Riot Blockchain Inc (NASDAQ:RIOT) has met full compliance with the Securities and Exchange Commission after being subpoenaed by the regulatory body.
The crypto tech company was originally named Bioptix and operated as a biotech before changing its name and business model last year. The company was under scrutiny as the SEC began taking a closer look at companies that underwent the change.
READ: Riot Blockchain subpoenaed by SEC; shares fall
The company ended its annual stockholders meeting in full compliance, electing four new directors to its board. John O’ Rourke, Andrew Kaplan, Remo Mancini and Jason Les will serve on the board, according to TheFly.com.
Canadian advisory firm MNP LLP has been appointed as the company’s independent registered public accountant.
H.C. Wainwright analysts see less controversy in the company’s future now that the risk of non-compliance has passed. Now in good standing with the SEC, analyst Kevin Dede said the company is a “compelling option in cryptocurrency investment,” according to an analyst note shared by The Fly.
The analyst maintains a Buy rating with a price target of US$10.
Shares of the Colorado-based company were down nearly 2% to US$7.40 at Friday’s close.