UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
SCHEDULE 13D
 
Under the Securities Exchange Act of 1934
(Amendment No. )*

Noble Roman’s, Inc.
(Name of Issuer)
 
Common Stock, no par value
(Title of Class of Securities)
 
655107100
(CUSIP Number)
 
Privet Fund LP
Attn: Ryan Levenson
79 West Paces Ferry Road, Suite 200B
Atlanta, GA 30305

With a copy to:

Rick Miller
Bryan Cave LLP
1201 W. Peachtree St., 14th Floor
Atlanta, GA  30309
Tel: (404) 572-6600
 
 (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)
 
June 13, 2014
(Date of Event which Requires Filing of this Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition which is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), (f) or (g), check the following box o.

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits.  See § 240.13d-7 for other parties to whom copies are to be sent.

*              The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.
 
The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
 
 
 

 

 
SCHEDULE 13D
 
   CUSIP No. 655107100
  
Page 2 of 9 Pages    
 
         
1
NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
 Privet Fund LP
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP 
 
(a)þ
(b) ¨
3
SEC USE ONLY
 
4
SOURCE OF FUNDS
WC
5
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)                          o
 
6
CITIZENSHIP OR PLACE OF ORGANIZATION   Delaware
 
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
 EACH
REPORTING
 PERSON
WITH:
7
SOLE VOTING POWER
0
8
SHARED VOTING POWER
1,428,999
9
SOLE DISPOSITIVE POWER
0
10
SHARED DISPOSITIVE POWER
1,428,999
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,428,999
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
¨
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.2%
14
TYPE OF REPORTING PERSON
PN
 
 
 

 

 
SCHEDULE 13D
 
   CUSIP No. 655107100
  
Page 3 of 9 Pages    
 
         
1
NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
 Privet Fund Management LLC
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP 
 
(a)þ
(b) ¨
3
SEC USE ONLY
 
4
SOURCE OF FUNDS
WC, AF
5
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)                          o
 
6
CITIZENSHIP OR PLACE OF ORGANIZATION   Delaware
 
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
 EACH
REPORTING
 PERSON
WITH:
7
SOLE VOTING POWER
0
8
SHARED VOTING POWER
1,428,999
9
SOLE DISPOSITIVE POWER
0
10
SHARED DISPOSITIVE POWER
1,428,999
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,428,999
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
þ
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.2%
14
TYPE OF REPORTING PERSON
OO
 
 
 

 

 
SCHEDULE 13D
 
   CUSIP No. 655107100
  
Page 4 of 9 Pages    
 
         
1
NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
 Ryan Levenson
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP 
 
(a)þ
(b) ¨
3
SEC USE ONLY
 
4
SOURCE OF FUNDS
AF
5
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)                          o
 
6
CITIZENSHIP OR PLACE OF ORGANIZATION   United States
 
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
 EACH
REPORTING
 PERSON
WITH:
7
SOLE VOTING POWER
0
8
SHARED VOTING POWER
1,428,999
9
SOLE DISPOSITIVE POWER
0
10
SHARED DISPOSITIVE POWER
1,428,999
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,428,999
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
¨
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.2%
14
TYPE OF REPORTING PERSON
IN
 
 
 

 


SCHEDULE 13D
 
   CUSIP No. 655107100
  
Page 5 of 9 Pages    
 
Item 1.                  Security and Issuer.
 
The class of securities to which this statement relates is the Common Stock, no par value (the “Common Stock”), of Noble Roman’s, Inc., an Indiana Corporation (the “Corporation”).  The address of the Corporation’s principal executive offices is One Virginia Avenue, Suite 300, Indianapolis, Indiana 46204.
 
Item 2.                  Identity and Background.
 
(a)This statement is being filed by (i) Privet Fund Management LLC, a Delaware limited liability company, (ii) Privet Fund LP, a Delaware limited partnership and (iii) Ryan Levenson (“Mr. Levenson”) (the foregoing persons are hereinafter referred to collectively as the “Reporting Persons”).

Mr. Levenson is the sole managing member of Privet Fund Management LLC, which is the general partner and investment manager of Privet Fund LP.

(b)The address of the principal offices of Privet Fund Management LLC and Privet Fund LP is 79 West Paces Ferry Road, Suite 200B, Atlanta, GA 30305. The business address of Mr. Levenson is 79 West Paces Ferry Road, Suite 200B, Atlanta, GA 30305.

(c)The principal business of Privet Fund Management LLC is providing administrative and management services to Privet Fund LP. The principal business of Privet Fund LP is that of private funds engaged in investment in securities for their own account. The principal occupation or employment of Mr. Levenson is manager of Privet Fund Management LLC.

(d)During the last 5 years, none of Privet Fund Management LLC, Privet Fund LP or Mr. Levenson has been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).

(e)During the last 5 years, none of Privet Fund Management LLC, Privet Fund LP or Mr. Levenson has been party to a civil proceeding of a judicial or administrative body of competent jurisdiction as a result of which such person or entity was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.

(f)Mr. Levenson is a citizen of the United States.
 
Item 3.                  Source and Amount of Funds or Other Consideration.
 
The aggregate purchase price of the 1,428,999 shares of Common Stock beneficially owned by the Reporting Persons is approximately $2,092,521 not including brokerage commissions, which was funded with partnership funds of Privet Fund LP. Privet Fund LP effects purchases of securities primarily through margin accounts maintained for it with prime brokers, which may extend margin credit to it as and when required to open or carry positions in the margin accounts, subject to applicable federal margin regulations, stock exchange rules, and the prime brokers’ credit policies.
 
 
 

 

 
SCHEDULE 13D
 
   CUSIP No. 655107100
  
Page 6 of 9 Pages    
 
Item 4.                  Purpose of Transaction.
 
The Reporting Persons acquired their shares of Common Stock for investment. The Reporting Persons purchased shares of Common Stock because they believed that the shares may present significant opportunities for realization of increased stockholder value.

The Reporting Persons plan to continuously evaluate, among other factors, the financial condition, results of operations, business and prospects of the Corporation, the securities markets in general and the market for the Common Stock in particular, prevailing economic conditions and expected trends, all with a view to determining whether to hold, decrease or increase their investment in the Common Stock, through open market, privately negotiated or any other transactions.

Depending on their assessment of the foregoing factors, the Reporting Persons may, from time to time, modify their present intention as stated in this Item 4.

Except as set forth herein, the Reporting Persons have no specific present plans or proposals which would result in:

(a) the acquisition by any person of additional securities or the disposition of securities of the Corporation;

(b) an extraordinary corporate transaction, such as a merger, reorganization or liquidation, involving the Corporation or any of its subsidiaries;

(c) a sale or transfer of a material amount of assets of the Corporation or any of its subsidiaries;

(d) any change in the present Board of Directors or management of the Corporation, including any plans or proposals to change the number or term of directors or to fill any existing vacancies on the Board;

(e) any material change in the present capitalization or dividend policy of the Corporation;

(f) any other material change in the Corporation’s business or corporate structure;

(g) changes in the Corporation’s charter, bylaws or instruments corresponding thereto or other actions which may impede the acquisition of control of the Corporation by any person;

(h) causing a class of securities of the Corporation to be delisted from a national securities exchange or to cease to be authorized to be quoted in an inter-dealer quotation system of a registered national securities association;

(i) a class of equity securities of the Corporation becoming eligible for termination of registration pursuant to Section 12(g)(4) of the Act; or

(j) any action similar to any of those enumerated above.
 
 
 

 


SCHEDULE 13D
 
   CUSIP No. 655107100
  
Page 7 of 9 Pages    
 
Item 5.                  Interest in Securities of the Issuer.
 
(a)           As of the date of this filing, the Reporting Persons beneficially own 1,428,999 shares (the “Shares”), or approximately 7.2% of the outstanding Common Stock of the Corporation (calculated based on information included in the Form 10-Q filed by the Corporation for the quarterly period ended March 31, 2014, which reported that 19,801,087 shares of Common Stock were outstanding as of May 1, 2014).

(b)           Privet Fund Management LLC is the Managing Partner of Privet Fund LP, and Ryan Levenson is the sole managing member of Privet Fund Management LLC. Accordingly, Privet Fund Management LLC and Mr. Levenson may be deemed to hold shared voting power and dispositive power with respect to the Shares held by Privet Fund LP, and Mr. Levenson may be deemed to hold shared voting and dispositive power with respect to the Shares held by Privet Fund Management LLC.

As a result of the formation of a group constituted hereby, each of the Reporting Persons could be deemed to beneficially own all the Shares; however, each of the Reporting Persons disclaims beneficial ownership of the Shares held by other Reporting Persons except as expressly set forth above.

Except as set forth on the cover pages hereto and under this paragraph (b), each Reporting Person has the sole power to vote or direct the vote and to dispose or direct the disposition of the Shares reported herein as owned by each such Reporting Person.

(c)           Except as set forth on Schedule 1 hereto, no transactions in the Common Stock were effected during the past 60 days by the Reporting Persons, or, to the best of the knowledge of the Reporting Persons, by any of the other persons named in response to Item 2, if any.

(d)           To the best knowledge of the Reporting Persons, no other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the Shares.

(e)           Not applicable.

Item 6.                  Contracts, Arrangements, Understandings or Relationship With Respect to Securities of the Issuer.
 
Other than the Joint Filing Agreement filed as Exhibit 99.1 hereto, none of the Reporting Persons nor, to the best of their knowledge, any of the other persons named in response to Item 2, if any, has any contract, arrangement, understanding or relationship (legal or otherwise) with any person with respect to any securities of the Corporation.
 
Item 7.                  Materials to be Filed as Exhibits.
 
Exhibit 99.1
       Joint Filing Agreement.
 
 
 

 

 
SCHEDULE 13D
 
   CUSIP No. 655107100
  
Page 8 of 9 Pages    
 
Signature

After reasonable inquiry and to the best of my knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.
 
         
Date:  June 23, 2014
 PRIVET FUND LP  
         
    By: Privet Fund Management LLC,  
    Its Managing Partner  
         
    By:   /s/ Ryan Levenson  
    Name: Ryan Levenson  
    Its: Sole Manager  
         
  PRIVET FUND MANAGEMENT LLC  
         
    By: /s/ Ryan Levenson  
    Name: Ryan Levenson  
    Its: Sole Manager  
         
  /s/ Ryan Levenson  
  Ryan Levenson  
 
 
 

 

 
SCHEDULE 13D
 
   CUSIP No. 655107100
  
Page 9 of 9 Pages    
 
SCHEDULE 1

Shares Acquired or Sold by the Reporting Persons in the Last 60 Days or Since Their Most Recent Schedule 13D Filing:
 
Unless otherwise indicated, all transactions were effected on the open market.

1.  
Privet Fund LP
 
  Trade Date
 
Nature of Transaction
(Purchase/Sale)
   Number of
Shares		   Price Per Share (1)
4/25/2014
Purchase
11,200
$1.4499
4/28/2014
Purchase
38,035
$1.4135
4/29/2014
Purchase
30,521
$1.3893
4/30/2014
Purchase
246,000
$1.4742
5/1/2014
Purchase
6,100
$1.4184
5/2/2014
Purchase
5,100
$1.4990
5/6/2014
Purchase
2,707
$1.4941
5/7/2014
Purchase
43,585
$1.5000
5/8/2014
Purchase
24,000
$1.4642
5/9/2014
Purchase
8,700
$1.4385
5/12/2014
Purchase
5,000
$1.5000
5/13/2014
Purchase
13,900
$1.5000
5/14/2014
Purchase
6,700
$1.4630
5/15/2014
Purchase
15,000
$1.4500
5/16/2014
Purchase
6,200
$1.5097
5/19/2014
Purchase
2,839
$1.5100
5/20/2014
Purchase
5,000
$1.5000
5/21/2014
Purchase
5,000
$1.5000
5/22/2014
Purchase
25,220
$1.4901
5/27/2014
Purchase
10,250
$1.4488
5/28/2014
Purchase
55,094
$1.4292
5/29/2014
Purchase
2,949
$1.4000
5/30/2014
Purchase
27,500
$1.4164
6/3/2014
Purchase
10,100
$1.4000
6/4/2014
Purchase
2,300
$1.4287
6/5/2014
Purchase
9,750
$1.4400
6/6/2014
Purchase
500
$1.4300
6/9/2014
Purchase
13,160
$1.4564
6/10/2014
Purchase
6,400
$1.4247
6/11/2014
Purchase
5,000
$1.4000
6/12/2014
Purchase
566
$1.3500
6/13/2014
Purchase
406,000
$1.4577
6/16/2014
Purchase
63,850
$1.5294
6/17/2014
Purchase
44,140
$1.5434
6/18/2014
Purchase
8,500
$1.5224
6/19/2014
Purchase
36,165
$1.5927
6/20/2014
Purchase
39,324
$1.5809
 
1 Not including any brokerage fees.