Tesna Inc. (KOSDAQ:A131970) announced a private placement of series 1 unregistered unguaranteed private bond with Warrants for gross proceeds of KRW 50,000,000,000 and 1,160,336 registered convertible preferred shares at a price of KRW 43,091 for gross proceeds of KRW 50,000,038,576 and aggregate gross proceeds of KRW 100,000,038,576 on October 10, 2019. The transaction will include participation from new investor, Ace Equity Partners LLC. The bonds will not carry any coupon rate and yield to maturity. The bonds will mature on November 29, 2024. The bonds are convertible into 1,130,250 shares of the company at a conversion price of KRW 44,238 per share which represents 16.50% stake in the company. The registered convertible preferred share are convertible into 1,160,336 shares of the company. The conversion period for bonds starts at November 30, 2020 and ends at October 29, 2024, the conversion period for preferred shares starts at November 30, 2020 and ends at November 29, 2024. The transaction is expected to close on November 29, 2019. The transaction has been approved by the board of directors.