The first run, which premiered with 1.8m viewers in November, concluded on January 18 with just 1.05m.
Series star Drew Seeley (Jason Wilson) confirmed that the '80s-set comedy had been cancelled on Twitter, writing: "Can't say I'm not bummed. Glory Daze was a blast."
The actor also referenced the show's forthcoming premiere in the UK, where it will air on E4 from March 3.
"Hope you all enjoy it in the UK fresh!" he said. "Onward and upward, been here plenty of times before."
Seeley's co-star Chris D'Elia (Stankowski) recently signed up for a role in an as-yet-untitled NBC pilot alongside Whitney Cummings.