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Ambient Corp., a Newton-based company that provides networking capabilities over broadband, has issued roughly 666 million shares of common stock to its largest shareholder, Vicis Capital LLC, in order to completely retire Ambient’s long-term debt.
The deal converts the remaining balance of $10 million of Ambient’s outstanding debt. In addition, the Vicis Master Capital Fund that held the debt has also increased its equity-based credit line for Ambient (OTC: ABTG) to $8 million, which is a $5 million bump from previous levels. Ambient says it will draw from the $8 million now available for working capital as needed if the company’s available operating funds drop below $1.5 million. After the deal, Vicis will hold 83.6 percent of Ambient’s common stock, up from 71.4 percent prior to the deal.
In April, Ambient teamed up with electronics maker Bel Fuse Inc. of New Jersey in a deal aimed at accelerating the development of smart-grid related products. No terms of the deal were specified. Ambient’s broadband over powerlines products are in use with North Carolina-based Duke Energy Corp. as part of a pilot test in Cincinnati. The device also recently received network approval through Verizon Communications Inc., allowing Ambient’s technology to connect to the communications carrier’s EVDO network and bridging the gap between power networks and communications networks.
Ambient’s shares trade over the counter. The company posted a net loss of $11.3 million on $12.6 million in revenue in 2008.
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