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Zosano Pharma Corp (NASDAQ:ZSAN) shares are trading lower by 44.35% at $0.98 after the company announced it filed a voluntary petition for relief under chapter 11.

Zosano says the company continues to operate its business as a "debtor-in-possession" under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court. Zosano says the company intends to sell substantially all of its assets during the bankruptcy case.

See Also: Why C3.Ai Shares Are Getting Hammered Today

Zosano Pharma is a clinical-stage biopharmaceutical company. It is focused on providing rapid systemic administration of therapeutics and other bioactive molecules to patients using the proprietary transdermal microneedle system.

According to data from Benzinga Pro, Zosano Pharma has a 52-week high of $37.45 and a 52-week low of $0.75.

Why Zosano Pharma Shares Are Getting Hammered Today