<SEC-DOCUMENT>0001398344-24-003176.txt : 20240214
<SEC-HEADER>0001398344-24-003176.hdr.sgml : 20240214
<ACCEPTANCE-DATETIME>20240214160812
ACCESSION NUMBER:		0001398344-24-003176
CONFORMED SUBMISSION TYPE:	SC 13G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240214
DATE AS OF CHANGE:		20240214

SUBJECT COMPANY:	

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

	FILING VALUES:
		FORM TYPE:		SC 13G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-36739
		FILM NUMBER:		24638003

	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

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MAGNOLIA CAPITAL FUND, LP
		CENTRAL INDEX KEY:			0001618333
		ORGANIZATION NAME:           	
		IRS NUMBER:				464969706
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13G

	BUSINESS ADDRESS:	
		STREET 1:		1601 DODGE STREET, SUITE 3300
		CITY:			OMAHA
		STATE:			NE
		ZIP:			68102
		BUSINESS PHONE:		402-509-8456

	MAIL ADDRESS:	
		STREET 1:		1601 DODGE STREET, SUITE 3300
		CITY:			OMAHA
		STATE:			NE
		ZIP:			68102
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13G
<SEQUENCE>1
<FILENAME>fp0087056-5_sc13g.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 11pt Times New Roman, Times, Serif">

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>_____________</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SCHEDULE 13G</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Rule 13d-102)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>TO RULE 13d-1(b), (c), AND (d) AND AMENDMENTS THERETO
FILED</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PURSUANT TO RULE 13d-2(b)</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(AMENDMENT NO. 0)*</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid">Pure Cycle Corporation</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Name of Issuer)</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid">Common Stock, 1/3
of $.01 par value</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Title of Class of Securities)</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid">746228303</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(CUSIP Number)</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid">December 31, 2023</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Date of Event Which Requires Filing of This Statement)</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27pt">[X]</TD><TD>Rule 13d-1(b)</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27pt; text-align: left">[&#8239;&#8239;]</TD><TD>Rule 13d-1(c)</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27pt; text-align: left">[&#8239;&#8239;]</TD><TD>Rule 13d-1(d)</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">____________________</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">*</TD><TD STYLE="text-align: justify">The remainder of this cover page shall be filled out for a reporting
person&rsquo;s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing
information which would alter the disclosures provided in a prior cover page.</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The information required in the
remainder of this cover page shall not be deemed to be &ldquo;filed&rdquo; for the purpose of Section 18 of the Securities Exchange Act
of 1934 or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however,
see the <I>Notes</I>).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; text-align: center; width: 34%; padding-left: 9pt; font-size: 11pt"><FONT STYLE="font-size: 11pt">CUSIP
NO.&#9;746228303</FONT></TD>
    <TD STYLE="width: 33%; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>13G</B></FONT></TD>
    <TD STYLE="border: Black 1pt solid; width: 33%; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt">Page 2 of 8 Pages</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-right: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-left: Black 1pt solid">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0.125in; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 11pt"><FONT STYLE="font-size: 11pt"><B>1</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">NAMES OF REPORTING PERSONS S.S. OR<BR>
    I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Magnolia Capital Fund, LP</P></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 11pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0.125in; border-bottom: Black 1pt solid; font-size: 11pt"><FONT STYLE="font-size: 11pt"><B>2</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">(a) [ ]</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">(b) [ ]</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0.125in; border-bottom: Black 1pt solid; font-size: 11pt"><FONT STYLE="font-size: 11pt"><B>3</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">SEC USE ONLY</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0.125in; border-bottom: Black 1pt solid; font-size: 11pt"><FONT STYLE="font-size: 11pt"><B>4</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">CITIZENSHIP OR PLACE OF ORGANIZATION</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Delaware</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" ROWSPAN="4" STYLE="border-bottom: Black 1pt solid">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NUMBER OF</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">SHARES</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">BENEFICIALLY</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">OWNED BY</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">EACH</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">REPORTING</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">PERSON WITH</P></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; font-size: 11pt"><FONT STYLE="font-size: 11pt"><B>5</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">SOLE VOTING POWER</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">1,819,399</P></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; font-size: 11pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt"><FONT STYLE="font-size: 11pt"><B>6</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">SHARED VOTING POWER</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">0</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt"><FONT STYLE="font-size: 11pt"><B>7</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">SOLE DISPOSITIVE POWER</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">1,819,399</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt"><FONT STYLE="font-size: 11pt"><B>8</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">SHARED DISPOSITIVE POWER</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">0</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0.125in; border-bottom: Black 1pt solid; font-size: 11pt"><FONT STYLE="font-size: 11pt"><B>9</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">1,819,399</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0.125in; border-bottom: Black 1pt solid; font-size: 11pt"><FONT STYLE="font-size: 11pt"><B>10</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 9 EXCLUDES CERTAIN SHARES</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">[ ]</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0.125in; border-bottom: Black 1pt solid; font-size: 11pt"><FONT STYLE="font-size: 11pt"><B>11</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">7.6%</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0.125in; border-bottom: Black 1pt solid; font-size: 11pt"><FONT STYLE="font-size: 11pt"><B>12</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">TYPE OF REPORTING PERSON</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">PN</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

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    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 9pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; border: Black 1pt solid; width: 34%; padding-left: 9pt; font-size: 11pt"><FONT STYLE="font-size: 11pt">CUSIP
NO.&#9;746228303</FONT></TD>
    <TD STYLE="width: 33%; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>13G</B></FONT></TD>
    <TD STYLE="border: Black 1pt solid; width: 33%; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt">Page 3 of 8 Pages</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-right: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-left: Black 1pt solid">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0.125in; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 11pt"><FONT STYLE="font-size: 11pt"><B>1</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">NAMES OF REPORTING PERSONS S.S. OR<BR>
    I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">The Magnolia Group, LLC</P></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 11pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0.125in; border-bottom: Black 1pt solid; font-size: 11pt"><FONT STYLE="font-size: 11pt"><B>2</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">(a) [ ]</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">(b) [ ]</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0.125in; border-bottom: Black 1pt solid; font-size: 11pt"><FONT STYLE="font-size: 11pt"><B>3</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">SEC USE ONLY</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0.125in; border-bottom: Black 1pt solid; font-size: 11pt"><FONT STYLE="font-size: 11pt"><B>4</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">CITIZENSHIP OR PLACE OF ORGANIZATION</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Nebraska</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" ROWSPAN="4" STYLE="border-bottom: Black 1pt solid">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NUMBER OF</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">SHARES</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">BENEFICIALLY</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">OWNED BY</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">EACH</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">REPORTING</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">PERSON WITH</P></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; font-size: 11pt"><FONT STYLE="font-size: 11pt"><B>5</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">SOLE VOTING POWER</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">1,819,399</P></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; font-size: 11pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt"><FONT STYLE="font-size: 11pt"><B>6</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">SHARED VOTING POWER</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">0</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt"><FONT STYLE="font-size: 11pt"><B>7</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">SOLE DISPOSITIVE POWER</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">1,819,399</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt"><FONT STYLE="font-size: 11pt"><B>8</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">SHARED DISPOSITIVE POWER</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">0</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0.125in; border-bottom: Black 1pt solid; font-size: 11pt"><FONT STYLE="font-size: 11pt"><B>9</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">1,819,399</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0.125in; border-bottom: Black 1pt solid; font-size: 11pt"><FONT STYLE="font-size: 11pt"><B>10</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 9 EXCLUDES CERTAIN SHARES</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">[ ]</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0.125in; border-bottom: Black 1pt solid; font-size: 11pt"><FONT STYLE="font-size: 11pt"><B>11</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">7.6%</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0.125in; border-bottom: Black 1pt solid; font-size: 11pt"><FONT STYLE="font-size: 11pt"><B>12</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">TYPE OF REPORTING PERSON</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">IA</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; text-align: center; width: 34%; padding-left: 9pt; font-size: 11pt"><FONT STYLE="font-size: 11pt">CUSIP
NO.&#9;746228303</FONT></TD>
    <TD STYLE="width: 33%; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>13G</B></FONT></TD>
    <TD STYLE="border: Black 1pt solid; width: 33%; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt">Page 4 of 8 Pages</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-right: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-left: Black 1pt solid">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0.125in; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 11pt"><FONT STYLE="font-size: 11pt"><B>1</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">NAMES OF REPORTING PERSONS S.S. OR<BR>
    I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Adam K. Peterson</P></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 11pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0.125in; border-bottom: Black 1pt solid; font-size: 11pt"><FONT STYLE="font-size: 11pt"><B>2</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">(a) [ ]</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">(b) [ ]</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0.125in; border-bottom: Black 1pt solid; font-size: 11pt"><FONT STYLE="font-size: 11pt"><B>3</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">SEC USE ONLY</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0.125in; border-bottom: Black 1pt solid; font-size: 11pt"><FONT STYLE="font-size: 11pt"><B>4</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">CITIZENSHIP OR PLACE OF ORGANIZATION</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">United States</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" ROWSPAN="4" STYLE="border-bottom: Black 1pt solid">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NUMBER OF</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">SHARES</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">BENEFICIALLY</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">OWNED BY</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">EACH</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">REPORTING</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">PERSON WITH</P></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; font-size: 11pt"><FONT STYLE="font-size: 11pt"><B>5</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">SOLE VOTING POWER</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">1,825,399</P></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; font-size: 11pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt"><FONT STYLE="font-size: 11pt"><B>6</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">SHARED VOTING POWER</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">0</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt"><FONT STYLE="font-size: 11pt"><B>7</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">SOLE DISPOSITIVE POWER</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">1,825,399</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt"><FONT STYLE="font-size: 11pt"><B>8</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">SHARED DISPOSITIVE POWER</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">0</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0.125in; border-bottom: Black 1pt solid; font-size: 11pt"><FONT STYLE="font-size: 11pt"><B>9</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">1,825,399</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0.125in; border-bottom: Black 1pt solid; font-size: 11pt"><FONT STYLE="font-size: 11pt"><B>10</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 9 EXCLUDES CERTAIN SHARES</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">[ ]</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0.125in; border-bottom: Black 1pt solid; font-size: 11pt"><FONT STYLE="font-size: 11pt"><B>11</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">7.6%</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0.125in; border-bottom: Black 1pt solid; font-size: 11pt"><FONT STYLE="font-size: 11pt"><B>12</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">TYPE OF REPORTING PERSON</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">IN</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; text-align: center; width: 32%; padding-left: 8.1pt; font-size: 11pt"><FONT STYLE="font-size: 11pt">CUSIP
NO.&#9;746228303</FONT></TD>
    <TD STYLE="width: 36%; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>13G</B></FONT></TD>
    <TD STYLE="border: Black 1pt solid; width: 32%; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt">Page 5 of 8 Pages</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.75in">Item 1.</TD><TD STYLE="width: 0.5in">(a)&#9;</TD>
                                                                <TD><B>Name of Issuer:</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.25in">Pure Cycle Corporation</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD><B>Address of Issuer&rsquo;s Principal Executive Offices:</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.25in">34501 E. Quincy Avenue</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.25in">Bldg. 65, Suite A</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.25in">Watkins, Colorado 80137</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in">Item 2.</TD><TD>(a)&#9;<B>Name of Person Filing:</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.25in; text-align: justify">This Schedule 13G is being filed by Magnolia
Capital Fund, LP (&ldquo;MCF&rdquo;), The Magnolia Group, LLC (&ldquo;TMG&rdquo;), a registered investment adviser, and Adam K. Peterson
(each a &ldquo;Reporting Person&rdquo; and, collectively, the &ldquo;Reporting Persons&rdquo;) with respect to shares of common stock,
1/3 of $.01 par value per share of the Issuer (the &ldquo;Common Stock&rdquo;) owned directly by MCF and Mr. Peterson.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.25in; text-align: justify">TMG is the general partner of MCF. Mr.
Peterson is the managing member of TMG. TMG and Mr. Peterson may each exercise voting and dispositive power over the Common Stock held
by MCF and, as a result, may be deemed to be indirect beneficial owners of shares of Common Stock held by MCF. TMG and Mr. Peterson disclaim
beneficial ownership of the Common Stock.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD><B>Address of Principal Business Office or, if None, Residence:</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.25in">1601 Dodge Street, Suite 3300</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.25in">Omaha, Nebraska</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD><B>Citizenship:</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.25in">MCF is a Delaware limited partnership. TMG is a Nebraska limited
liability company and registered investment adviser. Mr. Peterson is a U.S. citizen.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD><B>Title of Class of Securities:</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.25in">Common Stock, 1/3 of $.01 par value</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD><B>CUSIP Number:</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.25in">746228303</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Item 3.</TD><TD STYLE="text-align: justify"><B>If This Statement is Filed Pursuant to Rule 13d-1(b), or 13d-2(b) or (c), Check Whether the Person
Filing is a:</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 81pt"></TD><TD STYLE="width: 12pt">(a)</TD><TD STYLE="width: 15pt">[ ]&#9;</TD>
                                                            <TD>Broker or dealer registered under Section 15 of the Exchange Act.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 81pt"></TD><TD STYLE="width: 12pt">(b)</TD><TD STYLE="width: 15pt">[ ]&#9;</TD>
                                                            <TD>Bank as defined in Section 3(a)(6) of the Exchange Act.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 81pt"></TD><TD STYLE="width: 12pt">(c)</TD><TD STYLE="width: 15pt">[ ]</TD>
                                                            <TD>Insurance company as defined in Section 3(a)(19) of the Exchange Act.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 81pt"></TD><TD STYLE="width: 12pt">(d)</TD><TD STYLE="width: 15pt">[ ]&#9;</TD>
                                                            <TD>Investment company registered under Section 8 of the Investment Company Act.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 81pt"></TD><TD STYLE="width: 12pt">(e)</TD><TD STYLE="width: 15pt">[X]</TD>
                                                            <TD>An investment adviser in accordance with Rule 13d-1(b)(1)(ii)(E);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 81pt"></TD><TD STYLE="width: 12pt">(f)</TD><TD STYLE="width: 15pt">[ ]&#9;</TD>
                                                            <TD>An employee benefit plan or endowment fund in accordance with Rule 13d-1(b)(1)(ii)(F);</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; text-align: center; width: 32%; padding-left: 8.1pt; font-size: 11pt"><FONT STYLE="font-size: 11pt">CUSIP
NO.&#9;746228303</FONT></TD>
    <TD STYLE="width: 36%; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>13G</B></FONT></TD>
    <TD STYLE="border: Black 1pt solid; width: 32%; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt">Page 6 of 8 Pages</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 81pt"></TD><TD STYLE="width: 12pt">(g)</TD><TD STYLE="width: 15pt">[ ]&#9;</TD>
                                                            <TD>A parent holding company or control person in accordance with Rule 13d-1(b)(1)(ii)(G);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 81pt"></TD><TD STYLE="width: 12pt">(h)</TD><TD STYLE="width: 15pt">[ ]</TD>
                                                            <TD>A savings association as defined in Section 3(b) of the Federal Deposit Insurance Act;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 81pt"></TD><TD STYLE="width: 12pt">(i)</TD><TD STYLE="width: 15pt">[ ]</TD>
                                                            <TD>A church plan that is excluded from the definition of an investment company under Section 3(c)(14) of the Investment Company Act;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 81pt"></TD><TD STYLE="width: 12pt">(j)</TD><TD STYLE="width: 15pt">[ ]&#9;</TD>
                                                            <TD>Group, in accordance with Rule 13d-1(b)(1)(ii)(J).</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Item 4.</TD><TD><B>Ownership.</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.75in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">As of the filing date, the Reporting Persons beneficially owned:</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">Mr. Peterson may be deemed the beneficial owner of 1,819,399 shares of Common Stock held for the account of MCF. Mr. Peterson also is
the owner of 6,000 shares of Common Stock personally.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">TMG may be deemed the beneficial owner of
1,819,399 shares of Common Stock held for the account of MCF.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">MCF may be deemed the beneficial owner of
1,819,399 shares of Common Stock that it holds.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">Percent of class:</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">The information set forth in Rows 5 through
11 of the cover page for each Reporting Person is hereby incorporated into this Item 4(b) for each such Reporting Person. The percentages
reported herein have been determined by dividing the number of shares of Common Stock beneficially owned by each of the Reporting Persons
by 24,080,698 the number of shares of Common Stock outstanding as of January 5, 2024, as reported on the 10-K filed by the Issuer on
January 16, 2024, with the Securities and Exchange Commission.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify">Number of shares as to which the person has:</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">The information set forth in Rows 5 through 11
of the cover page for each Reporting Person is &#9;&#9;hereby incorporated by reference into this Item 4(c) for each such Reporting Person.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Item 5.</TD><TD><B>Ownership of Five Percent or Less of a Class.</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">If this statement is being filed to report
the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class
of securities, check the following. [ ]</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Item 6.</TD><TD><B>Ownership of More than Five Percent on Behalf of Another Person.</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: 0.25in">Not applicable.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Item 7.</TD><TD STYLE="text-align: justify"><B>Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by
the Parent Holding Company or Control Person.</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="text-indent: 0.25in; font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in">Not applicable</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.75in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; text-align: center; width: 32%; padding-left: 8.1pt; font-size: 11pt"><FONT STYLE="font-size: 11pt">CUSIP
NO.&#9;746228303</FONT></TD>
    <TD STYLE="width: 36%; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>13G</B></FONT></TD>
    <TD STYLE="border: Black 1pt solid; width: 32%; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt">Page 7 of 8 Pages</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.75in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Item 8.</TD><TD><B>Identification and Classification of Members of the Group.</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in">Not applicable</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Item 9.</TD><TD STYLE="text-align: justify"><B>Notice of Dissolution of Group.</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in">Not applicable</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; text-align: center; width: 32%; padding-left: 8.1pt; font-size: 11pt"><FONT STYLE="font-size: 11pt">CUSIP
NO.&#9;746228303</FONT></TD>
    <TD STYLE="width: 36%; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>13G</B></FONT></TD>
    <TD STYLE="border: Black 1pt solid; width: 32%; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt">Page 8 of 8 Pages</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.75in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Item 10.</TD><TD><B>Certification.</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.75in">By signing below I certify that,
to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with
the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection
with or as a participant in any transaction having that purpose or effect.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>Signature</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.75in">After reasonable inquiry and
to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 11pt"><B>Magnolia Capital Fund, LP</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 35%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">By:</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">By:</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">The Magnolia Group, LLC <BR>
General Partner</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><BR>
</P>/s/ <FONT STYLE="font-size: 11pt">Adam K. Peterson </FONT> </TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Name: </FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">Adam K. Peterson </FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">Manager</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Date: </FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">February 14, 2024</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>The Magnolia Group, LLC </B></P></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">By:</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">By:</P></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 11pt">The Magnolia Group, LLC</FONT></P>
                                                                    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>
                                                                    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 11pt">/s/ <FONT STYLE="font-size: 11pt">Adam K. Peterson </FONT></P></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 11pt">Name: </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 11pt">Adam K. Peterson </FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 11pt">Title:</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 11pt">Manager</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 11pt">Date: </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 11pt">February 14, 2024</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Adam K. Peterson </B></P></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">By:</P></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid">/s/ <FONT STYLE="font-size: 11pt">Adam K. Peterson </TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 11pt">Name: </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 11pt">Adam K. Peterson </FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 11pt">Date: </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 11pt">February 14, 2024</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 9pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; text-align: center; width: 32%; padding-left: 8.1pt; font-size: 11pt"><FONT STYLE="font-size: 11pt">CUSIP
NO.&#9;746228303</FONT></TD>
    <TD STYLE="width: 36%; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>13G</B></FONT></TD>
    <TD STYLE="width: 32%; font-size: 11pt; text-align: center"></TD></TR>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">EXHIBIT INDEX TO SCHEDULE 13G</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><U>EXHIBIT 1</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="margin: 0; font: 11pt Times New Roman, Times, Serif">Joint Filing Agreement, dated as of February 14, 2024, by and between Magnolia Capital Fund, LP, The Magnolia Group, LLC, and Adam K.
Peterson.</P>

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    <TD STYLE="border: Black 1pt solid; text-align: center; width: 32%; padding-left: 8.1pt; font-size: 11pt"><FONT STYLE="font-size: 11pt">CUSIP
NO.&#9;746228303</FONT></TD>
    <TD STYLE="width: 36%; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>13G</B></FONT></TD>
    <TD STYLE="width: 32%; font-size: 11pt; text-align: center"></TD></TR>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right">EXHIBIT 1</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">JOINT FILING AGREEMENT</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pursuant to Rule 13d-1(k)(1) under the Securities
Exchange Act of 1934, the undersigned agree, as of February 14, 2024, that only one statement containing the information required by Schedule
13G, and each amendment thereto, need be filed with respect to the ownership by each of the undersigned of shares of Common Stock of Pure
Cycle Corporation, and such statement to which this Joint Filing Agreement is attached as Exhibit 1 is filed on behalf of each of the
undersigned.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 10%">Dated:</TD>
  <TD STYLE="width: 35%">February 14, 2024</TD>
  <TD STYLE="width: 55%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD COLSPAN="2">Magnolia Capital Fund, LP</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>By:&#9;</TD>
  <TD>The Magnolia Group, LLC</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>General Partner</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>By:</TD>
  <TD STYLE="border-bottom: Black 1pt solid">/s/ <FONT STYLE="font-size: 11pt">Adam K. Peterson&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>Adam K. Peterson, Manager</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD COLSPAN="2">The Magnolia Group, LLC</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>By:</TD>

  <TD STYLE="border-bottom: Black 1pt solid">/s/ <FONT STYLE="font-size: 11pt">Adam K. Peterson</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>Adam K. Peterson, Manager </TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>By:</TD>
  <TD STYLE="border-bottom: Black 1pt solid">/s/ <FONT STYLE="font-size: 11pt">Adam K. Peterson</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>Adam K. Peterson</TD>
  <TD>&nbsp;</TD></TR>
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