Electric Car Maker Zap Files for Bankruptcy

Electric vehicle maker Zap said it has filed for Chapter 11 bankruptcy protection.

The Sebastopol, Calif.-based firm cited falling orders and high costs of patent protection and development for the voluntary filing.

Zap said it expects to continue filling orders and honoring warranties during its restructuring. The company also said it is pursuing two acquisitions that would “provide growth and profits” if consummated.

ZAP shares closed unchanged at 21 cents on Nasdaq, before the news was announced. Its 52-week high is $2.79 and the 52-week low is 16 cents.