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.