U.S. solar panel maker SunPower Corp said its board has authorized the conversion of all outstanding Class A and Class B common stock into a single class on a one-for-one basis.

The shares will have the same voting power, preferences, rights and restrictions as the Class A shares, the company said in a statement.

The proposal needs to be approved by a majority of the holders of Class A and B shares and by the majority of the holders of Class B shares separately.

Total Gas & Power USA, which owns majority of Class A and B shares of SunPower, has agreed to vote in favour of the proposal, SunPower said.

Shares of the San Jose, California-based company, which has faced criticism that its costs are too high compared with its low-cost Chinese peers, closed at $11.98 Monday on Nasdaq.