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GTIM > SEC Filings for GTIM > Form 8-K on 13-Sep-2013All Recent SEC Filings

Show all filings for GOOD TIMES RESTAURANTS INC | Request a Trial to NEW EDGAR Online Pro

Form 8-K for GOOD TIMES RESTAURANTS INC


13-Sep-2013

Notice of Delisting or Failure to Satisfy a Continued Listing Rule or

Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.

Audit Committee Composition

On September 6, 2013, Good Times Restaurants Inc. (the "Company") received a letter from The NASDAQ Stock Market ("NASDAQ") notifying the Company that it was not in compliance with the majority independent director and audit committee requirements under NASDAQ Listing Rule 5605. As reported in the Company's 8-K filed on September 6, 2013, as a result of Mr. Neil Calvert's resignation as a director, the Company's Board of Directors consists of six directors, three of whom are independent, and the Company's Audit Committee is comprised of only two members, both of whom are independent. Nasdaq will provide the Company a cure period in order to regain compliance until the earlier of the Company's next annual shareholders' meeting or August 30, 2014; or if the next annual shareholders' meeting is held before February 26, 2014, then the Company must evidence compliance no later than February 26, 2014.

The Company's next annual meeting of stockholders is scheduled for September 27, 2013. The Company has nominated, in addition to the six current directors, two additional individuals for election to its Board of Directors who satisfy the requirements for director independence under the applicable NASDAQ listing standards. If the Company's proposed slate of directors is elected by the stockholders at the annual meeting, the Company's board will be comprised of eight directors, five of whom are independent, and the Company will therefore regain compliance with NASDAQ Listing Rule 5605(b)(1). In addition, the Company intends to appoint one of the newly elected independent directors to the Audit Committee who qualifies as a financial expert to regain compliance with NASDAQ Listing Rule 5605(c)(2)(A).

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