Pure Cycle Corp. Appoints New CEO, Elects Directors

Ticker: PCYO · Form: 8-K · Filed: 2024-05-28T00:00:00.000Z

Sentiment: neutral

Topics: leadership-change, board-election, management-transition

TL;DR

Pure Cycle Corp. has a new CEO, Mark D. Smith, and two new board members.

AI Summary

Pure Cycle Corp. announced on May 22, 2024, the appointment of Mark D. Smith as its new Chief Executive Officer and President. Smith, who previously served as the company's Chief Operating Officer, succeeds John D. Lipsey. The company also announced the election of two new directors, Mark D. Smith and David L. K. Johnson, to its Board of Directors.

Why It Matters

This leadership change could signal a new strategic direction for Pure Cycle Corp. as it navigates its operations in the water supply sector.

Risk Assessment

Risk Level: medium — Leadership changes can introduce uncertainty regarding future strategy and operational execution.

Key Numbers

Key Players & Entities

FAQ

Who has been appointed as the new CEO and President of Pure Cycle Corp.?

Mark D. Smith has been appointed as the new Chief Executive Officer and President of Pure Cycle Corp.

Who did Mark D. Smith succeed as CEO?

Mark D. Smith succeeded John D. Lipsey as CEO.

When was the earliest event reported in this 8-K filing?

The earliest event reported in this 8-K filing was on May 22, 2024.

How many new directors were elected to the Board of Directors?

Two new directors, Mark D. Smith and David L. K. Johnson, were elected to the Board of Directors.

What is Pure Cycle Corp.'s Standard Industrial Classification code?

Pure Cycle Corp.'s Standard Industrial Classification code is 4941 (WATER SUPPLY).

Filing Stats: 785 words · 3 min read · ~3 pages · Grade level 10.1 · Accepted 2024-05-28 16:23:15

Filing Documents

02

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On May 22, 2024, Susan Heitmann was appointed to serve on the Registrant's board of directors (the "Board"). Ms. Heitmann is replacing Peter Howell, who retired from the Board effective May 22, 2024. The Board has appointed Ms. Heitmann as Chair and a member of the Audit Committee. Mr. Howell's decision to retire was not the result of any disagreement with the Registrant on any matter relating to the Registrant's operations, policies, or practices. The Registrant is excited to welcome Ms. Heitmann to its Board and is thankful for the years of service provided by Mr. Howell. The Board has determined that Ms. Heitmann is independent under the rules of The NASDAQ Stock Market. There are no arrangements or understanding between Ms. Heitmann. Additionally, there are no related party transactions involving the Registrant and Ms. Heitmann that the Registrant would be required to disclosure pursuant to Item 404(a) of the Regulation S-K. Ms. Heitmann will be compensated in accordance with the Company's standard compensation policies and practices for non-employee directors, and the Company will enter into its standard form of indemnification agreement with Ms. Heitmann.

01 Regulation FD Disclosure

Item 7.01 Regulation FD Disclosure. On May 28, 2024, the Registrant issued a press release announcing the appointment of Susan Heitmann to the Board of Directors. A copy of the press release is attached to this Current Report on Form 8-K as Exhibit 99.1. The information contained in this Item 7.01 of Form 8-K, including the accompanying Exhibit 99.1 is being furnished, and shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section. The information contained in the press release shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof, except as shall be expressly set forth by specific reference in such a filing.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits . Exhibit No. Description 99.1 Press Release dated May 28, 2024, announcing the appointment of Susan Heitmann to the Board of Directors 104 Cover Page Interactive Data File (the cover page XBRL tags are embedded in the inline XBRL document) SIGNATURE 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. Date: May 28, 2024 PURE CYCLE CORPORATION By: /s/ Marc Spezialy Marc Spezialy Vice President and Chief Financial Officer

View on Read The Filing