<SEC-DOCUMENT>0001712543-22-000174.txt : 20221103
<SEC-HEADER>0001712543-22-000174.hdr.sgml : 20221103
<ACCEPTANCE-DATETIME>20221103161010
ACCESSION NUMBER:		0001712543-22-000174
CONFORMED SUBMISSION TYPE:	DEF 14C
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20221103
FILED AS OF DATE:		20221103
DATE AS OF CHANGE:		20221103

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:		DEF 14C
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	814-00098
		FILM NUMBER:		221358062

	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>DEF 14C
<SEQUENCE>1
<FILENAME>def14c_equus11022022.htm
<DESCRIPTION>DEFINITIVE INFORMATION STATEMENT
<TEXT>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNITED STATES</B></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>WASHINGTON, DC 20549</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 16pt 0 0; text-align: center"><B>SCHEDULE 14C</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 16pt 0 0; text-align: center"><B>INFORMATION REQUIRED IN INFORMATION STATEMENT</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 16pt 0 0; text-align: center"><B>SCHEDULE 14C INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Information Statement Pursuant to Section 14(c)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>of the Securities Exchange Act of 1934</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Check the appropriate box:</P>

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  <TR>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 18pt">&square;</FONT></TD>
    <TD STYLE="width: 95%"><FONT STYLE="font-size: 10pt">Preliminary information statement</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-size: 18pt">&square;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Confidential, for use of the Commission only (as permitted by Rule 14c-5(d)(2))</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Wingdings">x</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Definitive information statement</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 16pt 0 0; text-align: center"><B>EQUUS TOTAL RETURN, INC.</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Name of Registrant as Specified in Its Charter)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0 0">Payment of Filing Fee (Check the appropriate box):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0 0">&nbsp;</P>

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

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    <TD STYLE="white-space: nowrap; width: 7%"><FONT STYLE="font-family: Wingdings; font-size: 10pt">x </FONT></TD>
    <TD STYLE="white-space: nowrap; width: 93%"><FONT STYLE="font-size: 10pt">No Fee required</FONT></TD></TR>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="white-space: nowrap; width: 93%"><FONT STYLE="font-size: 10pt">Fee computed on table below per Exchange Act Rules 14c-5(g) and 0-11</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="white-space: nowrap; width: 48px; padding-top: 8pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 48px"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Title of each class of securities to which transaction applies:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 8pt">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Aggregate number of securities to which transaction applies:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 8pt">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (Set forth the amount on which the filing fee is calculated and state how it was determined):</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 8pt">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(4)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Proposed maximum aggregate value of transaction:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 8pt">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(5)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Total fee paid:</FONT></TD></TR>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; width: 7%"><FONT STYLE="font-family: Wingdings; font-size: 10pt">o</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 93%"><FONT STYLE="font-size: 10pt">Fee paid previously with preliminary materials.</FONT></TD></TR>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 48px"><FONT STYLE="font-family: Wingdings; font-size: 10pt">o</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.</FONT></TD></TR>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
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    <TD STYLE="width: 48px; padding-top: 8pt">&nbsp;</TD>
    <TD STYLE="width: 48px"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Amount Previously Paid:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 8pt">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Form, Schedule or Registration Statement No.:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 8pt">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Filing Party:</FONT></TD></TR>
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    <TD STYLE="white-space: nowrap; padding-top: 8pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">(4)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Date Filed:</FONT></TD></TR>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="margin: 0"><FONT STYLE="font-size: 7pt"><B>EQUUS TOTAL RETURN, INC</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-right: 0; margin-left: 0">&nbsp;<IMG SRC="image_002.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">700 Louisiana Street, 48<SUP>th </SUP>Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Houston,
Texas 77002</P>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>DEFINITIVE INFORMATION STATEMENT</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>NO VOTE OR OTHER ACTION OF THE COMPANY&rsquo;S STOCKHOLDERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>IS REQUIRED IN CONNECTION WITH THIS INFORMATION
STATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>WE ARE NOT ASKING YOU FOR A PROXY,</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>AND YOU ARE REQUESTED NOT TO SEND US A PROXY.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>INTRODUCTION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">This notice and information statement (&ldquo;Information
Statement&rdquo;) is being furnished to the stockholders of Equus Total Return, Inc., a Delaware corporation (&ldquo;Equus&rdquo; or the
&ldquo;Company&rdquo;), in connection with an action taken by holders of 53.01% of our voting shares to authorize the Equus Board of Directors
(sometimes referred to hereinafter as the &ldquo;Board&rdquo;) in its discretion, to undertake on or before February 28, 2023, the withdrawal
of the Company&rsquo;s election to be regulated as a business development company (&ldquo;BDC&rdquo;) under the Investment Company Act
of 1940 (hereafter, the &ldquo;1940 Act&rdquo;). Throughout this Information Statement, the current authorization provided to the Board
by our stockholders is termed the &ldquo;Present Authorization&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Board was provided similar authorizations by the
Equus shareholders to withdraw the Company&rsquo;s BDC election in 2021, as well as in previous years, all of which authorizations have
since expired (collectively, the &ldquo;Prior Authorizations&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Prior Authorizations, as well as the Present Authorization,
are a consequence of the Company&rsquo;s announcement of its intent to pursue a transformative restructuring of the Company by way of
an acquisition of, or merger with, an operating company, together with a withdrawal of the Company&rsquo;s election to be classified as
a BDC. Although we have been authorized to withdraw and terminate the Company&rsquo;s BDC election under the 1940 Act, we will not submit
any such withdrawal unless and until Equus has entered into a definitive agreement to acquire or merge with an operating company. Further,
we will not enter into such definitive agreement as part of a transformative transaction unless and until such transaction has been separately
approved by our stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Pursuant to Section 14(c) of the Securities
Exchange Act of 1934, as amended (&ldquo;Exchange Act&rdquo;), and Regulation 14C and Schedule C thereunder, this Information
Statement will be mailed out on or about November 4, 2022 (the &ldquo;Mailing Date&rdquo;) to the Company&rsquo;s shareholders of
record, as of October 3, 2022 (the &ldquo;Record Date&rdquo;). As of the Record Date, we had outstanding 13,518,146 shares of common
stock. We have no other shares of voting stock outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">This Information Statement is being circulated to advise
the shareholders of the Present Authorization given to the Board to terminate the Company&rsquo;s BDC election on or before February 28,
2023. Nevertheless, pursuant to Rule 14c-2 of the Exchange Act, the Present Authorization will not be effective until 20 days after the
Mailing Date. We anticipate that the Present Authorization will become effective on or about November 25, 2022 (the &ldquo;Effective Date&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>RECORD DATE, VOTE REQUIRED AND RELATED INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Section 54(c) of the 1940 Act permits a BDC to voluntarily
withdraw its election to be classified as such by filing a notice of withdrawal of election with the U.S. Securities and Exchange Commission
(&ldquo;SEC&rdquo;). Our Certificate of Incorporation provides that an affirmative vote of holders of a majority of the Company&rsquo;s
voting shares may authorize the Board to effect the withdrawal of our BDC election. This action by our stockholders could either be taken
at a special meeting of the stockholders or through written consent from the holders of a majority of our issued and outstanding voting
securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The authority of our stockholders to take action by
written consent, in lieu of a meeting, is provided by Section 228 of the General Corporation Law of Delaware and Section 2.8 of the Equus
Bylaws, which provides that any action required to be taken at any annual or special meeting of stockholders of the Company, or any action
which may be taken at any annual or special meeting of such stockholders, may be taken without a meeting, without prior notice and without
a vote, if a consent in writing, setting forth the action so taken, is signed by the holders of outstanding stock having not less than
the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote
thereon were present and voted. If the Present Authorization was not adopted by majority written consent pursuant to Section 228, such
action would have been required to be considered by our stockholders at a special stockholders&rsquo; meeting convened for the specific
purpose of approving the Present Authorization.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company has authorized capital stock consisting
of 100,000,000 shares of common stock. As of the date of this Information Statement, the Company had 13,518,146 shares of its common stock
issued and outstanding. On November 1, 2022, the Secretary of the Company received the written consent of shareholders collectively holding
7,166,015 shares, or 53.01% of our issued and outstanding common stock, approving the Present Authorization. No further vote of our stockholders
is required to effect the Present Authorization, which is expected to become effective on or about November 25, 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The transfer agent for our common stock is American
Stock Transfer &amp; Trust Co., LLC, 6201 15th Avenue, 3rd Floor, Brooklyn, New York 11219.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>NO MEETING OF STOCKHOLDERS REQUIRED </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We are not soliciting any votes in connection with
the Present Authorization. The shareholders that have consented to the Present Authorization collectively hold a majority of the Company&rsquo;s
outstanding common stock and, accordingly, such shareholders have sufficient voting rights to approve the Present Authorization.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Under Delaware law, the Effective Date of the Present
Authorization is twenty (20) days following the giving of notice of the Present Authorization to all other stockholders. This Information
Statement constitutes the required notice under Delaware law.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><B>REASONS FOR OBTAINING AUTHORIZATION TO WITHDRAW OUR BDC ELECTION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Seeking a Transformative Transaction</I>. In our
Exchange Act filings in recent years, we have noted our intention to pursue an acquisition or merger with an operating company and terminate
the Company&rsquo;s election to be classified as a BDC. We are presently evaluating suitable target operating companies which we may acquire
or with which we, or a special purpose subsidiary, may merge with or into to complete this restructuring.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Intention to Maintain Exchange Act Reporting Status
and NYSE Listing</I>. Currently, Equus and other BDCs are subject to various provisions of both the 1940 Act as well as the Exchange Act.
If Equus is transformed into an operating company instead of a closed-end fund, the Company will no longer be subject to the 1940 Act
but will still be subject to the reporting requirements of the Exchange Act. This means, for example, that Equus will continue, following
the consummation of such a transaction, to file annual, quarterly, and period reports with the SEC on Forms 10-K, 10-Q, and 8-K, respectively.
Further, we intend to ensure that Equus satisfies the continued listing criteria for operating companies pursuant to applicable rules
of the New York Stock Exchange. To this end, we intend to seek potential acquisition or merger candidates with sufficient revenue, earnings,
and market capitalization that, when combined with Equus, would enable the Company to meet these listing standards. However, we cannot
guarantee that every candidate with which we may conclude such a transaction will enable us to meet these listing standards, and we may
have to list our securities on a different exchange if we are unable to satisfy such listing requirements following our acquisition or
merger with an operating company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Summary of Efforts to Achieve a Transformative Transaction</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our Board, together with 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. These reviews have included periodic consideration of potential strategic transactions to maximize
value to shareholders. Management of the Company has, therefore, explored various strategic options to maximize shareholder value that
could, if effected, result in the acquisition of the Company by another corporation or a change the Company&rsquo;s structure from a BDC
into an operating company. Company management has researched and examined a number of potential transactions and strategic alternatives
to effect the restructuring of Equus into an operating company including, most notably, the intended acquisition of U.S. Gas &amp; Electric,
Inc., a residential energy services provider, in 2017 that was terminated due to the sellers having received a significantly higher offering
price from a competitive bidder. Since the termination of that transaction, the Company has examined a number of potential transactions
in a variety of industries, including energy, natural resources, containers and packaging, real estate, technology, and telecommunications.
While we are endeavoring to achieve a restructuring of Equus by way of an acquisition or merger with an operating company and are presently
evaluating various opportunities that could enable us to do so, we cannot assure you that we will be able to do so before February 28,
2023, the expiration of the Present Authorization given by our stockholders, or at all. Moreover, we cannot assure you that the terms
of any such transaction would be acceptable to us or our stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Shareholder Approvals Required to Transform Equus
into an Operating Company</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Authorization to Withdraw</I>. Even though our Board
has approved the restructuring of Equus into an operating company instead of a closed-end fund, we require authorization from our shareholders
to withdraw the Company&rsquo;s BDC election before we are able to enter into an agreement that would result in transformation of the
Company. We are sending you this Information Statement because we have already received the necessary consents from holders of 53.01%
of the Company&rsquo;s outstanding shares who have provided the authorization for the withdrawal on or before February 28, 2023. The withdrawal
authorization does not, however, guarantee that the withdrawal of our BDC election will actually occur. We intend to file Form N-54C &ndash;
&quot;Notification of Withdrawal of Election to be Subject to Sections 55 Through 65 of the Investment Company Act of 1940&quot; with
the SEC (hereafter, a &ldquo;Notice of Withdrawal&rdquo;) only if we are reasonably satisfied that the transaction in which Equus will
be changed into an operating company will be completed within a short time after the filing.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Approval of Transformative Transaction</I>. Once
we have entered into an agreement that would, if effected, result in a transformative transaction by way of merger or acquisition with
an operating company, we cannot close the transactions contemplated by such an agreement unless and until a majority of the holders of
our outstanding shares approve the transactions. The Equus Board has not, at this time, either reviewed or approved any proposed transformative
transaction and we cannot guarantee that, given such Board approval, the Equus shareholders will in turn approve the same. Consequently,
we cannot guarantee you that we will submit a Notice of Withdrawal or that Equus will otherwise complete a transformative transaction
and become an operating company not subject to the 1940 Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Advantages of an Operating Company Structure</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">When considering the relatively small size of our Company,
the regulatory compliance restraints placed upon BDCs, and opportunities that Equus may have to expand via the restructuring of Equus
into an operating company, organic growth, and retained earnings, we believe that Equus should consider the transformation of the Company
into an operating company for the benefit of its stockholders. In particular, we believe an operating company structure, in lieu of a
closed-end fund structure, could be advantageous to the Company in a variety of ways, such as the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt"><I>Growth and Development Opportunities</I>. If we become an operating company, we expect to capitalize
on growth opportunities through growth and development of our core operating business, as well as by acquisition. Further, we would expect
that Equus will be valued by the investing public based on traditional criteria applicable to operating companies, such as revenue, gross
profit, and net earnings instead of net asset value (&ldquo;NAV&rdquo;) and the Company&rsquo;s portfolio investments.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt"><I>Lower Proportional Compliance Costs</I>. Given the relatively small size of our Company at present,
should Equus effect a transformation into a much larger operating company, we anticipate lowering our overall compliance-related costs
as a percentage of our assets, particularly with the expected elimination of costs associated with compliance with the 1940 Act. </FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt"><I>Increased Flexibility in the Issuance of Common Equity</I>. Under the 1940 Act, absent stockholder
approval, we may not issue new shares of our common stock at a per share price less than our then NAV. The market prices for shares of
BDCs such as Equus are generally lower, often substantially lower, than their NAVs, making it much more difficult for BDCs to raise equity
capital than for operating companies. In the case of the Company, because our stock price has been below our NAV for several years, we
have generally been unable to access the equity capital markets to take advantage of opportunities during this period that could, in our
view, have generated higher returns than the cost of equity capital. While the restriction against issuing shares below NAV provides our
stockholders an appropriate and meaningful protection against dilution of their indirect investment interest in our portfolio securities,
this can also be a significant impediment to our ability to moderately expand or make small acquisitions using our shares. If Equus did
not have this restriction, we would have increased flexibility to issue our common stock, but would nevertheless remain subject to NYSE
rules which require stockholder approval for an issuance of common stock that represents more than 20% of our outstanding shares.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt"><I>Greater Ability to Issue Other Securities</I>. BDCs are limited or restricted as to the type of securities
other than common stock, such as options, warrants, and preferred stock, which they may issue. In addition, issuances of senior debt and
senior equity securities require that certain &quot;asset coverage&quot; tests and other criteria be satisfied on a continuing basis.
This significantly affects the use of these types of securities. In the case of debt securities, we are limited in our use of these instruments
because asset coverage continuously changes by variations in market prices of the Company's investment securities. In the case of equity
securities, counterparties and financiers in mergers and acquisitions often require the issuance of preferred equity securities or other
equity-linked instruments as an essential component of these transactions. Operating companies benefit from having maximum flexibility
to raise capital and acquire other commercial interests through various financing structures and a wider array of potential financial
instruments that may be issued.</FONT></TD></TR></TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt"><I>Related Party Transactions</I>. The 1940 Act significantly restricts, among other things, (a) transactions
involving transfers of property between a BDC and affiliated persons (including affiliated persons of such affiliated persons) and (b)
joint transactions with a third party involving a BDC and affiliated persons (including affiliated persons of such affiliated persons).
An exemption from these restrictions can be obtained from the SEC, but it is typically a time-consuming and expensive procedure, regardless
of the intrinsic fairness of such transaction or the approval thereof by disinterested directors of the BDC. We believe that situations
may arise in which the Company&rsquo;s best interests are served by such transactions. Further, we believe that our stockholders are adequately
protected by the fiduciary obligations imposed on the Company's directors under Delaware corporate governance law, which generally requires
that the disinterested members of the Board determine fairness to the Company of an interested-party transaction (provided full disclosure
of all material facts regarding the transaction and the interested party's relationship with the Company is made), and SEC disclosure
rules, which require the Company to include specified disclosure regarding transactions with related parties in its Exchange Act filings.
</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt"><I>Compensation of Directors and Executive Officers</I>. The 1940 Act limits the extent to which and
the circumstances under which directors and executive officers of a BDC may be paid compensation other than in the form of salary payable
in cash. For example, the issuance of restricted stock is generally prohibited, absent a lengthy exemptive application process with the
SEC. However, we believe that, by achieving greater flexibility in the structuring of director and employee compensation packages, we
will be able to attract and retain additional talented and qualified personnel and to more fairly reward and more effectively motivate
our personnel.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt"><I>Eligible Investments</I>. BDCs may not acquire any asset other than &quot;qualifying assets&quot;
(i.e. securities issued by privately-held or public microcap U.S. companies in certain industries) unless, at the time of the acquisition
is made, qualifying assets represent at least 70% of the value of the BDC&rsquo;s total assets. If we are able to fully implement a transformational
transaction and become an operating company, we will not be subject to these restrictions affecting the type or jurisdiction of assets
we may acquire, nor on the composition of our assets, the result of which will be greater flexibility to acquire enterprises in a broader
asset class and invest our financial resources in a wider range of opportunities in more diverse geographies and industries.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.5in"><B>Risks to Stockholders of a Withdrawal of BDC
Status</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If we withdraw the Company&rsquo;s election to be treated
as a BDC, Equus will no longer be subject to regulation under the 1940 Act, which is designed to protect the interests of investors in
investment companies. Some of the items listed above that would provide advantages to Equus as an operating company, would also present
certain risks to our shareholders, inasmuch as stockholders would no longer have the following protections of the 1940 Act:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt"><I>Leverage Limits</I>. We would no longer be subject to the requirement in Section 61 of the 1940 Act
that we maintain a ratio of assets to senior securities (such as senior debt or preferred stock) of at least 150% and we would not be
limited by statute or regulation to the amount of leverage we could incur.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt"><I>Range of Investments</I>. We would no longer be prohibited from investing in certain types of companies,
such as brokerage firms, insurance, companies, and investment companies.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt"><I>Changes in Financial Reporting</I>. While the conversion of Equus into an operating company will
enable us to consolidate the financial results of entities we control, a change in our method of accounting could also reduce the reported
value of our investments in controlled privately-held companies by eliminating our ability to report an increase in the fair value of
these holdings.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt"><I>Protection of Directors and Officers</I>. We would no longer be prohibited from protecting any director
or officer against any liability to the Company or our stockholders arising from willful malfeasance, bad faith, gross negligence, or
reckless disregard of the duties involved in the conduct of that person&rsquo;s office, although there are similar limitations under Delaware
law, our Certificate of Incorporation, and our Bylaws that would still apply.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt"><I>Fidelity Bond</I>. We would no longer be required to provide and maintain an investment company blanket
bond issued by a reputable fidelity insurance company to protect us against larceny and embezzlement. </FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt"><I>Director Independence</I>. We would no longer be required to ensure that a majority of our directors
are persons who are not &ldquo;interested persons,&rdquo; as that term is defined in the 1940 Act, and certain persons, such as investment
bankers, that would be prevented from serving on our Board if we were a BDC. However, assuming we can comply with the NYSE&rsquo;s listing
standards for operating companies, we will remain subject to NYSE listing standards that require the majority of directors of a listed
company and all members of its compensation, audit and nominating committees to be &ldquo;independent&rdquo; as defined under NYSE rules.
</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt"><I>Affiliate Transactions</I>. We would no longer be subject to provisions of the 1940 Act regulating
transactions between BDCs and certain affiliates, although we would still be subject to conflict of interest rules and governance procedures
that exist under Delaware law and NYSE rules.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt"><I>Share Issuances</I>. We would no longer be subject to provisions of the 1940 Act restricting our
ability to issue shares below NAV or in exchange for services, nor would we be restricted in issuing more than one class of equity securities
or instruments that could be converted into other classes of equity securities.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt"><I>Share Repurchases</I>. We would no longer be restricted under the 1940 Act in our ability to repurchase
shares from our stockholders, and would instead be subject only to NYSE rules and Delaware corporate law requirements for such repurchases.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt"><I>Change of Business</I>. We would be able to change the nature of our business and fundamental investment
policies without having to obtain the approval of our stockholders.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt"><I>Director and Officer Incentives</I>. We would no longer require exemptive relief from the SEC before
implementing incentive compensation plans for our key executives and non-executive directors.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.5in"><B>Effect on Financial Reporting</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If we effect the withdrawal of our election to be treated
as a BDC and complete the transformation of Equus into an operating company, our accounting methods will undergo substantial changes.
As a BDC, our financial statements are presented and accounted for under the specialized method of accounting applicable to investment
companies, which requires us to recognize our investments, including controlled investments, at fair value. As a BDC, we are generally
precluded from consolidating the operational results of our controlled and wholly-owned subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As an operating company, we will be required to account
for investments based on the degree of control or influence we can exert over the entity and, therefore, will be required to consolidate
controlled entities and use either the equity method of accounting, fair value option or historical cost method of accounting for the
financial statement presentation and accounting of other securities held. Following the consummation of a transformative transaction,
we expect to consolidate the operational results in entities we control including, for example, our investment in Equus Energy, and elect
the fair value option for our investments in other securities. Accordingly, the change in our accounting method could have a material
impact on the presentation of our financial statements commencing on the day we withdraw our BDC election.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.5in"><B>Effect on Tax Reporting</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In addition to our BDC election, we currently qualify
as a regulated investment company (&ldquo;RIC&rdquo;) for federal income tax purposes and, therefore, are not required to pay corporate
income taxes on any income or gains that we distribute to our stockholders. If we cease to be treated as a BDC and instead become an operating
company, we will not qualify as a RIC. We will then become subject to corporate level federal income tax on our income (without regard
to any distributions we make to our stockholders) pursuant to Subchapter C of the Internal Revenue Code. As a consequence, any distributions
we make to our stockholders will be net of federal income tax owing by the Company, and our stockholders will further be subject to federal
income tax in connection with the receipt of such distributions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Process and Conditions of Withdrawing our BDC Election</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Assuming that a suitable merger or acquisition candidate
for Equus can be secured and a definitive agreement can be executed, the withdrawal authorization will permit the Equus Board to approve
a filing with the SEC of a Notice of Withdrawal on or before February 28, 2023. The Notice of Withdrawal, if and when filed, will immediately
terminate the Company's status as a BDC under the 1940 Act. Our intention is to file the Notice of Withdrawal shortly before we complete
a transformative transaction, but we will not file the Notice of Withdrawal until we are reasonably certain that Equus will not be deemed
to be an investment company without the protection of its BDC election.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">After we file the Notice of Withdrawal with the SEC,
the Company will no longer be subject to the regulatory provisions of the 1940 Act applicable to BDCs, including regulations related to
insurance, custody, composition of our Board of Directors, affiliated transactions and any compensation arrangements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Anticipated Timeline</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As discussed above, we are presently evaluating various
possible merger and acquisition candidates and transaction structures by which we may effect the transformation of Equus into an operating
company. In order to enter into a binding agreement that would, if consummated, result in such a transformation, we have required the
Present Authorization from our shareholders to withdraw our BDC election. Now that this authorization has been provided, we believe that
we can more actively consider and possibly move toward the negotiation, production, and execution of a definitive agreement that embodies
the transformation of Equus from a closed-end fund into an operating company. We expect that any such agreement will be subject to a number
of conditions to closing and, therefore, the timing of such closing is presently uncertain. We will, however, not file the Notice of Withdrawal
unless and until we are reasonably certain that the closing of such a transaction will occur within a relatively short time after filing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>THE AUTHORIZATION GIVEN TO OUR BOARD TO EFFECT A WITHDRAWAL OF THE COMPANY&rsquo;S
ELECTION TO BE REGULATED AS A BDC UNDER THE 1940 ACT HAS NOT BEEN APPROVED OR DISAPPROVED BY THE SEC, NOR HAS THE SEC PASSED UPON THE
FAIRNESS OR MERITS OF THE AUTHORIZATION NOR UPON THE ACCURACY OR ADEQUACY OF THE INFORMATION CONTAINED IN THIS INFORMATION STATEMENT.
ANY REPRESENTATION TO THE CONTRARY IS UNLAWFUL.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>PLEASE NOTE THAT THIS IS NEITHER A REQUEST FOR YOUR VOTE NOR A PROXY
STATEMENT, BUT RATHER AN INFORMATION STATEMENT DESIGNED TO INFORM YOU ABOUT THE PRESENT AUTHORIZATION AND THE POSSIBLE WITHDRAWAL OF THE
COMPANY&rsquo;S ELECTION TO BE REGULATED AS A BDC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FREQUENTLY ASKED QUESTIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ABOUT THE PRESENT AUTHORIZATION TO WITHDRAW</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>THE COMPANY&rsquo;S ELECTION TO BE CLASSIFIED AS
A BDC</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Why did I receive this Information Statement?</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Applicable laws require us to provide you information
regarding the Present Authorization even though your vote is neither required nor requested for the Present Authorization to become effective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Is this a different Information Statement from the Information Statements
I received in 2021 or in previous years? If so, why is another Information Statement necessary?</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Prior Authorizations, which formed the basis of
the Information Statement we sent to stockholders in 2021 and in previous years have all expired. This Information Statement is being
sent to you as a result of a new authorization (the Present Authorization) to our Board to withdraw our BDC election as part of a transformative
transaction, which authorization expires on February 28, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>What will I receive when the Present Authorization is effective?</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Present Authorization has already been approved,
and you will not receive anything notifying you that the Present Authorization has become effective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>How does the Authorization to Withdraw the Company&rsquo;s BDC Election
affect the Company&rsquo;s ability to achieve the transformation of Equus into an Operating Company?</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The authorization to the Board to withdraw the Company&rsquo;s
BDC election is necessary for the Company to enter into an agreement that, if consummated, would effect the restructuring of Equus as
an operating company instead of a closed-end fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>When will Equus withdraw its BDC election?</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If Equus enters into an agreement that will result
in the transformation of the Company into an operating company, we will only withdraw the Company&rsquo;s BDC election once we are reasonably
certain that such transaction will close.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Why am I not being asked to vote?</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The holders of 53.01% of our issued and outstanding
shares of our common stock have already approved the Present Authorization pursuant to a written consent in lieu of a meeting. Such approval
is sufficient under Delaware law, and no further approval by our stockholders is required.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>What do I need to do now?</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Nothing. This Information Statement is purely for your
information and does not require or request you to do anything.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Whom can I contact with questions?</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If you have any questions about any of the actions
to be taken by the Company, please contact us by calling toll free at 1-888-323-4533.</P>

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">The following table shows the amount of the Company&rsquo;s
common stock beneficially owned (unless otherwise indicated) as of October 3, 2022, by (1)&nbsp;any person known to the Company to
be the beneficial owner of more than 5% of the outstanding shares of the Company&rsquo;s common stock, (2)&nbsp;each director of the Company,
(3)&nbsp;each named executive officer, and (4)&nbsp;all directors and executive officers as a group.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">The number of shares beneficially owned by each
entity, person, director, or executive officer is determined under SEC rules and the information is not necessarily indicative of
beneficial ownership for any other purpose. Under such rules, beneficial ownership includes any shares as to which the entity or
individual has sole or shared voting power or investment power and also any shares that the entity or individual had the right to
acquire as of  October 3, 2022, or within 60 days after October 3, 2022, through the exercise of any stock option or other right.
Unless otherwise indicated, to our knowledge each individual has sole investment and voting power, or shares such powers with his
spouse, with respect to the shares set forth in the table.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>



<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7.5pt; border-bottom: Black 1pt solid"><P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B>&nbsp;</B></P><P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B>Name</B></P></TD><TD STYLE="font-size: 7.5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 7.5pt; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0 0 0.75pt; text-align: center"><B>Sole</B></P> <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0 0 0.75pt; text-align: center"><B>Voting and Investment Power</B></P></TD><TD STYLE="font-size: 7.5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 7.5pt; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0 0 0.75pt; text-align: center"><B>Other</B></P> <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0 0 0.75pt; text-align: center"><B>Beneficial</B></P> <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0 0 0.75pt; text-align: center"><B>Ownership</B></P></TD><TD STYLE="font-size: 7.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 7.5pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD><TD STYLE="font-size: 7.5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 7.5pt; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0 0 0.75pt; text-align: center"><B>Percent of</B></P> <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0 0 0.75pt; text-align: center"><B>Class</B></P> <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0 0 0.75pt; text-align: center"><B>Outstanding</B></P></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%; font-size: 10pt; text-align: left">Fraser Atkinson&#9;</TD><TD STYLE="width: 3%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">45,591</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">45,591</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&#9;*&#9;</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -12pt; padding-left: 12pt">Kenneth I. Denos&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">265,754</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">265,754</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1.97</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -12pt; padding-left: 12pt">Henry W. Hankinson&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">19,500</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">19,500</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&#9;*&#9;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -12pt; padding-left: 12pt">John A. Hardy &#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">500,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">3,228,024&nbsp;&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">3,728,024</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">27.58</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt"><FONT STYLE="font-size: 10pt">L&rsquo;Sheryl D. Hudson</FONT><FONT STYLE="font-size: 7.5pt"><SUP>(1)</SUP></FONT><FONT STYLE="font-size: 10pt">&#9;</FONT></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&#9;*&#9;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -12pt; padding-left: 12pt">Robert L. Knauss&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">92,670</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">92,670</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&#9;*&#9;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Bradley L. Radoff</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">913,321</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">913,321</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">6.76</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Michael Tokarz</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">3,172,237</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">3,172,237</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">23.47</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -12pt; padding-left: 12pt">All directors and executive officers as a group (6 persons)&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">932,515</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">3,228,024&nbsp;&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">4,151,539</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">30.71</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
</TABLE>
<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 1pt 5in 1pt 0in"><DIV STYLE="font-size: 1pt; border-top: Black 0.75pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 24.45pt">*</TD><TD>Indicates less than one percent.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 33px"><FONT STYLE="font-size: 9pt">(1)</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">Ms. Hudson serves as the Company&rsquo;s Senior Vice President and Chief Financial Officer. Ms. Hudson is not a director of the Company.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 12pt 0 0">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"><FONT STYLE="font-size: 9pt">(1)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><B>NO DISSENTER&rsquo;S RIGHTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Under the General Corporation Law of Delaware, stockholders
are not entitled to dissenter&rsquo;s rights of appraisal in connection with the Present Authorization.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 20.15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>PROPOSALS BY SECURITY HOLDERS </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 20.15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">No security holder has requested us to include any
additional proposals in this Information Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 20.15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>INTEREST OF CERTAIN PERSONS IN OR OPPOSITION TO MATTERS TO BE ACTED
UPON </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">No officer or director of the Company has any substantial
interest in the matters acted upon by our shareholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>ADDITIONAL INFORMATION </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We file reports with the SEC, which include annual
and quarterly reports, as well as other information the Company is required to file pursuant to the 1940 Act and the Exchange Act. You
may read and copy materials we file with the SEC at the SEC&rsquo;s Public Reference Room at 100 F Street, N.E., Washington, D.C. 20549.
You may obtain information on the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330. The SEC maintains an internet
site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the
SEC at <I>http://www.sec.gov</I>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>DELIVERY OF DOCUMENTS TO SECURITY HOLDERS SHARING AN ADDRESS </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Only one Information Statement is being delivered to
multiple security holders sharing an address unless we received contrary instructions from one or more of the security holders. We shall
deliver promptly, upon written or oral request, a separate copy of the Information Statement to a security holder at a shared address
to which a single copy of the document was delivered. A security holder can notify us that the security holder wishes to receive a separate
copy of the Information Statement by sending a written request to us at 700 Louisiana Street, 48<SUP>th</SUP> Floor, Houston, Texas 77002,
or by calling us toll free at (888) 323-4533. A security holder may utilize the same address and telephone number to request either separate
copies or a single copy for a single address for all future information statements and proxy statements, if any, and annual reports of
the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0 0; text-indent: 20.15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0 0 2in; text-indent: 0.5in"><B>BY ORDER OF THE BOARD OF DIRECTORS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0 0 2in; text-indent: 0.5in"><U>/s/ Kenneth I. Denos </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-indent: 0.5in">Secretary</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-indent: 0.5in">November 3 , 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-indent: 0.5in"></P>

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