After MGT Capital Investments (MGT) irrationally soared on news of a business shift to cybersecurity, I warned the public on numerous occasions of the potential pitfalls of a rally based on "hope" instead of facts. MGT Capital: Getting Closer To What?MGT Capital: Last Warning Before Shareholders VoteMGT Capital: Sentiment Remains Incredibly StrongThe stock ended the day down 25% on news that the NYSE is not allowing the company to list on the exchange preventing the company from issuing 43.8 million shares for the D-Vasive acquisition. This means that the people involved in the D-Vasive and Demonsaw businesses have no access to those shares. As well, the stock plunged the previous day on the news of an SEC subpoena. The company including new CEO John McAfee suggests the SEC wants information on the old executives of MGT Capital. https://twitter.com/officialmcafee/status/778232097760768000!function(d,s,id){var js,fjs=d.getElementsByTagName(s)[0],p=/^http:/.test(d.location)?'http':'https';if(!d.getElementById(id)){js=d.createElement(s);js.id=id;js.src=p+"://platform.twitter.com/widgets.js";fjs.parentNode.insertBefore(js,fjs);}}(document,"script","twitter-wjs");The question is whether the SEC wants to discuss the process of turning over the keys to John and switching the business to cybersecurity. Not to mention, if he anticipated an SEC subpoena why did he take this path instead of creating a whole new company?The stock is still up from $0.25 with the closing trade today at $1.89. Investors clearly see the risk based on this chart below. If you think McAfee gets the listing worked out, the stock could surge back over $3. If the company continues on the path of being unable to meet the listing requirements, MGT has a ton of downside. Besides all of these issues, MGT still needs to prove that this shift to cybersecurity and the purchase of D-Vasive actually leads to a profitable future. So far MGT has done nothing but talk about products and very little about actual sales. One has to have serious doubts after all of these issues with completing the merger and NYSE listing. Disclosure: No position