8k excerpts:
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On July 24, 2014, 24Holdings Inc., a Delaware corporation (OTCQB: TWFH) (the “Company”) issued convertible promissory notes (the “2014 Notes”) in the principal amount of $55,000 to each of Iroquois Master Fund Ltd and Hudson Bay Master Fund Ltd. (an aggregate of $110,000). The 2014 Notes have a maturity date of December 31, 2015 and bear interest at the rate of 5.0% per annum, payable at maturity. The principal and accrued interest on the 2014 Notes are convertible at the “Conversion Price” (as defined in the 2014 Notes) into shares of the Company’s common stock at the option of the holder, subject to the “Beneficial Ownership Cap” (as defined in the 2014 Notes), or upon the consummation of a “Fundamental Transaction” (as defined in the 2014 Notes). The proceeds of the 2014 Notes will be utilized by the Company to fund working capital needs.
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Conversion Price. The conversion price in effect on any Conversion Date (subject to adjustment herein) shall initially be equal to $0.50 per share.
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