Shareholders authorize Equus to withdraw BDC election as part of potential transformation into operating company

EQUUS TOTAL RETURN, INC.

Shareholders holding 53% of shares (7,166,015) authorized Board to withdraw BDC election by Feb 28, 2023.
Withdrawal will only occur after Equus enters a definitive agreement to acquire an operating company.
Company recently focused on evaluating midstream and upstream oil and gas production and development transactions.
Management cites advantages: more growth opportunities, valuation based on earnings, lower compliance costs, greater financing flexibility.

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