HOUSTON, Jan. 24, 2019 (GLOBE NEWSWIRE) -- Equus Total Return, Inc. (NYSE: EQS)  announced that its shareholders have granted a new authorization to the Company’s Board of Directors 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”). Previous authorizations to this effect were given to the Board in 2017 and 2018, all of which have since expired. The new authorization given to the Board by the Equus shareholders expires on July 31, 2019. These authorizations are a consequence of the Company’s Plan of Reorganization announced on May 15, 2014 (also referred to herein as the “Plan”).

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 (referred to in the Plan as a “Consolidation”), and (ii) a withdrawal of the Company’s election to be classified as a BDC. 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 effect a Consolidation.