Plaisance SPV I, LLC - Nov 29, 2022 Form 4 Insider Report for PURE CYCLE CORP (PCYO)

Role: 10%+ Owner
Signature: Plaisance SPV I, LLC By: Plaisance Capital, LLC, its managing member By: Daniel Kozlowski, managing member of Plaisance Capital, LLC /s/ Daniel Kozlowski
Stock symbol: PCYO
Transactions as of: Nov 29, 2022
Transactions value $: -$511,652
Form type: 4
Date filed: 12/1/2022, 05:43 PM

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	PCYO	Common Stock, par value 1/3 of $0.01 per share	Other		-345K	-8.74%		3.6M	Nov 29, 2022	See Footnote	F1, F2
transaction	PCYO	Common Stock, par value 1/3 of $0.01 per share	Sale	-$168K	-16.5K	-0.6%	$10.21	2.72M	Nov 29, 2022	Direct	F3, F4
transaction	PCYO	Common Stock, par value 1/3 of $0.01 per share	Other		-865K	-24.11%		2.72M	Nov 30, 2022	See Footnote	F1, F2
transaction	PCYO	Common Stock, par value 1/3 of $0.01 per share	Sale	-$343K	-33.5K	-1.23%	$10.24	2.69M	Nov 30, 2022	Direct	F3, F5
holding	PCYO	Common Stock, par value 1/3 of $0.01 per share						2.69M	Nov 29, 2022	See Footnote	F6

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
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.