The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
AKEBIA THERAPEUTICS INC COM 00972D105 20,981 2,280,531 SH   SOLE   2,280,531 0 0
AMERICAS CAR MART INC COM 03062T105 3,070 84,214 SH   SOLE   84,214 0 0
ARQULE INC COM 04269E107 10,282 9,700,043 SH   SOLE   9,700,043 0 0
BANCORP INC DEL COM 05969A105 19,072 3,739,697 SH   SOLE   3,739,697 0 0
BRIDGEPOINT ED INC COM 10807M105 20,772 1,946,761 SH   SOLE   1,946,761 0 0
CARDCONNECT CORP COM 14141X108 8,922 675,926 SH   SOLE   675,926 0 0
CHEMOCENTRYX INC COM 16383L106 4,407 605,353 SH   SOLE   605,353 0 0
CITI TRENDS INC COM 17306X102 11,719 689,352 SH   SOLE   689,352 0 0
CODEXIS INC COM 192005106 28,792 5,998,322 SH   SOLE   5,998,322 0 0
COGENTIX MED INC COM 19243A104 6,188 3,362,995 SH   SOLE   3,362,995 0 0
DOLBY LABORATORIES INC COM 25659T107 47,300 902,507 SH   SOLE   902,507 0 0
DOLBY LABORATORIES INC COM 25659T107 10,482 200,000 SH Call SOLE   200,000 0 0
DOLBY LABORATORIES INC COM 25659T107 36,687 700,000 SH Call SOLE   700,000 0 0
DOVER DOWNS GAMING & ENTMT I COM 260095104 1,344 1,280,120 SH   SOLE   1,280,120 0 0
DOVER MOTORSPORTS INC COM 260174107 3,797 1,725,789 SH   SOLE   1,725,789 0 0
EMMIS COMMUNICATIONS CORP COM NEW CL A 291525400 2,599 1,060,802 SH   SOLE   1,060,802 0 0
EVOLUTION PETROLEUM CORP COM 30049A107 4,505 563,171 SH   SOLE   563,171 0 0
EZCORP INC CL A NON VTG 302301106 3,150 386,494 SH   SOLE   386,494 0 0
EZCORP INC NOTE 2.625% 6/1 302301AB2 5,184 5,500,000 PRN   SOLE   5,500,000 0 0
FALCONSTOR SOFTWARE INC COM 306137100 1,130 2,841,368 SH   SOLE   2,841,368 0 0
FB FINL CORP COM 30257X104 1,768 50,000 SH   SOLE   50,000 0 0
FIAT CHRYSLER AUTOMOBILES N SHS N31738102 8,744 800,000 SH Call SOLE   800,000 0 0
FINTECH ACQUISITION CORP II UNIT 99/99/9999 31810G208 5,100 500,000 SH   SOLE   500,000 0 0
FIRSTCASH INC COM 33767D105 43,437 883,772 SH   SOLE   883,772 0 0
GAMESTOP CORP NEW CL A 36467W109 6,765 300,000 SH Put SOLE   300,000 0 0
GLOBAL EAGLE ENTMT INC COM 37951D102 7,204 2,258,163 SH   SOLE   2,258,163 0 0
GOLDEN ENTMT INC COM 381013101 14,174 1,071,329 SH   SOLE   1,071,329 0 0
INVENTURE FOODS INC COM 461212102 920 208,181 SH   SOLE   208,181 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 24,746 180,000 SH Put SOLE   180,000 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 20,622 150,000 SH Put SOLE   150,000 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 54,992 400,000 SH Put SOLE   400,000 0 0
LINCOLN EDL SVCS CORP COM 533535100 6,319 2,248,899 SH   SOLE   2,248,899 0 0
LUXFER HLDGS PLC SPONSORED ADR 550678106 18,925 1,556,293 SH   SOLE   1,556,293 0 0
META FINL GROUP INC COM 59100U108 38,758 437,947 SH   SOLE   437,947 0 0
MFC BANCORP LTD COM 55278T105 602 337,978 SH   SOLE   337,978 0 0
ON DECK CAP INC COM 682163100 8,951 1,776,026 SH   SOLE   1,776,026 0 0
OWENS RLTY MTG INC COM 690828108 11,524 647,403 SH   SOLE   647,403 0 0
PAIN THERAPEUTICS INC COM 69562K100 2,170 2,429,353 SH   SOLE   2,429,353 0 0
QAD INC CL A 74727D306 15,337 550,714 SH   SOLE   550,714 0 0
QAD INC CL A 74727D306 4,407 158,240 SH   SOLE   158,240 0 0
RADIANT LOGISTICS INC COM 75025X100 5,904 1,180,754 SH   SOLE   1,180,754 0 0
REPUBLIC BANCORP KY CL A 760281204 253 7,371 SH   SOLE   7,371 0 0
RH COM 74967X103 18,504 400,000 SH Call SOLE   400,000 0 0
SCICLONE PHARMACEUTICALS INC COM 80862K104 18,535 1,891,328 SH   SOLE   1,891,328 0 0
SCIENTIFIC GAMES CORP CL A 80874P109 5,219 220,675 SH   SOLE   220,675 0 0
SCIENTIFIC GAMES CORP CL A 80874P109 45,881 1,940,000 SH Call SOLE   1,940,000 0 0
SCIENTIFIC GAMES CORP CL A 80874P109 23,650 1,000,000 SH Call SOLE   1,000,000 0 0
SEARS HLDGS CORP COM 812350106 5,745 500,000 SH Call SOLE   500,000 0 0
SEARS HOMETOWN & OUTLET STOR COM 812362101 1,907 488,976 SH   SOLE   488,976 0 0
SODASTREAM INTERNATIONAL LTD USD SHS M9068E105 35,976 742,843 SH   SOLE   742,843 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 35,361 150,000 SH Call SOLE   150,000 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 70,722 300,000 SH Put SOLE   300,000 0 0
SPDR SERIES TRUST S&P REGL BKG 78464A698 8,192 150,000 SH Put SOLE   150,000 0 0
STERLING CONSTRUCTION CO INC COM 859241101 2,383 257,604 SH   SOLE   257,604 0 0
STREAMLINE HEALTH SOLUTIONS COM 86323X106 1,506 1,476,225 SH   SOLE   1,476,225 0 0
TRANS WORLD ENTMT CORP COM 89336Q100 3,012 1,771,613 SH   SOLE   1,771,613 0 0
UNIQURE NV SHS N90064101 2,312 400,000 SH   SOLE   400,000 0 0
UNIVERSAL TECHNICAL INST INC COM 913915104 2,304 667,946 SH   SOLE   667,946 0 0
WORLD ACCEP CORP DEL COM 981419104 20,420 394,354 SH   SOLE   394,354 0 0
YAHOO INC COM 984332106 44,109 950,425 SH   SOLE   950,425 0 0