KANSAS CITY, Mo., May 23 (Reuters) - Vanguard Airlines Inc. (VNGD) on Thursday said its stockholders approved a one-for- five reverse split of the company's common stock that will be effective May 31. Vanguard, which serves 18 U.S. cities, said its common stock will continue to trade on the OTC Bulletin Board on a pre-split basis under the "VNGD" symbol until May 31, when the common stock starts trading on a post-split basis under the "VGDA" symbol. Separately, Vanguard said it completed a $1.5 million financing, realizing $1.46 million of net proceeds from the sale of $1.5 million principal amount of secured demand notes indirectly convertible into common stock. Vanguard shares closed unchanged on Thursday at 45 cents. ©2002 Reuters Limited.