By Tribune staff | NovaMed announced Tuesday that its shareholders approved a one-for-three reverse split of the company’s outstanding shares of common stock.

The Chicago-based operator of ambulatory surgery centers said the split will take effect before the markets open June 1 for shareholders of record at the close of business  May 28. Shareholders also authorized a reduction in the total number of shares the company is authorized to  33.33 million shares of common and preferred stock from 100 million shares, which will become effective with the stock split. Its shares closed at $3.55 Monday, up 20 cents in Nasdaq trading.