07:22 AM EDT, 03/28/2024 (MT Newswires) -- Chemours ( CC ) said Thursday that it identified four material weaknesses in its internal financial controls after its audit committee completed a previously announced review of working capital actions.

Among the review's findings were accelerated collection of receivables and delayed payments to vendors dating back to 2022. Chemours ( CC ) said it implemented "cash and equity compensation determinations" against three former members of its senior management for lack of transparency based on the review's results.

The company also said the material weaknesses "did not result in any material misstatements" to its financial reports, but will implement improvements to internal control in financial reporting to address the weaknesses.

Chemours ( CC ) shares were down more than 9% premarket.

Price: 26.25, Change: -2.63, Percent Change: -9.11