PURE CYCLE CORP 10-K

Item 5 – Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Market Information Our common stock is traded on The NASDAQ Stock Market under the symbol “PCYO.” 38 Table of Contents Holders On November 10, 2025, there were 840 holders of record of our common stock. Dividends We have never paid any dividends on our common stock and expect for the foreseeable future to retain all of our capital and earnings from operations, if any, for use in expanding and developing our water and land development businesses. Any future decision as to the payment of dividends will be at the discretion of our board of directors and will depend upon our earnings, financial position, capital requirements, plans for expansion and such other factors as our board of directors deems relevant. The terms of our Series B Preferred Stock prohibit payment of dividends on common stock unless all dividends accrued on the Series B Preferred Stock have been paid and require dividends to be paid on the Series B Preferred Stock if proceeds from the sale of Export Water exceed $36,026,232. No dividends have been accrued to date as this threshold has not been met. For further discussion, see Note 8 to the accompanying consolidated financial statements. Issuer Purchases of Equity Securities On November 2, 2022, our Board of Directors approved a stock repurchase program. The program is open-ended and authorizes repurchases of up to an aggregate of 200,000 shares of common stock in the open market. As of August 31, 2025, 95,426 shares had been repurchased under the repurchase program. The following table presents the number and average price of shares purchased in each month of fiscal 2025: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Period Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchase as Part of Publicly Announced Plans or Programs Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs October 2024 ​ ​ 10,000 ​ ​ 10.73 ​ ​ 10,000 ​ ​ 130,074 December 2024 ​ ​ 6,000 ​ ​ 12.62 ​ ​ 6,000 ​ ​ 124,074 January 2025 ​ ​ 10,000 ​ ​ 11.99 ​ ​ 10,000 ​ ​ 114,074 April 2025 ​ ​ 2,000 ​ ​ 10.19 ​ ​ 2,000 ​ ​ 112,074 July 2025 ​ ​ 6,437 ​ ​ 9.93 ​ ​ 6,437 ​ ​ 105,637 August 2025 ​ ​ 1,063 ​ ​ 9.77 ​ ​ 1,063 ​ ​ 104,574 Total ​ ​ 35,500 ​ $ 10.87 ​ ​ 35,500 ​ ​ 104,574 ​ ​ Item 6 – Selected Financial Data Not Applicable ​ 39 Table of Contents ​