances. These forward-looking statements are based upon the Company&rsquo;s current expectations and assumptions
and are subject to various risks and uncertainties that could cause actual results to differ materially from those contemplated
in such forward-looking statements including, in particular, the performance of the Company, including our ability to achieve our
expected financial and business objectives, our ability to execute our reorganization (including a possible Consolidation) and
complete the transactions contemplated thereby, our ability to secure additional borrowings as authorized by our shareholders,
the other risks and uncertainties described herein, as well as those contained in the Company&rsquo;s filings with the SEC. Actual
results, events, and performance may differ. Readers are cautioned not to place undue reliance on these forward-looking statements,
which speak only as to the date hereof. The Company undertakes no obligation to release publicly any revisions to these forward-looking
statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated
events. The inclusion of any statement in this release does not constitute an admission by the Company or any other person that
the events or circumstances described in such statements are material.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Contacts:</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Patricia Baronowski<BR>
Pristine Advisers, LLC<BR>
(631) 756-2486</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>image_001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  K '8# 2(  A$! Q$!_\0
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FY5/,;B6%HTAVLPP2S# 'X5:HH J65BMH"Q.Z1AR?3VHJW10!_]D!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
