[Form 4] PURE CYCLE CORP Insider Trading Activity

Rhea-AI Filing Summary

Mark W. Harding, Chief Executive Officer and Director of Pure Cycle Corporation (PCYO), reported acquiring 10,000 shares of the company's common stock on 09/17/2025. After the transaction he beneficially owned 140,089 shares. The Form 4 was signed on 09/19/2025 and shows the transaction code as "A" with a reported price of $0 as presented on the form.

Positive

• Insider acquisition disclosed: CEO/Director Mark W. Harding reported purchasing 10,000 shares on 09/17/2025.
• Increased insider ownership: Beneficial ownership rose to 140,089 shares following the transaction.
• Form 4 filed and signed: The filing includes a manual signature dated 09/19/2025, meeting disclosure formalities.

Negative

• Price ambiguity: The reported price is shown as $0 on the form with no explanation, leaving the economic terms unclear.
• No explanatory details: The filing provides no description of the reason or mechanism for the acquisition (e.g., gift, grant, exercise).

Insights

Financial Analyst

TL;DR: CEO purchased 10,000 shares, increasing beneficial ownership to 140,089 shares; transaction reported on Form 4.

The filing documents an insider acquisition by the CEO and director. The reported quantity and resulting ownership are clear and may be of interest to investors tracking insider activity. The form shows a price of $0 and transaction code "A," but the form does not explain the economic terms or reason for the $0 price, so no valuation inference can be made from this filing alone.

Corporate Governance Expert

TL;DR: Director/officer reported an acquisition that increases insider ownership; disclosure requirements were met with a signed Form 4.

The report lists Mark W. Harding as both an officer (CEO) and director and indicates timely filing and manual signature. The submission discloses the change in beneficial ownership precisely, fulfilling Section 16 reporting. The form contains no additional explanatory notes regarding the nature of the acquisition.

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

HARDING MARK W

(Last) (First) (Middle)

C/O PURE CYCLE CORPORATION

34501 E QUINCY AVE, BLDG 1 STE D

(Street)

WATKINS CO 80137

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
PURE CYCLE CORP [ PCYO ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	CHIEF EXECUTIVE OFFICER

3. Date of Earliest Transaction (Month/Day/Year)
09/17/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	09/17/2025		A		10,000	A	$0	140,089	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

	/s/ Mark W. Harding	09/19/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transaction did Mark W. Harding report for PCYO?

He reported acquiring 10,000 shares of Pure Cycle Corporation common stock on 09/17/2025.

How many PCYO shares does Mark W. Harding beneficially own after the transaction?

He beneficially owns 140,089 shares following the reported acquisition.

What price was reported for the PCYO transaction?

The Form 4 shows a reported price of $0; the filing does not explain the pricing.

What roles does the reporting person hold at Pure Cycle Corporation?

Mark W. Harding is listed as Chief Executive Officer and a Director of Pure Cycle Corporation.

When was the Form 4 signed?

The signature date on the Form 4 is 09/19/2025.