# EDGAR Filing Document

**Accession Number:** 0001791049
**File Stem:** 0000919574-25-007114
**Filing Date:** 2025-11
**Character Count:** 10098
**Document Hash:** 85236169efd93d3167023256d1bcebc3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000919574-25-007114.hdr.sgml**: 20251119

**ACCESSION NUMBER**: 0000919574-25-007114

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251117

**FILED AS OF DATE**: 20251119

**DATE AS OF CHANGE**: 20251119

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Plaisance Capital LLC
- **CENTRAL INDEX KEY:** 0001761269

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-08814
- **FILM NUMBER:** 251500720

**BUSINESS ADDRESS:**
- **STREET 1:** 250 FILLMORE, SUITE 525
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80206
- **BUSINESS PHONE:** 720-774-6201

**MAIL ADDRESS:**
- **STREET 1:** 250 FILLMORE, SUITE 525
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80206
**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Kozlowski Daniel R
- **CENTRAL INDEX KEY:** 0001791057

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-08814
- **FILM NUMBER:** 251500721

**MAIL ADDRESS:**
- **STREET 1:** 250 FILLMORE, SUITE 525
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80206
**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Plaisance SPV I, LLC
- **CENTRAL INDEX KEY:** 0001791049

**ORGANIZATION NAME:**
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-08814
- **FILM NUMBER:** 251500719

**BUSINESS ADDRESS:**
- **STREET 1:** 250 FILLMORE, SUITE 525
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80206
- **BUSINESS PHONE:** 720-774-6201

**MAIL ADDRESS:**
- **STREET 1:** 250 FILLMORE, SUITE 525
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80206
**ISSUER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PURE CYCLE CORP
- **CENTRAL INDEX KEY:** 0000276720
- **STANDARD INDUSTRIAL CLASSIFICATION:** WATER SUPPLY [4941]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 840705083
- **STATE OF INCORPORATION:** CO
- **FISCAL YEAR END:** 0831

**BUSINESS ADDRESS:**
- **STREET 1:** 34501 E. QUINCY AVE
- **STREET 2:** BLDG. 34
- **CITY:** WATKINS
- **STATE:** CO
- **ZIP:** 80137
- **BUSINESS PHONE:** 3032923456

**MAIL ADDRESS:**
- **STREET 1:** 34501 E. QUINCY AVE
- **STREET 2:** BLDG. 34
- **CITY:** WATKINS
- **STATE:** CO
- **ZIP:** 80137

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

## FORM 4

### STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

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

[ ] Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>Kozlowski Daniel R<br><sub>(Last) (First) (Middle)</sub><br>C/O PLAISANCE CAPITAL, LLC<br>4790 S. LAFAYETTE STREET<br><sub>(Street)</sub><br>ENGLEWOOD, CO 80113<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2025-11-17 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[X] Director [X] 10% Owner<br>[ ] Officer (give title below) [ ] Other (specify below)<br>_ _ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>PURE CYCLE CORP [ PCYO ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[ ] Form filed by One Reporting Person<br>[X] Form filed by More than One Reporting Person |

---

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>Plaisance Capital LLC<br><sub>(Last) (First) (Middle)</sub><br>4790 S. LAFAYETTE STREET<br><sub>(Street)</sub><br>ENGLEWOOD, CO 80113<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2025-11-17 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [X] 10% Owner<br>[ ] Officer (give title below) [ ] Other (specify below)<br>_ _ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>PURE CYCLE CORP [ PCYO ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[ ] Form filed by One Reporting Person<br>[X] Form filed by More than One Reporting Person |

---

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>Plaisance SPV I, LLC<br><sub>(Last) (First) (Middle)</sub><br>C/O PLAISANCE CAPITAL, LLC<br>4790 S. LAFAYETTE STREET<br><sub>(Street)</sub><br>ENGLEWOOD, CO 80113<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2025-11-17 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [X] 10% Owner<br>[ ] Officer (give title below) [ ] Other (specify below)<br>_ _ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>PURE CYCLE CORP [ PCYO ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[ ] Form filed by One Reporting Person<br>[X] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | 3. Transaction Code (V) | 3. Transaction Code (V) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | Code | V | Amount | (A) or (D) | Price | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| Common Stock 1/3 of $.01 par value | 2025-11-17 |  | S |  | 68778 | D | 11.008<sup>(1)</sup> | 2600000 | I | See Footnote<sup>(2)</sup> |
| Common Stock 1/3 of $.01 par value | 2025-11-17 |  | J |  | 2600000 | D | $0 | 0 | I | See Footnote<sup>(2)</sup> |
| Common Stock 1/3 of $.01 par value |  |  |  |  |  |  |  | 348557 | D<sup>(3)</sup> |  |

---

## Table II - Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | 4. Transaction Code (V) | 4. Transaction Code (V) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 6. Date Exercisable and Expiration Date | 6. Date Exercisable and Expiration Date | 7. Title and Amount of Underlying Securities | 7. Title and Amount of Underlying Securities | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

---

### Footnotes:

(1) The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions within the range of $11.00 to $11.0518. The Reporting Person undertakes 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 sold at each separate price within the range set forth in this footnote.

(2) The reported securities are directly owned by Plaisance SPV I, LLC ("Plaisance SPV"). On November 17, 2025, after the transaction reported in row 1, Plaisance Capital, LLC ("Plaisance") entered into an agreement (the "Agreement") with Maran Capital Management, LLC ("Maran") whereby Plaisance withdrew as managing member of Plaisance SPV and Maran was admitted as the managing member of Plaisance SPV. Due to the Agreement, as of November 17, 2025, the reported securities are no longer deemed to be indirectly beneficially owned by either Plaisance or Daniel Kozlowski.

(3) The reported securities are directly owned by Daniel Kozlowski in his personal capacity.

**Signature:** DANIEL KOZLOWSKI, By: /s/ Daniel Kozlowski  
**Date:** 2025-11-19

**Signature:** PLAISANCE CAPITAL, LLC, By: /s/ Daniel Kozlowski, Daniel Kozlowski, Managing Member  
**Date:** 2025-11-19

**Signature:** PLAISANCE SPV I, LLC, By: Maran Capital Management, LLC, its managing member, By: Daniel J. Roller, managing member of Maran Capital Management, LLC, By: /s/ Daniel J. Roller, Daniel J. Roller, Managing Member  
**Date:** 2025-11-19

### Remarks:

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.**