ZAP Extends Rally Higher after Updating Shareholders
ZAP (ZAAP, Free Analysis), a provider of fully-electric and other advanced technology vehicles, has rallied more than 50% over the past five days after providing an update on its 51% acquisition of Jonway Automobile, a debt-free, cash flow positive and self-financed company. Investors are hoping that the acquisition will help the company grow its revenues and generate shareholder value.
Last quarter, the automobile company generated revenues of $985,000 and a net loss of $1,888,000, or 2 cents per share, with 109,611,000 shares outstanding. Meanwhile, the firm faces a slight deficit between current assets and current liabilities, but its total assets are significantly higher with no long-term debt.
