SunPower Corp. (SPWRA)

[mlkrborn]

Sunpower announces proposal to reclassify Class A and Class B common stock into a single class of common stock (SPWRA) 11.98 +0.16 : Co announced that its board of directors has authorized and will recommend that shareholders approve a proposal to reclassify all outstanding shares of the company's Class A common stock and Class B common stock into a single class of common stock on a one-for-one basis. The new common stock will have the same voting powers, preferences, rights and qualifications, limitations and restrictions as the current SunPower Class A common stock... As previously disclosed, Total (TOT) Gas & Power USA, SAS, who currently holds a majority of SunPower's outstanding Class A common stock and a majority of its outstanding Class B common stock, has agreed in the Tender Offer Agreement with SunPower to vote all shares acquired in the tender offer in favor of the reclassification.