<SEC-DOCUMENT>0001415889-23-011903.txt : 20230807
<SEC-HEADER>0001415889-23-011903.hdr.sgml : 20230807
<ACCEPTANCE-DATETIME>20230807170355
ACCESSION NUMBER:		0001415889-23-011903
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20230803
FILED AS OF DATE:		20230807
DATE AS OF CHANGE:		20230807

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			HARDING MARK W
		CENTRAL INDEX KEY:			0000940763

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-08814
		FILM NUMBER:		231148380

	MAIL ADDRESS:	
		STREET 1:		8451 DELAWARE STREET
		CITY:			THORNTON
		STATE:			CO
		ZIP:			80260

ISSUER:		

	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

	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>4
<SEQUENCE>1
<FILENAME>form4-08072023_090846.xml
<TEXT>
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<ownershipDocument>

    <schemaVersion>X0508</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2023-08-03</periodOfReport>

    <issuer>
        <issuerCik>0000276720</issuerCik>
        <issuerName>PURE CYCLE CORP</issuerName>
        <issuerTradingSymbol>PCYO</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0000940763</rptOwnerCik>
            <rptOwnerName>HARDING MARK W</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O PURE CYCLE CORPORATION</rptOwnerStreet1>
            <rptOwnerStreet2>34501 E QUINCY AVE, BLDG 65 STE A</rptOwnerStreet2>
            <rptOwnerCity>WATKINS</rptOwnerCity>
            <rptOwnerState>CO</rptOwnerState>
            <rptOwnerZipCode>80137</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>true</isDirector>
            <isOfficer>true</isOfficer>
            <isTenPercentOwner>false</isTenPercentOwner>
            <isOther>false</isOther>
            <officerTitle>CHIEF EXECUTIVE OFFICER</officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <aff10b5One>0</aff10b5One>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2023-08-03</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>M</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>100000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>5.88</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>587243</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
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                <natureOfOwnership>
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        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
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            <transactionDate>
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                <equitySwapInvolved>0</equitySwapInvolved>
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            <transactionAmounts>
                <transactionShares>
                    <value>47154</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>12.47</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
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                <sharesOwnedFollowingTransaction>
                    <value>540089</value>
                </sharesOwnedFollowingTransaction>
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                <directOrIndirectOwnership>
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        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
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            <transactionDate>
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            </transactionDate>
            <transactionCoding>
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                <transactionAcquiredDisposedCode>
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                </transactionAcquiredDisposedCode>
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                <sharesOwnedFollowingTransaction>
                    <value>533644</value>
                </sharesOwnedFollowingTransaction>
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            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
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                <natureOfOwnership>
                    <value></value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2023-08-04</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F2"/>
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            <transactionAmounts>
                <transactionShares>
                    <value>4688</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>12.4195</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>528956</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
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                <natureOfOwnership>
                    <value></value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2023-08-07</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F2"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>8867</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>12.2340</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>520089</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value></value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Option (Right to Buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>5.88</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2023-08-03</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>M</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>100000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2017-08-14</value>
            </exerciseDate>
            <expirationDate>
                <value>2023-08-14</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>100000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value></value>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Represents a &quot;net exercise&quot; of outstanding stock options. These shares were withheld by Pure Cycle Corporation for payment of the exercise price, based on the market price of Pure Cycle Corporation's common stock at the time of the option exercise on August 3, 2023.</footnote>
        <footnote id="F2">Represents the average sales price of common stock to cover filer's tax and cost implications of the exercise of Options that would expire on 8/14/2023.  Details on each individual sale can be provided to the Commission upon request.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Mark W. Harding</signatureName>
        <signatureDate>2023-08-07</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
