Equus Total Return Inc.'s board was authorized by holders of a majority of its voting shares to withdraw the company's election to be regulated as a business development company on or before July 31.

The authorization is a result of the company's reorganization plan announced May 15, 2014. Despite receiving shareholder authorization, the board said in a regulatory filing that it will not submit a withdrawal unless Equus has entered into a definitive agreement to acquire or merge with an operating company.