PURE CYCLE CORP — Director's Dealing 2022

Dec 2, 2022

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PURE CYCLE CORP (PCYO)
CIK: 0000276720
Period of Report: 2022-11-29

Reporting Person: Plaisance SPV I, LLC (10% Owner)
Reporting Person: Plaisance Capital LLC (10% Owner)
Reporting Person: Kozlowski Daniel R (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2022-11-29	Common Stock, par value 1/3 of $0.01 per share	J	344967	—	Disposed	3603820	Indirect
2022-11-29	Common Stock, par value 1/3 of $0.01 per share	S	16500	$10.211	Disposed	2722278	Direct
2022-11-30	Common Stock, par value 1/3 of $0.01 per share	J	865042	—	Disposed	2722278	Indirect
2022-11-30	Common Stock, par value 1/3 of $0.01 per share	S	33500	$10.2439	Disposed	2688778	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, par value 1/3 of $0.01 per share	2688778	Indirect

Footnotes

F1: The reported securities were owned directly by certain private investment funds managed by the Investment Manager ("Other Clients"), and were deemed to be beneficially owned by Plaisance Capital, LLC, as the investment manager of the Other Clients (the "Investment Manager") and by Daniel Kozlowski, managing member of the Investment Manager. Each of the Reporting Persons disclaims beneficial ownership of the reported securities except to the extent of its pecuniary interest, if any, therein, and this report shall not be deemed to be an admission that either of them are the beneficial owner of the securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.

F2: On each of November 29, 2022 and November 30, 2022, respectively, in connection with the liquidation of the Other Clients, each of the Other Clients made an in-kind distribution of the reported securities to their partners. The distribution was consistent with the Other Clients' respective governing documents and was made on a pro rata basis to all partners in each Other Client. No consideration was received by the Reporting Persons in connection with such distribution.

F3: The reported securities were directly owned by Plaisance SPV I, LLC, a Delaware limited liability company. The reported securities were deemed to be indirectly beneficially owned by the Investment Manager. The reported securities were also deemed to be indirectly beneficially owned by Daniel Kozlowski as managing member of the Investment Manager. Each of the Investment Manager and Daniel Kozlowski disclaim beneficial ownership of the reported securities except to the extent of their respective pecuniary interest, if any, therein, and this report shall not be deemed an admission that either of them are the beneficial owners of the securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.

F4: The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions within the range of $10.10 to $10.29. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in this footnote.

F5: The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions within the range of $10.10 to $10.25. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in this footnote.

F6: The reported securities were directly owned by Plaisance SPV I, LLC and by certain Other Clients managed by the Investment Manager, and were deemed to be indirectly beneficially owned by the Investment Manager and by Daniel Kozlowski, managing member of the Investment Manager. Each of the Investment Manager and Daniel Kozlowski disclaim beneficial ownership of the reported securities except to the extent of their pecuniary interest, if any, therein, and this report shall not be deemed to be an admission that either of them are the beneficial owner of the securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.