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ACTIVIST SHAREHOLDER FILES SCHEDULE 13D IN EQUUS TOTAL RETURN, INC.

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4 months ago

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Lake Forest, Illions, June 23rd, 2026, FinanceWire

ACTIVIST SHAREHOLDER FILES SCHEDULE 13D IN EQUUS TOTAL RETURN, INC. 

Calls for Immediate Board Accountability and Strategic Review 

Issues Open Letter Ahead of June 30 Annual Meeting

A beneficial owner of approximately 5.61% of the outstanding common stock of Equus Total Return, Inc. (NYSE: EQS) has filed a Schedule 13D with the U.S. Securities and Exchange Commission and issued the following open letter to the Company’s Board of Directors and fellow shareholders. The filing represents the first public challenge to the Board’s stewardship during the Company’s fifteen-year tenure under current management. Shareholders are encouraged to review the Company’s proxy materials carefully and form their own views regarding the matters set forth below. 

— Open Letter to the Board of Directors and Shareholders of Equus Total Return, Inc. — 

A Record That Warrants Scrutiny

Since the current chief executive assumed control in 2011, the fund has faced persistent challenges in generating sustained value for its shareholders. The Company has reported five consecutive years of net investment losses, has paid no dividend since 2009, and last year saw its stock price fall below the NYSE minimum listing threshold. Every figure cited below is drawn directly from the Company’s own filings with the Securities and Exchange Commission. My opinions, conclusions, and calls for corporate action are also based on these filings.

Net asset value per share declined to $1.19 as of December 31, 2025, down from $3.55 just two years prior and from $2.17 at year-end 2024. In absolute dollars, total net asset value of the fund — calculated as NAV per share multiplied by shares outstanding as reported in each year’s Form 10-K — dropped from approximately $48.2 million at year-end 2023 to approximately $16.6 million at year-end 2025, a loss of roughly $31.6 million in aggregate fund value, or 65%, in just two years.

The Company recorded a net investment loss of $3.7 million in 2025, its fifth consecutive year of net investment losses, including three straight years with losses exceeding $3 million. Total operating expenses for the year were $5.1 million — at a company that ended 2025 with only $133,000 in cash. The Company’s independent registered public accounting firm included a going-concern explanatory paragraph in its audit report for the fiscal year ended December 31, 2025. No dividends have been paid since 2009, meaning shareholders have waited seventeen years without any return of capital. In 2025, the Company’s stock fell below $1.00 per share, triggering a formal NYSE non-compliance notice and a near-delisting proceeding.

The portfolio today consists of two primary positions. The first is Morgan E&P, a private oil and gas company in which Equus holds a majority interest and which management values entirely on its own judgment. Morgan E&P represented 60.8% of total investments and 63.4% of net asset value as of December 31, 2025, yet generated only $177,000 in revenue during the year while recording a net loss of $7.0 million. The second is a publicly traded stake in CitroTech, Inc. (NYSE American: CITR), a developer of fire suppression products. Equus acquired its CitroTech position through a convertible note that it converted into 664,041 shares during 2025. As of December 31, 2025, the combined value of the Company’s CitroTech shares and warrants was approximately $6.8 million, making it the Company’s second-largest holding and its only meaningful source of liquidity.

Taken together, these two positions account for nearly the entirety of the Company’s portfolio. It is clear to me that Equus is not a diversified investment firm. I view it as a concentrated holding vehicle for one illiquid private energy asset and one publicly traded fire suppression company, and it charges shareholders $5.1 million per year in operating expenses for that arrangement.

Management Compensates Itself Regardless of Results

In my judgment, the executive compensation structure at Equus is the defining feature of this governance failure. In 2025, while shareholders received no dividends and watched net asset value fall by more than a dollar per share, the three named executive officers collected a combined $1,872,271 in total compensation. The chief executive received $896,943, including a base salary of $561,401. That salary is contractually required to escalate annually by the greater of five percent or the Canadian Consumer Price Index — regardless of performance — plus stock awards valued at $335,542. The secretary and chief compliance officer received $625,515, including a salary of $457,744 subject to a similar automatic escalator tied to the U.S. Consumer Price Index, plus $167,771 in restricted stock. The chief financial officer received $349,813 in total compensation under a separate fixed-base agreement. This combined executive pay is equivalent to roughly twenty-two percent of the Company’s entire non-affiliate market capitalization of approximately $8.6 million.

In September 2025, the Board granted 200,523 fully-vested restricted shares to executives and approved a new equity incentive plan reserving an additional 2,793,339 shares for future awards. Shareholders were separately asked to authorize share issuances below net asset value. In my view, these actions represent a transfer of value from shareholders to insiders at a company that has produced no positive investment income in five years. It is notable that at the most recent annual meeting, approximately 23.5% of shareholder votes were cast against executive compensation — a level of dissent that the Compensation Committee described in its own proxy as confirmation “that the Company’s shareholders support the Company’s executive compensation policies and decisions.”

Independent Directors With No Meaningful Stake in the Outcome

The three independent directors on the Equus board have, in my view, no meaningful skin in the game. Per the Company’s own proxy beneficial ownership table, Fraser Atkinson holds 45,591 shares, Henry W. Hankinson holds 19,500 shares, and John J. May holds no shares at all — a combined independent director stake of approximately 65,091 shares, or less than 0.47% of shares outstanding. These are the individuals responsible for setting executive compensation, approving share issuances below net asset value, and overseeing a portfolio that has lost more than two-thirds of its value since 2023. In my judgment, they bear virtually no personal financial consequence from any of those decisions.

The secretary and chief compliance officer — who received $625,515 in compensation in 2025 and holds 332,595 shares of the Company’s common stock — also sits on the board. Directors and executive officers as a group control approximately 30.5% of the outstanding shares, concentrated overwhelmingly in the chief executive. The three shareholders disclosing ownership above five percent are the chief executive (27.65%), a second major holder (22.71%), and the undersigned (5.61%). Non-affiliated shareholders hold the remainder yet have no meaningful representation at the table.

In my opinion, a governance structure in which independent directors hold less than one-half of one percent of shares outstanding, in which compensation escalates by contract regardless of results, and in which the chief executive controls the majority of the insider bloc, is not independent oversight. Rather, I believe it is an arrangement designed to perpetuate itself.

A Path Forward

The Annual Meeting of Stockholders is scheduled for June 30, 2026, eight calendar days from today. Equus holds real assets — a controlling interest in an energy company with identified acreage and a publicly traded position in a growing fire suppression business. The question I present is not whether value exists but whether management will unlock it or continue to extract it.

The Board should suspend all automatic base salary escalators for the chief executive and the secretary and chief compliance officer pending an independent compensation review. There is, in my opinion, no basis for contractually guaranteed annual raises — indexed to the Canadian CPI for the chief executive and the U.S. CPI for the secretary — at a company that has not generated positive investment income in five consecutive years. 

Most critically, I believe the Board must engage an independent financial advisor to evaluate a recharacterization of the business through a merger with or acquisition by an operating company. The Company’s portfolio — one controlling interest in a private energy asset and one publicly traded minority stake — is not, in my judgment, a viable long-term structure for a listed investment vehicle carrying $5.1 million in annual overhead. A transaction that introduces an operating business, an active management team, and a credible growth strategy would serve shareholders far better than the current arrangement. The fair value of the primary private investment is currently determined by management with no independent validation; a third-party appraisal must be completed and publicly disclosed before any such transaction is contemplated. The Board should also commit to issuing no further shares below net asset value and making no awards under the 2025 Equity Incentive Plan until a strategic review is concluded.

Conclusion 

Equus Total Return holds real assets and real value — value that, in my opinion, has been insufficiently protected under the current governance structure, which features excessive compensation, limited board independence, and directors with negligible personal stakes in the outcome. Shareholders should carefully review the Company’s proxy materials and make their own determination regarding all matters to be voted upon. I believe the assets of this Company can generate real returns under proper stewardship, and I respectfully urge the Board to take the steps outlined above in the interest of those who own the Company.

Respectfully submitted, 

Howard Todd Horberg 

Beneficial Owner — 783,000 shares (5.61%) of Equus Total Return, Inc. (NYSE: EQS) 

Schedule 13D Filed: June 23, 2026

 

Important Notice: This release is issued concurrently with the filing of a Schedule 13D with the SEC. This communication is not a solicitation of proxies within the meaning of SEC Rule 14a-1(l) and is not being made on behalf of any group seeking to solicit proxies. Nothing herein constitutes investment advice or a recommendation to buy, sell, or hold any security. Statements of opinion are identified as such and reflect the personal views of the undersigned. All factual figures are derived from publicly available SEC filings of Equus Total Return, Inc., including the Form 10-K for the year ended December 31, 2025, the Definitive Proxy Statement (DEF 14A) filed April 30, 2026, and the Form 10-Q and related press release for the quarter ended March 31, 2026. Shareholders should consult their own legal, financial, and tax advisors.

Contact

Howard Todd Horberg
Horberg Enterprises
thorbyen@aol.com

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Widgets & Web Launches AI-Operated Investor Relations Websites for Public Companies at a Fixed $299 per Month

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2 days ago

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October 24, 2026

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Miami, Florida, United States, October 24th, 2026, FinanceWire

Widgets & Web, the investor relations website provider trusted by more than 500 public companies, SPACs, and IPO-stage firms, today announced AI-operated investor relations websites: complete, custom IR sites designed, built and maintained through AI-driven operations, at a single fixed price of $299 per month, billed annually at $3,588. The company says its operations run entirely on AI with zero employees, an operating model it describes as a first for the investor relations website industry.

Every site includes live stock price data, automated SEC filings from EDGAR, press release feeds, investor email alerts, corporate governance pages, and presentations and events sections. Sites are built for ADA and WCAG compliance, with an accessibility widget on every page. The subscription covers design, hosting, security monitoring, and unlimited updates and support, with no setup fees, no design fees, and no per-change charges.

Every site is built, hosted, maintained and controlled on Widgets & Web’s own proprietary platform: no WordPress, PHP, third-party content management systems or plugin dependencies to maintain. The company says this removes the upkeep and plugin maintenance that come with third-party platforms.

“Public companies have spent decades paying agency retainers and five-figure design bills for websites their investors visit for one thing: accurate, current information,” said Steve Yakubov, CEO and co-founder of Widgets & Web. “We build the entire IR site, keep every feed live around the clock, and deliver it at a price any issuer can approve in one meeting.”

Widgets & Web delivers the first draft of a new IR website within 24 hours of sign-up. Each IR site runs on a dedicated subdomain managed by Widgets & Web.

About Widgets & Web

Widgets & Web is a Miami-based investor relations website provider for public companies, SPACs and IPO-stage firms. The company designs, hosts and manages IR websites on its own proprietary platform, with automated SEC filing and press release feeds, live stock data, governance pages and investor email alerts, and has served more than 500 public companies. Learn more at www.widgetsandweb.com.

Contact

CEO and co-founder
Steve Yakubov
Widgets & Web
production@ir365connect.com
786-263-9007

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Thomas Berkley and Nexus Acquisition Group Outline AI Agency Partnership Approach in Cleveland

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2 days ago

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October 24, 2026

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United States, 24th Oct 2026— Thomas Berkley, founder of Nexus Acquisition Group, is advancing a partnership-focused approach to developing and operating artificial intelligence-powered agency businesses. Based in Cleveland, Ohio, the company works with a limited number of individuals, combining business-specific assessment, infrastructure development, and ongoing operations to establish AI-powered agency businesses.

As artificial intelligence becomes increasingly integrated into business operations, entrepreneurs are exploring ways to build companies around technology-enabled services. Nexus Acquisition Group addresses this opportunity through a model that extends beyond standalone software or technology implementation, with the company working directly alongside partners throughout the development and operation of their businesses.

The company’s approach centers on three stages: assess, build, and operate. Each engagement begins with evaluating the systems required for a specific business, continues with developing the necessary infrastructure, and extends into ongoing operations alongside the partner. This framework provides a defined process for individuals interested in building an agency business around AI-powered capabilities.

Thomas Berkley Leads Nexus Acquisition Group’s Partnership Model

Thomas Berkley founded Nexus Acquisition Group with a focus on building and operating AI-powered agency businesses through direct collaboration with partners. His background includes service in the United States Air Force and experience with AI-driven business systems and agency operations.

Berkley’s involvement is a central part of the company’s model. Rather than limiting its role to an initial consultation or infrastructure setup, Nexus Acquisition Group works with partners throughout the engagement. This continued involvement connects business planning, system development, and operational execution within a single working relationship.

For entrepreneurs evaluating Nexus Acquisition Cleveland, the company’s Cleveland base and its defined partnership process provide a starting point for understanding how engagements are structured. The company works with partners across the United States, with individual arrangements determined by the requirements of each business.

Nexus Acquisition AI Agency Program Follows a Three-Stage Framework

The Nexus Acquisition AI agency program is structured around assessing business requirements, building operational infrastructure, and supporting ongoing business activity. The process is designed to account for the specific needs of each agency rather than applying an identical technical setup to every engagement.

During the assessment stage, the company evaluates the systems needed to support the proposed business. This step helps establish the operational requirements and identify the infrastructure necessary for the agency’s intended activities.

The build stage focuses on developing that infrastructure. Depending on the requirements of the business, relevant systems may include AI-driven voice and messaging tools, customer relationship management platforms, and client acquisition systems. The objective is to establish the operational foundation needed to run the agency.

The third stage involves ongoing operation. Nexus Acquisition Group continues working with the partner after the initial infrastructure has been developed, maintaining a collaborative relationship as the business operates. The scope and duration of this work depend on the individual engagement.

By connecting these stages, the company approaches agency development as an ongoing business process rather than a one-time technology installation.

A Collaborative Structure for AI Agency Development

Building an agency around artificial intelligence involves more than selecting tools. Business owners must also consider how technology fits into their workflows, how systems are maintained, and how day-to-day operations are organized. A coordinated approach can help bring these requirements into a more consistent operating framework.

Nexus Acquisition Group’s model places collaboration at the center of this process. Partners work directly with the company’s team from the initial build through ongoing operation, while the systems and engagement structure are tailored to the particular business.

This approach may be relevant to individuals exploring AI-powered agency ownership who prefer a working relationship that includes both infrastructure development and operational involvement. Rather than presenting its services solely as access to software, the company describes its role as building and operating agency businesses in partnership with a limited number of individuals.

The model also recognizes that the requirements of an agency can differ according to its business objectives and operating needs. For this reason, engagements are structured individually, with the scope, terms, and timeline defined through an agreement between the company and the partner.

Nexus Acquisition Agency Partnership Opportunities

A Nexus Acquisition agency partnership provides a framework for discussing the development and operation of an AI-powered agency business. The company’s approach brings together assessment, implementation, and continuing operational involvement, allowing the parties to establish expectations before proceeding with an engagement.

For prospective partners, understanding the structure of the relationship is an important part of evaluating an opportunity. Nexus Acquisition Group outlines its process through its website, where interested individuals can review the company’s approach, learn about its founder, and contact the team to discuss a potential engagement.

The company does not describe every partnership as having identical requirements. Instead, its process is designed to reflect the systems needed for the specific business and the responsibilities agreed upon by the parties.

As AI-enabled services continue to create new possibilities for business development, Nexus Acquisition Group remains focused on connecting technology infrastructure with practical agency operations. Led by Berkley, the company continues to build its approach around direct partner involvement and an ongoing operational relationship.

Individuals interested in learning more about the company’s model can visit Nexus Acquisition Group to review its process and inquire about potential partnership opportunities.

About Nexus Acquisition Group

Nexus Acquisition Group is a Cleveland, Ohio-based company that builds and operates AI-powered agency businesses in partnership with a limited number of individuals. Founded by Thomas Berkley, the company follows an assess, build, and operate framework, working directly with partners from initial infrastructure development through ongoing operations. Its engagements are individually structured according to business requirements, scope, terms, and timeline.

Media Contact

Organization: Nexus Acquisition Group

Contact Person: Thomas Berkley

Website: https://nexusacquisitiongroup.com/

Email: Send Email

Address: Cleveland, Ohio, United States

Country: United States

Release id: 50182

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Thomas Berkley and Nexus Acquisition Group Outline AI Agency Partnership Approach in Cleveland

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Thomas Berkley of Nexus Acquisition AI Focuses on Turning Business Inquiries Into Structured Growth Opportunities

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2 days ago

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October 24, 2026

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United States, 24th Oct 2026 — Thomas Berkley of Nexus Acquisition AI is bringing attention to a critical challenge facing service businesses: creating a more organized path from initial customer interest to meaningful sales opportunities. As companies navigate changing customer expectations and increasingly competitive markets, the relationship between marketing, lead management, and business development is becoming an important consideration for long-term growth.

For service providers, attracting potential customers does not always translate into new business. Inquiries can go unanswered, follow-up can become inconsistent, and opportunities can be overlooked when teams lack a clear process for managing prospective clients. These challenges have prompted growing interest in systems that connect customer acquisition activities with the operational workflows needed to support them.

Nexus Acquisition AI operates in this evolving space, focusing on the intersection of artificial intelligence, marketing, and customer acquisition. Its work reflects a broader shift toward examining how technology can help businesses establish more consistent processes for engaging prospects and managing opportunities.

Moving Beyond Lead Volume

Businesses often evaluate marketing performance through the number of inquiries or contacts generated. However, lead volume represents only one part of the customer acquisition process. The ability to respond promptly, maintain relevant communication, and manage opportunities through subsequent stages can also influence the effectiveness of a company’s marketing efforts.

For service businesses with limited administrative resources, coordinating these activities can be particularly challenging. Owners and employees frequently balance customer delivery, scheduling, sales conversations, and daily management responsibilities. Without clearly defined procedures, potential customers may encounter delays or inconsistent communication.

Through its focus on Nexus Acquisition marketing, the company addresses a business environment in which marketing performance is increasingly considered alongside the processes responsible for managing incoming opportunities.

This perspective encourages businesses to examine the complete customer journey rather than viewing advertising, outreach, and sales follow-up as separate functions. It also highlights the importance of identifying gaps between generating interest and taking the next appropriate action.

Exploring Practical Applications of Artificial Intelligence

Artificial intelligence is creating new possibilities for businesses seeking to organize repetitive tasks and improve the coordination of customer-facing processes. Depending on the tools selected and their implementation, AI-supported workflows may assist with inquiry classification, routine communications, information organization, and follow-up management.

For companies evaluating these capabilities, the central question is not simply whether AI can be introduced into an existing operation. It is whether a particular application addresses a genuine business need and fits the way the organization serves its customers.

Nexus Acquisition AI’s focus on technology-assisted growth aligns with this practical consideration. Businesses exploring automation must account for their existing systems, customer communication standards, staffing capacity, and the level of human oversight required for effective implementation.

Automation can support consistency, but it does not eliminate the need for sound business judgment. Service providers must still ensure that customer interactions remain relevant, information is handled appropriately, and important decisions receive the necessary attention.

Building More Consistent Lead Management Processes

The period between a customer’s initial inquiry and a purchasing decision can involve multiple interactions. Prospective customers may request information, compare providers, ask additional questions, or require time before deciding whether to proceed.

A structured lead management process gives businesses a framework for handling these different stages. It can establish how inquiries are recorded, who is responsible for responding, when follow-up should occur, and how the status of each opportunity is tracked.

Within this context, Nexus Acquisition lead generation relates to the broader challenge of developing a more coordinated approach to attracting and managing potential customers.

Generating new inquiries remains important, but businesses also benefit from understanding what happens after those inquiries arrive. Reviewing response times, follow-up consistency, conversion patterns, and the sources of qualified opportunities can help decision-makers identify areas for improvement.

These measures provide a more comprehensive basis for evaluating marketing activity than lead counts alone. They also allow businesses to consider operational adjustments before increasing spending on customer acquisition.

Aligning Growth Technology With Business Objectives

Every service business operates under different conditions. A company serving a local market may have different customer acquisition requirements from a provider operating across multiple cities or industries. Similarly, businesses with small teams may prioritize administrative efficiency, while larger organizations may focus on coordinating workflows across departments.

Consequently, growth technology must be evaluated against specific operational requirements rather than adopted solely because it is available.

The concept of Nexus Acquisition AI growth systems reflects the broader market interest in connecting marketing activities, customer information, and follow-up processes within a more coordinated operating framework.

A useful evaluation begins with identifying recurring problems, establishing measurable objectives, and determining which tasks may benefit from automation. Businesses can then assess whether the selected systems improve workflow consistency, reduce unnecessary manual effort, or provide clearer insight into customer acquisition performance.

This measured approach helps keep technology adoption connected to practical business priorities.

A Process-Oriented Perspective on Business Development

As artificial intelligence becomes more accessible, service businesses have additional options for reconsidering how they organize marketing and sales activities. The opportunity lies in identifying where technology can complement existing capabilities while preserving the personal communication and service quality that customers expect.

Thomas Berkley and Nexus Acquisition AI are positioned within this changing business landscape, where the discussion around growth increasingly includes not only attracting customers but also establishing processes for managing the opportunities that marketing creates.

For businesses reviewing their acquisition strategies, the emphasis on connected workflows offers a useful starting point: understand where prospects enter the process, determine what happens next, and evaluate whether each stage supports the organization’s broader objectives.

Further information about Nexus Acquisition AI and its approach to marketing and customer acquisition is available on the company’s website at https://nexusacquisitionai.com/ .

About Nexus Acquisition AI

Nexus Acquisition AI focuses on marketing, lead generation, and AI-powered growth systems for service businesses. The company operates within the business technology and customer acquisition sector, addressing the growing interest in using automation and structured workflows to support marketing operations and business development.

Learn more at https://nexusacquisitionai.com/.

Media Contact

Organization: Nexus Acquisition AI

Contact Person: Thomas Berkley

Website: https://nexusacquisitionai.com/

Email: Send Email

Country: United States

Release id: 50183

View source version on King Newswire:
Thomas Berkley of Nexus Acquisition AI Focuses on Turning Business Inquiries Into Structured Growth Opportunities

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Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Digi Observer journalist was involved in the writing and production of this article.

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