Form 4: Pure Cycle Director Sells Shares, Ownership Shifts
Insider Transaction Report
Pure Cycle director sells shares; 10% owner's indirect control shifts.
Summary
- Daniel R. Kozlowski, a Director and 10% Owner of Pure Cycle Corp, along with Plaisance Capital LLC and Plaisance SPV I, LLC, filed a Form 4.
- On November 17, 2025, Plaisance SPV I, LLC sold 68,778 shares of Pure Cycle Corp common stock at a weighted average price of $11.008 per share.
- The sale price for these shares ranged from $11.00 to $11.0518 per share.
- Following this transaction, Plaisance Capital, LLC withdrew as managing member of Plaisance SPV I, LLC, and Maran Capital Management, LLC was admitted as the new managing member.
- As a result of this agreement, the 2,600,000 shares directly owned by Plaisance SPV I, LLC are no longer deemed indirectly beneficially owned by Plaisance Capital or Daniel Kozlowski as of November 17, 2025.
- Daniel Kozlowski continues to directly own 348,557 shares of Pure Cycle Corp common stock in his personal capacity.
Sentiment
Score: 5
Explanation: Neutral, as it reports a factual insider transaction and a change in indirect beneficial ownership without explicit positive or negative implications for the company's operations or financial health.
Future Outlook
No forward-looking statements or guidance are provided in this Form 4 filing.
Industry Context
This Form 4 filing reports an insider transaction and a change in beneficial ownership structure, which is specific to the reporting persons and the issuer, and does not provide broader industry context.
Corporate Governance
| Change Type | Description | Effective Date | Impact Assessment |
|---|---|---|---|
| Change in indirect beneficial ownership structure | Plaisance Capital, LLC withdrew as managing member of Plaisance SPV I, LLC, and Maran Capital Management, LLC was admitted as the new managing member. This change means Daniel Kozlowski and Plaisance Capital no longer indirectly beneficially own the 2,600,000 shares held by Plaisance SPV I, LLC. | 11/17/2025 | This alters the control structure of a significant block of shares (2,600,000 shares) in Pure Cycle Corp, reducing the indirect influence of Daniel Kozlowski and Plaisance Capital over these shares. |
Stakeholder Impact
- Shareholders: The sale of shares by a 10% owner and director, coupled with a significant shift in indirect beneficial ownership of a large block of shares, could influence market perception and investor sentiment regarding the company's ownership stability and future direction.
Key Dates
| Date | Description |
|---|---|
| 11/17/2025 | Transaction date for the sale of 68,778 shares and the effective date of the agreement between Plaisance Capital, LLC and Maran Capital Management, LLC regarding Plaisance SPV I, LLC. |
| 11/19/2025 | Signature date for the Form 4 filing. |
Keywords
Pure Cycle Corp, PCYO, Insider Trading, Form 4, Beneficial Ownership, Stock Sale, Director, 10% Owner, Plaisance Capital, Maran Capital Management
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