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The phrase "a reclassification of its" is correct and usable in written English.
It can be used in contexts where you are discussing the act of changing the classification or categorization of something, typically in formal or technical writing.
Example: "The organization announced a reclassification of its members to better reflect their roles and responsibilities."
Alternatives: "a reassignment of its" or "a restructuring of its".
Exact(3)
[C8.] Shell Planning to Release Report Royal Dutch/Shell is reportedly planning to release the main conclusions of an investigation into a reclassification of its oil reserves.
A not-for-dividend organisation with no shareholders, NR effectively moved into the public sector in a reclassification of its status last September when its net debt of more than £30bn came on to the government's books.
Foamex lost $72 million on revenue of $1.3 billion last year, resulting in a violation of its loan covenants and a reclassification of its entire $771 million in debt as current.
Similar(57)
But Intel says it's because of a reclassification of race and the addition of a "two races or more" category.
A reclassification of the medical center from an academic hospital to a quasi-private one could increase its reimbursement rates and result in additional revenue of about $15 million a year, county officials have said.
Shannon Liss-Riordan, attorneyney for the drivers, acknowledged that the settlement does not achieve a reclassification of drivers as employees, but said the benefits are still significant.
Comparison with homologous bacterial enzymes supports a reclassification of the DHOase family and provides strong evidence against current models of the architecture of CAD.
The DEA has rejected a reclassification of marijuana three times before, following public petitions requesting that the agency reschedule it.
Historical payroll employment data have been revised to reflect the annual benchmark adjustment for March 2013, a reclassification of industries included in the survey, and updated seasonal adjustment factors.
For example, using NRI, we observed a reclassification of 30%.
In total, correction led to a reclassification of 561 (27.5%) individuals.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com