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Equus Total Return, Inc. (NYSE:EQS) ("Equus" or the "Company") today announced that shareholders, collectively holding 7,511,448 shares (55.64% of the Company's issued and outstanding common stock), have authorized the Company's Board of Directors (hereinafter, the "Board") to cause the Company's withdrawal of its election to be classified as a business development company ("BDC") under the Investment Company Act of 1940 (the "1940 Act") as part of a potential strategic transformation of Equus into an operating company. In connection with this authorization, the Company has filed an Information Statement on Schedule 14C, dated August 18, 2021.
The Company has examined a number of potential transactions in a variety of sectors, 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 not subject to the 1940 Act. The authorization granted by the Company's shareholders allows the Board to withdraw the Company's BDC authorization on or prior to January 31, 2022 as part of a potential strategic transformation of Equus into an operating company. Although Equus has been authorized to withdraw and terminate the Company'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.
Posted In: EQS
