Theranos, its CEO Elizabeth Holmes, and its former president Sunny Balwani have been charged by the SEC with fraud.
The agency said Wednesday that Theranos and Holmes have agreed to resolve the charges against them.
As part of the resolution, Holmes has to give up majority voting control over the company and reduce her equity in the privately-held company.
Theranos, its CEO Elizabeth Holmes, and former president Sunny Balwani, have been charged with "massive fraud" by the SEC.
The SEC alleged that Theranos "made numerous false and misleading statements in investor presentations, product demonstrations, and media articles" about the company's blood-testing technology while raising more than $700 million.
Theranos and Holmes have reached a resolution with the SEC, while Balwani,