Zapp downgraded to Hold from Buy at Maxim

Maxim analyst Tate Sullivan downgraded Zapp (ZAPP) to Hold from Buy. The firm cites the company delisting from Nasdaq to the OTC Pink Current Market and capital needs to maintain operations and grow electric urban motorcycle sales, the analyst tells investors in a research note. The delisting will likely make it increasingly difficult and/or increasingly dilutive to raise capital, Maxim adds.