Maran Capital to Exercise Board Replacement Rights After Two Director Resignations at Pure Cycle

summarizeSummary

Maran Capital Management disclosed plans to replace two directors who resigned from Pure Cycle's board, exercising rights under a cooperation agreement. The move keeps activist pressure on the company amid strong financial performance.

check_boxKey Events · Ownership and Investor Activity · PCYO

• Two Maran-Affiliated Directors Resign

  Daniel J. Roller resigned from the board on May 21, 2026, and Daniel Kozlowski resigned on July 7, 2026. Both are affiliated with Maran Capital Management.

• Maran to Exercise Replacement Rights

  Maran Capital Management intends to exercise its replacement rights for both directors under the Cooperation Agreement dated January 14, 2026, signaling continued activist engagement.

• Maran Holds 14.7% Stake

  Maran Capital Management and related entities collectively own approximately 3.55 million shares, or 14.7% of Pure Cycle's common stock.

• Governance Overlay on Strong Q3 Results

  The board changes come one day after Pure Cycle reported robust Q3 2026 financial results, with revenue up 60% year-over-year to $8.22 million.

auto_awesomeAnalysis · PCYO · Energy & Transportation

Two directors affiliated with Maran Capital — Daniel J. Roller and Daniel Kozlowski — resigned from Pure Cycle's board in May and July 2026. Maran, which controls roughly 14.7% of the company, now intends to exercise its contractual replacement rights under a January 2026 cooperation agreement. This signals an ongoing activist campaign and potential board refresh, which could influence strategic direction. The filing follows strong Q3 results, adding a governance overlay to the operational momentum.