Chemours Co. (NYSE:CC), a chemical company, has been notified by the New York Stock Exchange (NYSE) of its noncompliance with one of the exchange's listing standards. The notice, dated March 18, 2024, indicated that Chemours failed to file its Annual Report on Form 10-K for the fiscal year that ended on December 31, 2023, within the prescribed timeframe.
According to Section 802.01E of the NYSE Listed Company Manual, listed entities are required to submit timely financial reports. The absence of the Form 10-K, a detailed report of a company's financial performance, is a significant deviation from NYSE's listing requirements.
In response to the NYSE's notice, Chemours has engaged in communications with the exchange to discuss the status of the delayed Form 10-K filing. The company also publicly addressed the issue of noncompliance through a press release, which was disseminated on the same day as the NYSE's notification and is included as Exhibit 99.1 in the Form 8-K report.
The notification from the NYSE serves as a formal acknowledgment of Chemours' noncompliance, but it does not immediately affect the listing of the company's stock on the exchange. Chemours is expected to provide a plan to regain compliance with NYSE listing standards, which typically includes a timeline for the submission of the overdue financial report.
Investors and stakeholders of Chemours will be monitoring the situation closely, as the filing of the Form 10-K is critical for assessing the company's financial health and operational performance. The company's stock continues to be traded on the NYSE under the ticker symbol "CC" as it works to resolve the filing delay.
This news is based on a press release statement and the related SEC filing by Chemours.
InvestingPro Insights
As Chemours Co. (NYSE:CC) grapples with its recent NYSE noncompliance issue, investors are keenly observing the company's financial metrics and market performance to gauge the potential impact. According to real-time data from InvestingPro, Chemours has a market capitalization of approximately $4.13 billion. Despite not being profitable over the last twelve months, with a reported operating income margin of -1.55%, the company shows a significant gross profit margin of 21.0% for the same period.
One notable InvestingPro Tip for Chemours is that the management has been aggressively buying back shares, which can be a sign of confidence in the company's future prospects or an attempt to return value to shareholders. Additionally, Chemours is currently trading at a high Price / Book multiple of 5.47, which might suggest that the market is pricing in expectations for future growth or that the stock is potentially overvalued relative to its book value.
Investors considering Chemours should be aware of the stock's volatility, as indicated by another InvestingPro Tip. The price has experienced a range of movements, with a 1-week total return of 6.51% but a year-to-date total return of -11.11%, reflecting the fluctuating investor sentiment and market conditions.
For those looking to delve deeper into Chemours' financials and stock performance, InvestingPro offers additional insights and metrics. There are more InvestingPro Tips available, providing a comprehensive analysis that can help investors make more informed decisions. Use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at InvestingPro, which includes these valuable tips.
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