Current Report Filing (8-k)
April 30 2020 - 05:31PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of
1934
Date of Report (Date of earliest event reported)
April 24, 2020

(Exact name of registrant as specified in its charter)
Nevada |
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000-18590 |
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84-1133368 |
(State or other jurisdiction
of incorporation)
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(Commission
File Number)
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(IRS Employer
Identification No.)
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141 Union Boulevard, #400, Lakewood, CO 80228
(Address of principal executive offices including zip code)
Registrant’s telephone number, including area code: (303)
384-1400
Not applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions (see General
Instruction A.2.):
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Written communications pursuant to
Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to
Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b)) |
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Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
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Trading
Symbol(s) |
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Name of each exchange
on which registered |
Common Stock, $0.001 par value |
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GTIM |
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Nasdaq Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule 405 of the Securities Act of 1933 (17
CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934
(17 CFR §240.12b-2).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period
for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act.
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ITEM 3.01 |
Notice of Delisting or Failure to Satisfy a Continued
Listing Rule or Standard; Transfer of Listing. |
On April 24, 2020, Good Times Restaurants Inc. (“we,” “us,” “our,”
“Good Times” or the “Company”) received a letter from the Listing
Qualifications Staff of the Nasdaq Stock Market (“Nasdaq”),
notifying the Company that it no longer satisfies Nasdaq Listing
Rule 5550(a)(2) (the “Rule”), which requires the Company to
maintain minimum bid price of $1 per share. Based upon the
Company’s closing bid price for the last 30 consecutive business
days, the Company no longer meets this requirement. The letter from
Nasdaq has no immediate effect on the listing of the Company’s
common stock on the Nasdaq Stock Market as Nasdaq rules provide for
a 180-day period in which to regain compliance.
In addition, due to the current extraordinary economic conditions,
Nasdaq has tolled the compliance period through June 30, 2020 (the
“Tolling Period”) which extends the time for the Company to regain
compliance to December 28, 2020. If at any time during the Tolling
Period or the 180-day period (beginning July 1, 2020), the closing
bid price of the Company’s common stock is at least $1.00 for a
minimum of 10 consecutive business days, Nasdaq will provide the
Company written confirmation of compliance with the minimum bid
price rule and the matter will be closed. If the Company does not
regain compliance before December 28, 2020, the Company may be
eligible for an additional 180 calendar days, provided the Company
meets the continued listing requirement for market value of
publicly held shares and all other initial listing standards,
except for the minimum bid price requirement, and will need to
provide written notice to Nasdaq of its intention to cure the
deficiency during the second compliance period.
If the Company does not regain compliance within the allotted
compliance period(s), including any extensions that may be granted
by Nasdaq, Nasdaq will provide notice that the Company’s common
stock will be subject to delisting. The Company would then be
entitled to appeal the Nasdaq staff’s determination to a Nasdaq
Healings Panel.
The Company will continue to actively monitor the closing bid price
of its common stock and will evaluate available options to resolve
the deficiency and regain compliance with the minimum bid price
rule. There can be no assurance that the Company will be able to
regain compliance with the Rule and thereby to maintain the listing
of its common stock on the Nasdaq Capital Market.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned hereunto duly authorized.
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GOOD TIMES RESTAURANTS INC. |
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Date: |
April 30, 2020 |
By: |
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Ryan M. Zink |
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Chief Executive Officer |
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Good Times Restaurants (NASDAQ:GTIM)
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