GOLDEN, Colo. ( TheStreet) -- Good Times Restaurants ( GTIM) is in danger of being delisted by the NASDAQ, as its share price as closed below $1 for 30 consecutive days.

Good Times Restaurants operates the fast food chain Good Times Burgers & Frozen Custard -- hamburger-oriented, drive-through restaurants in Colorado. It also has franchised restaurants in Idaho, North Dakota and Wyoming.

The Colorado-based company said it received warning from the NASDAQ July 19 that it had 180 calendar days, or until January 18, 2011, to regain compliance and avoid delisting. To do so, its common stock must close at or above $1 per share for a minimum of 10 consecutive business days anytime before the January deadline.

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Good Times' stock closed below $1 from June 4 through July 21. On July 22 the stock closed at $1.

"If our common stock does not trade at a level that is likely to regain compliance with the NASDAQ requirements, our Board of Directors will consider whatever options may be available to us to achieve compliance," Good Times said.

Trading of Good Times shares was halted Friday afternoon after the company released a statement about the potential delisting.

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