TINT - Why Chemical Company Chemours Shares Are Plunging Premarket Today | Benzinga
The Chemours Company (NYSE:CC) shares are trading lower after the company disclosed the completion and result of an internal review by the Audit Committee of the Board of Directors.
The Audit Committee determined the delayed payments of up to around $100 million until the first quarter of 2024 to certain vendors that were originally due to be paid in the fourth quarter of 2023.
The Committee also stated the collection of up to about $260 million of receivables originally not due to be received until the first quarter of 2024 were accelerated into the fourth quarter of 2023.
Overall, the Audit Committee determined that there was a lack of transparency with the Board of Directors by three former members of senior management.
The company also revealed material weaknesses in financial reporting. The material weaknesses did not result in ...