<SEC-DOCUMENT>0001140361-20-001155.txt : 20200121
<SEC-HEADER>0001140361-20-001155.hdr.sgml : 20200121
<ACCEPTANCE-DATETIME>20200121160958
ACCESSION NUMBER:		0001140361-20-001155
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20200115
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Submission of Matters to a Vote of Security Holders
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20200121
DATE AS OF CHANGE:		20200121

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PURE CYCLE CORP
		CENTRAL INDEX KEY:			0000276720
		STANDARD INDUSTRIAL CLASSIFICATION:	WATER SUPPLY [4941]
		IRS NUMBER:				840705083
		STATE OF INCORPORATION:			CO
		FISCAL YEAR END:			0831

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-08814
		FILM NUMBER:		20536494

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>form8k.htm
<DESCRIPTION>8-K
<TEXT>
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      <div style="text-align: center; margin-right: 0.9pt; font-size: 12pt; font-weight: bold;">UNITED STATES</div>
      <div style="text-align: center; margin-right: 0.9pt; font-size: 12pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
      <div style="text-align: center; margin-right: 0.9pt; font-size: 14pt; font-weight: bold;">Washington, D.C. 20549</div>
      <div><br>
      </div>
      <div style="text-align: center; font-size: 18pt; font-weight: bold;">FORM 8-K</div>
      <div><br>
      </div>
      <div style="text-align: center; font-weight: bold;">CURRENT REPORT</div>
      <div><br>
      </div>
      <div style="text-align: center;">Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</div>
      <div><br>
      </div>
      <div style="text-align: center;">Date of Report (Date of earliest event reported):&#160; <font style="font-weight: bold;">January 15, 2020</font></div>
      <div><br>
      </div>
      <div style="border-bottom: 0.5pt solid black; font-size: 24pt;">
        <div style="text-align: center; margin-right: 0.9pt; font-weight: bold;">PURE CYCLE CORPORATION</div>
      </div>
      <div style="text-align: center;">(Exact name of registrant as specified in its charter)</div>
      <div><br>
      </div>
      <div style="border-bottom: 0.5pt solid black;">
        <div style="text-align: center; margin-right: 0.9pt; font-weight: bold;">Colorado</div>
      </div>
      <div style="text-align: center; margin-right: 0.9pt;">(State or other jurisdiction of incorporation)</div>
      <div><br>
      </div>
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            <td style="width: 48%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">0-8814</div>
            </td>
            <td style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 48.12%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">84-0705083</div>
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          </tr>
          <tr>
            <td style="width: 48%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;">(Commission File Number)</div>
            </td>
            <td style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 48.12%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;">(IRS Employer Identification No.)</div>
            </td>
          </tr>

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      <div><br>
      </div>
      <div style="border-bottom: 0.5pt solid black;">
        <div style="text-align: center; margin-right: 0.9pt; font-weight: bold;">34501 East Quincy Avenue, Building 34, Box 10, Watkins, CO 80137</div>
      </div>
      <div style="text-align: center; margin-right: 0.9pt;">(Address of principal executive offices)&#160; &#160; &#160; &#160; (Zip Code)</div>
      <div><br>
      </div>
      <div style="margin-right: 0.9pt;">Registrant&#8217;s telephone, including area code&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;"><u>(303) 292-3456</u></font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
      <div><br>
      </div>
      <div style="border-bottom: 0.5pt solid black;">
        <div style="text-align: center; margin-right: 0.9pt; font-weight: bold;">N/A</div>
      </div>
      <div style="text-align: center; margin-right: 0.9pt;">(Former name or former address, if changed since last report.)</div>
      <div><br>
      </div>
      <div style="text-align: center; color: rgb(0, 0, 0);">Securities registered pursuant to Section 12(b) of the Act:</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z17335894ce7544549da82e80e660e4f9" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36.67%; vertical-align: top;">
              <div style="border-bottom: 0.5pt solid black;">
                <div style="text-align: center; font-weight: bold;">Common Stock 1/3 of $.01 par value</div>
              </div>
            </td>
            <td style="width: 26.68%; vertical-align: top;">
              <div style="border-bottom: 0.5pt solid black;">
                <div style="text-align: center; font-weight: bold;">PCYO</div>
              </div>
            </td>
            <td style="width: 36.66%; vertical-align: top;">
              <div style="border-bottom: 0.5pt solid black;">
                <div style="text-align: center; font-weight: bold;">The NASDAQ Stock Market</div>
              </div>
            </td>
          </tr>
          <tr>
            <td style="width: 36.67%; vertical-align: top;">
              <div style="text-align: center;">(Title of each class)</div>
            </td>
            <td style="width: 26.68%; vertical-align: top;">
              <div style="text-align: center;">&#160;(Trading Symbol(s))</div>
            </td>
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              <div style="text-align: center;">(Name of each exchange on which registered)</div>
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      <div><br>
      </div>
      <div>Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions <font style="font-style: italic;">(see </font>General Instruction A.2.
        below):</div>
      <div> <br>
      </div>
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        <div>
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                  <div>&#9744;</div>
                </td>
                <td style="align: left; vertical-align: top; width: auto;">
                  <div>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</div>
                </td>
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                <div style="text-align: left;">&#9744;</div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div style="text-align: left;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</div>
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                <div style="text-align: left;">&#9744;</div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div style="text-align: left;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</div>
              </td>
            </tr>

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      <div>
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                <div style="text-align: left;">&#9744;</div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div style="text-align: left;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</div>
              </td>
            </tr>

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      <div><br>
      </div>
      <div>Indicate by check mark whether the registrant is an emerging growth company as defined in Rule&#160;405 of the Securities Act of 1933 (&#167;&#160;230.405 of this chapter) or Rule&#160;12b-2 of the Securities Exchange Act of 1934 (&#167;&#160;240.12b-2 of this chapter).</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">Emerging growth company &#9744;</div>
      <div><br>
      </div>
      <div>If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section&#160;13(a) of the Exchange
        Act. &#9744;</div>
      <div><br>
      </div>
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      <div style="text-align: justify; text-indent: 36pt;">This current report on Form 8-K is filed by Pure Cycle Corporation (the &#8220;Registrant&#8221;), a Colorado corporation, in connection with the matters described herein.</div>
      <div>&#160;</div>
      <div style="text-align: justify;">
        <div>
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                <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">Item 5.02</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-weight: bold;">Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</div>
                </td>
              </tr>

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        </div>
      </div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">On January&#160;15, 2020, the board of directors (the &#8220;Board&#8221;) of the Registrant increased the size of the Board from six to seven members and appointed Jeffrey Sheets to fill the vacancy created by
        such increase.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">The Board has determined that Mr.&#160;Sheets is independent under the rules of The NASDAQ Stock Market.&#160; There is no arrangement or understanding between Mr.&#160;Sheets and any other person pursuant to
        which he was selected to serve as a director.&#160; Additionally, there are no related party transactions involving the Registrant and Mr.&#160;Sheets that the Registrant would be required to report pursuant to Item&#160;404(a) of Regulation S-K.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">Mr.&#160;Sheets has been appointed to serve on the Compensation Committee and the Nominating and Corporate Governance Committee of the Board.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">Mr.&#160;Sheets will receive compensation for his service as a non-employee director pursuant to the Registrant&#8217;s non-employee director compensation policy, as amended.&#160; In accordance with this policy,
        on January&#160;15, 2020, Mr.&#160;Sheets was issued 2,000 unrestricted shares of the Registrant&#8217;s common stock.&#160; In addition, he will be paid $12,000 per year, $1,000 for each committee on which he serves as a member, $1,000 for attendance at each Board
        meeting, and $1,000 for attendance at each committee meeting held separately from the Board meetings.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">A copy of the news release announcing the Board appointment is attached hereto as Exhibit&#160;99.1.</div>
      <div>&#160;</div>
      <div>
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              <td style="vertical-align: top; width: 72pt;">
                <div style="text-align: left;"><font style="font-weight: bold;">Item 5.07</font></div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div style="text-align: left;"><font style="font-weight: bold;">Submission of Matters to a Vote of Security Holders.</font></div>
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      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 27pt; margin-right: 0.9pt;">The Registrant held its annual meeting of shareholders on January&#160;15, 2020.&#160; Holders of 23,826,598 shares of common stock outstanding on November 18, 2019, were entitled to
        vote at the meeting, of which 20,898,160 shares, or approximately 87.70% of those entitled to vote, were present in person or by proxy at the meeting.&#160; The results of the matters voted upon and approved at the meeting are as follows:</div>
      <div>&#160;</div>
      <div style="text-align: justify;">
        <div>
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                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">1.</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>Election of directors.</div>
                </td>
              </tr>

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        </div>
      </div>
      <div>&#160;</div>
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            <td valign="bottom" style="vertical-align: top; padding-bottom: 2px; width: 44%;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: center; font-family: &#38;quot; font-weight: bold;"> For</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: center; font-family: &#38;quot; font-weight: bold;">Withheld</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: center; font-weight: bold;">Broker</div>
              <div style="text-align: center; font-weight: bold;">Non-Votes</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 44%; background-color: rgb(204, 238, 255);">
              <div style="text-align: justify; margin-right: 0.9pt; font-family: &#38;quot;">Mark W. Harding</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: &#38;quot;">12,107,569</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: &#38;quot;">1,293,613</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: &#38;quot;">7,496,978</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 44%; background-color: rgb(255, 255, 255);">
              <div style="text-align: justify; margin-right: 0.9pt; font-family: &#38;quot;">Harrison H. Augur</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: &#38;quot;">11,746,990</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: &#38;quot;">1,654,192</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: &#38;quot;">7,496,978</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 44%; background-color: rgb(204, 238, 255);">
              <div style="text-align: justify; margin-right: 0.9pt; font-family: &#38;quot;">Patrick J. Beirne</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: &#38;quot;">13,328,874</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: &#38;quot;">72,308</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: &#38;quot;">7,496,978</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 44%; background-color: rgb(255, 255, 255);">
              <div style="text-align: justify; margin-right: 0.9pt; font-family: &#38;quot;">Arthur G. Epker III</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: &#38;quot;">11,966,211</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: &#38;quot;">1,434,971</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: &#38;quot;">7,496,978</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 44%; background-color: rgb(204, 238, 255);">
              <div style="text-align: justify; margin-right: 0.9pt; font-family: &#38;quot;">Richard L. Guido</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: &#38;quot;">10,229,164</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: &#38;quot;">3,172,018</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: &#38;quot;">7,496,978</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 44%; background-color: rgb(255, 255, 255);">
              <div style="text-align: justify; margin-right: 0.9pt; font-family: &#38;quot;">Peter C. Howell</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: &#38;quot;">13,325,167</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: &#38;quot;">76,015</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: &#38;quot;">7,496,978</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z5c23886bf9454ed884e50de1cfbb5c12" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">2.</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>For the ratification of the appointment of Plante &amp; Moran PLLC as the Registrant&#8217;s independent registered public accounting firm for the 2020 fiscal year.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" border="0" align="center" style="width: 60%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;" id="za8387c7326b543f99c035c64be6cb598">

          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: center; font-family: &#38;quot; font-weight: bold;">For</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: center; font-family: &#38;quot; font-weight: bold;">Against</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: center; font-family: &#38;quot; font-weight: bold;">Abstain</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: center; font-weight: bold;">Broker</div>
              <div style="text-align: center; font-weight: bold;">Non-Votes</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: &#38;quot;">20,871,838</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: &#38;quot;">10,729</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: &#38;quot;">15,593</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: &#38;quot;">0</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zd01bedd051fb4c29bae66203b5988b08" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">3.</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>For the approval, on an advisory basis, of executive compensation.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" align="center" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 60%;" id="z2388380e0e62457eba7c4f998070e07c">

          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: center; font-family: &#38;quot; font-weight: bold;">For</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: center; font-family: &#38;quot; font-weight: bold;">Against</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: center; font-family: &#38;quot; font-weight: bold;">Abstain</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: center; font-weight: bold;">Broker</div>
              <div style="text-align: center; font-weight: bold;">Non-Votes</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: &#38;quot;">13,054,755</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: &#38;quot;">125,436</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: &#38;quot;">220,991</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: &#38;quot;">7,496,978</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>

      </table>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">4.&#160;&#160;&#160;&#160; For the frequency of voting on executive compensation:</div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" align="center" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 60%;" id="zf49de56134be4032bf967dbf2e5c31f6">

          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: center; font-family: &#38;quot; font-weight: bold;">1 year</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: center; font-family: &#38;quot; font-weight: bold;">2 years</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: center; font-family: &#38;quot; font-weight: bold;">3 years</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: center; font-family: &#38;quot; font-weight: bold;">Abstain</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: &#38;quot;">7,690,702</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: &#38;quot;">167,827</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: &#38;quot;">5,159,158</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: &#38;quot;">383,495</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>

      </table>
      <div>&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="page-break-after: always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify;">
        <div style="text-indent: 36pt;">Based on the selected preference of the shareholders of one year for the frequency of the shareholder advisory vote on executive compensation, the
          Board has determined that the Registrant will continue to hold the shareholder advisory vote on executive compensation on an annual basis until the next required vote on the frequency of the shareholder advisory vote on say on pay or until such
          time as it may otherwise determine that circumstances warrant a different frequency.</div>
        <div>&#160;</div>
        <div>
          <div>
            <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" id="zdff601339bc542cb848f6a41e8822f33" class="DSPFListTable">

                <tr style="vertical-align: top;">
                  <td style="vertical-align: top; width: 72pt;">
                    <div style="text-align: justify;"><font style="font-weight: bold;">Item 8.01</font></div>
                  </td>
                  <td style="align: left; vertical-align: top; width: auto;">
                    <div style="text-align: justify;"><font style="font-weight: bold;">Other Events</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div>&#160;</div>
          <div style="text-indent: 36pt;">During the January open trading window for the Registrant, Mr. Mark Harding, President, Chief Executive Officer, Chief Financial Officer, and
            director of the Registrant, adopted a stock trading plan (the &#8220;10b5-1 Plan&#8221;) in order to diversify his investment portfolio. The 10b5-1 Plan was adopted in accordance with the guidelines specified in Rule 10b5-1 under the Securities Exchange
            Act of 1934, as amended, and the Registrant&#8217;s insider trading policies.</div>
          <div>&#160;</div>
          <div style="text-indent: 36pt; color: #000000;">Rule 10b5-1 permits corporate officers, directors and others to adopt written, pre-arranged stock trading plans when they are
            not in possession of material, non-public information. Using these plans, insiders may gradually diversify their investment portfolios and spread stock trades over a period of time regardless of any material, non-public information they may
            receive after adopting their plans.</div>
          <div style="color: #000000;">&#160;</div>
          <div style="text-indent: 36pt; color: #000000;">Any transactions under the&#160;10b5-1 Plan&#160;will be disclosed publicly through Form 4 filings with the Securities and Exchange
            Commission when due. The Registrant does not undertake to report 10b5-1 trading plans by other officers or directors of the Registrant in the future, or to report modifications or terminations of any such plans, whether or not the plan was
            publicly announced, except as may be required by law.</div>
        </div>
      </div>
      <div>&#160;</div>
      <div style="text-align: justify;">
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                <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">Item 9.01</td>
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                  <div style="font-weight: bold;">Financial Statements and Exhibits.</div>
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      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Exhibits</u>.</div>
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              <div style="text-align: justify; font-weight: bold;">Exhibit&#160;No.</div>
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              <div style="text-align: justify; font-weight: bold;">&#160;</div>
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            <td style="width: 86.18%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: justify; font-weight: bold;">Description</div>
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              <div style="text-align: center;"><a href="ex99_1.htm">99.1</a></div>
            </td>
            <td style="width: 1.02%; vertical-align: bottom;">&#160;</td>
            <td style="width: 86.18%; vertical-align: top;">
              <div style="text-align: justify;">Press Release dated January 21, 2020 announcing the appointment of Jeffrey Sheets to the Board of Directors</div>
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        <div style="text-align: center; font-weight: bold;">SIGNATURE</div>
        <div>&#160;</div>
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      <div>
        <div style="text-align: justify; text-indent: 36pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</div>
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        <div style="text-align: justify; text-indent: 36pt;">Date: January 21, 2020</div>
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            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="vertical-align: top;" colspan="2">
              <div style="font-weight: bold;">PURE CYCLE CORPORATION</div>
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            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 3%; vertical-align: top;">&#160;</td>
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            <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
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              <div>By:</div>
            </td>
            <td style="width: 47%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">/s/ Mark W. Harding<br>
            </td>
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            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 3%; vertical-align: top;">&#160;</td>
            <td style="width: 47%; vertical-align: top;">
              <div>Mark W. Harding</div>
            </td>
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            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 3%; vertical-align: top;">&#160;</td>
            <td style="width: 47%; vertical-align: top;">
              <div>President and Chief Financial Officer</div>
            </td>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
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<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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      <div style="font-weight: bold; text-align: right;"> Exhibit 99.1<br>
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      <div style="text-align: center; margin-right: 18pt; margin-left: 18pt; font-weight: bold;"> <br>
      </div>
      <div style="font-weight: bold; text-align: center;">Pure Cycle Corporation Announces</div>
      <div style="font-weight: bold; text-align: center;">Appointment of Jeffery Sheets to</div>
      <div style="font-weight: bold; text-align: center;">Its Board of Directors</div>
      <div><br>
      </div>
      <div style="text-align: justify;">Denver, Colorado &#8211; January 21, 2020 &#8211; Pure Cycle Corporation (NASDAQ Capital Market: PCYO) (&#8220;Pure Cycle&#8221; or the &#8220;Company&#8221;) announces today that it has appointed Jeffery Sheets to its Board of Directors effective
        January 15, 2020. Mr. Sheets will serve until the next Annual Stockholders Meeting.</div>
      <div><br>
      </div>
      <div style="color: #000000; text-align: justify;">&#8220;We are very pleased to have Jeff join our talented board of directors. Jeff brings extensive business knowledge of infrastructure and commercial real estate development that will greatly benefit all
        of the shareholders and the Company,&#8221; commented Mark Harding, President of Pure Cycle.</div>
      <div>&#160;</div>
      <div style="text-align: justify; margin-right: 18pt; color: rgb(0, 0, 0); font-weight: bold;"><u>About Jeff Sheets</u></div>
      <div>&#160;</div>
      <div style="text-align: justify; color: #000000;">Jeff has been a real estate development executive for over 35 years specializing in commercial real estate.&#160; With extensive knowledge in office, retail, industrial flex development, land development,
        master planning and entitlements for both residential and commercial projects, land acquisitions and property assessment, Jeff will add core local real estate experience to our Company.&#160; For the past 29 years Jeff has been a Vice President at
        Koelbel and Company, a private Colorado commercial and residential development company and has been involved in projects throughout the front range of Colorado.&#160; Jeff earned an undergraduate degree from Westmont College in Santa Barbara and a
        master&#8217;s degree from the University of Denver.</div>
      <div>&#160;</div>
      <div style="margin-right: 18pt; color: rgb(0, 0, 0); font-weight: bold;"><u>Company Information</u></div>
      <div>&#160;</div>
      <div style="text-align: justify;">Pure Cycle owns land and water assets in the Denver, Colorado metropolitan area.&#160; Pure Cycle provides water and wastewater services to customers located in the Denver metropolitan area, including the design,
        construction, operation and maintenance of water and wastewater systems, and operates a land development segment that is developing a master planned mixed-use community. </div>
      <div>&#160;</div>
      <div style="background-color: #FFFFFF; color: #000000; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-transform: none;">Additional information including our recent press releases and Annual Reports are
        available at <u>www.purecyclewater.com</u>, or you may contact our President, Mark W. Harding, at 303-292-3456 or at <u>info@purecyclewater.com</u>.</div>
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