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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>As filed with the U.S. Securities and Exchange
Commission on May&nbsp;6, 2014</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4in; text-align: center; text-indent: 0.5in"><B>Registration
No. 333 -</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4in; text-align: left; text-indent: 0.5in"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNITED STATES</B></P>


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<P STYLE="margin-top: 0; margin-bottom: 6pt; text-align: center; font-family: Times New Roman, Times, Serif; font-weight: bold">SECURITIES AND EXCHANGE
COMMISSION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Washington, D.C. 20549</B>&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM S-8</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>REGISTRATION STATEMENT UNDER THE SECURITIES
ACT OF 1933</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

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    <td style="width: 100%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>PURE CYCLE CORPORATION</b></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact name of registrant as specified in its
        charter)</P></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 49%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; layout-grid-mode: line; text-align: center"><font style="font-family: Times New Roman, Times, Serif"><b>Colorado</b></font></td>
    <td style="width: 51%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; layout-grid-mode: line; text-align: center"><font style="font-family: Times New Roman, Times, Serif"><b>84-0705083</b></font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; layout-grid-mode: line; text-align: center"><font style="font-family: Times New Roman, Times, Serif">(State or other jurisdiction of</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; layout-grid-mode: line; text-align: center"><font style="font-family: Times New Roman, Times, Serif">(I.R.S. Employer</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; layout-grid-mode: line; text-align: center"><font style="font-family: Times New Roman, Times, Serif">incorporation or organization)</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; layout-grid-mode: line; text-align: center"><font style="font-family: Times New Roman, Times, Serif">Identification No.)</font></td></tr>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 49%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; layout-grid-mode: line; text-align: center"><font style="font-family: Times New Roman, Times, Serif"><b>1490 Lafayette Street, Suite 203, Denver, Colorado</b></font></td>
    <td style="width: 51%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; layout-grid-mode: line; text-align: center"><font style="font-family: Times New Roman, Times, Serif"><b>80218</b></font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; layout-grid-mode: line; text-align: center"><font style="font-family: Times New Roman, Times, Serif">(Address of Principal Executive Offices)</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; layout-grid-mode: line; text-align: center"><font style="font-family: Times New Roman, Times, Serif">(Zip Code)</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>Pure
Cycle Corporation 2014 Equity Incentive Plan</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 12pt; text-align: center">(Full title of the plan)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 49%; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><font style="font-family: Times New Roman, Times, Serif"><b>Mark W. Harding</b></font></td>
    <td style="width: 51%; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><font style="font-family: Times New Roman, Times, Serif"><b>With a copy to:</b></font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><font style="font-family: Times New Roman, Times, Serif"><b>President and Chief Financial Officer</b></font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><font style="font-family: Times New Roman, Times, Serif"><b>Wanda J. Abel</b></font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><font style="font-family: Times New Roman, Times, Serif"><b>1490 Lafayette Street, Suite 203</b></font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><font style="font-family: Times New Roman, Times, Serif"><b>Davis Graham &amp; Stubbs LLP</b></font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><font style="font-family: Times New Roman, Times, Serif"><b>Denver, Colorado 80218</b></font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><font style="font-family: Times New Roman, Times, Serif"><b>1550 17th Street, Suite 500</b></font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center">&nbsp;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><font style="font-family: Times New Roman, Times, Serif"><b>Denver, Colorado&nbsp;&nbsp;80202</b></font></td></tr>
<tr style="vertical-align: top">
    <td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><font style="font-family: Times New Roman, Times, Serif">(Name and address of agent for service)</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center">&nbsp;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><font style="font-family: Times New Roman, Times, Serif"><b>(303) 292-3456</b></font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><font style="font-family: Times New Roman, Times, Serif"><b>(303) 892-9400</b></font></td></tr>
<tr style="vertical-align: top">
    <td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><font style="font-family: Times New Roman, Times, Serif">(Telephone number, including area code, of agent for service)</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>






<HR SIZE="1" NOSHADE ALIGN="CENTER" STYLE="width: 25%; color: black">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of &ldquo;large accelerated
filer,&rdquo; &ldquo;accelerated filer&rdquo; and &ldquo;smaller reporting company&rdquo; in Rule&nbsp;12b-2 of the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<tr>
    <td style="vertical-align: top; width: 32%; padding-left: 64.1pt; text-indent: -10.1pt"><font style="font-size: 10pt">Large accelerated filer</font></td>
    <td style="vertical-align: bottom; width: 21%"><font style="font: 10pt Wingdings">o</font></td>
    <td style="vertical-align: top; width: 25%"><font style="font-size: 10pt">Accelerated filer</font></td>
    <td style="vertical-align: bottom; width: 22%"><font style="font: 10pt Wingdings">o</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 64.1pt; text-indent: -10.1pt"><font style="font-size: 10pt">Non-accelerated filer</font></td>
    <td style="vertical-align: bottom"><font style="font: 10pt Wingdings">o</font></td>
    <td style="vertical-align: top"><font style="font-size: 10pt">Smaller reporting company</font></td>
    <td style="vertical-align: bottom"><font style="font: 10pt Wingdings">x</font></td></tr>
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<HR SIZE="1" NOSHADE ALIGN="CENTER" STYLE="width: 25%; color: black">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0; text-align: center"><B>CALCULATION OF REGISTRATION FEE</B></P>

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<tr style="vertical-align: bottom">
    <TD STYLE="width: 34%; border-top: Black 1pt solid; border-right: white 1pt solid; border-bottom: Black 1pt solid; border-left: white 1pt solid; padding-right: 4.35pt; padding-bottom: 0.5pt; padding-left: 4.35pt; layout-grid-mode: line; text-align: center"><font style="font-family: Times New Roman, Times, Serif"><b>Title of securities </b></font><br>
<font style="font-family: Times New Roman, Times, Serif"><b>to be registered</b></font></td>
    <TD STYLE="width: 17%; border-top: Black 1pt solid; border-right: white 1pt solid; border-bottom: Black 1pt solid; padding-right: 4.35pt; padding-bottom: 0.5pt; padding-left: 4.35pt; layout-grid-mode: line; text-align: center"><font style="font-family: Times New Roman, Times, Serif"><b>Amount to be <br>registered</b></font></td>
    <TD STYLE="width: 18%; border-top: Black 1pt solid; border-right: white 1pt solid; border-bottom: Black 1pt solid; padding-right: 4.35pt; padding-bottom: 0.5pt; padding-left: 4.35pt; layout-grid-mode: line; text-align: center"><font style="font-family: Times New Roman, Times, Serif"><b>Proposed maximum <br>offering price per <br>share</b></font></td>
    <TD STYLE="width: 20%; border-top: Black 1pt solid; border-right: white 1pt solid; border-bottom: Black 1pt solid; padding-right: 4.35pt; padding-bottom: 0.5pt; padding-left: 4.35pt; layout-grid-mode: line; text-align: center"><font style="font-family: Times New Roman, Times, Serif"><b>Proposed maximum <br>aggregate offering <br>price</b></font></td>
    <TD STYLE="width: 11%; border-top: Black 1pt solid; border-right: white 1pt solid; border-bottom: Black 1pt solid; padding-right: 4.35pt; padding-bottom: 0.5pt; padding-left: 4.35pt; layout-grid-mode: line; text-align: center"><font style="font-family: Times New Roman, Times, Serif"><b>Amount of registration <br>fee</b></font></td></tr>
<tr>
    <td style="vertical-align: top; border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1.6pt; layout-grid-mode: line"><font style="font-family: Times New Roman, Times, Serif">Common Stock ($0.00333 par value)</font></td>
    <TD STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 1.6pt; layout-grid-mode: line; text-align: center"><font style="font-family: Times New Roman, Times, Serif">1,600,000 (1)</font></td>
    <TD STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-right: 21.9pt; padding-bottom: 1.6pt; layout-grid-mode: line; text-align: center"><font style="font-family: Times New Roman, Times, Serif">$&nbsp;&nbsp;&nbsp;5.58 (2)</font></td>
    <TD STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 0.15pt 1.6pt 9.9pt; layout-grid-mode: line; text-align: center"><font style="font-family: Times New Roman, Times, Serif">$&nbsp;&nbsp;8,928,000 (2)</font></td>
    <TD STYLE="border-right: white 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1.6pt; padding-left: 4.65pt; layout-grid-mode: line; text-align: center"><font style="font-family: Times New Roman, Times, Serif">$&nbsp;&nbsp;1,149.93</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;&nbsp;</B></P>


<P STYLE="margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0">Notes:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify; padding-right: 9pt">Amount to be registered consists of common stock of Pure Cycle Corporation
to be issued pursuant to the 2014 Equity Incentive Plan. This Registration Statement also covers any additional securities issuable
upon share splits, share dividends or similar transactions pursuant to Rule 416 of the Securities Act of 1933, as amended.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify; padding-right: 9pt">Estimated solely for the purpose of calculating the registration fee pursuant
to Rules 457(c) and 457(h) under the Securities Act of 1933, as amended, based upon the average of the high and low sales prices
of the common stock of Pure Cycle Corporation on April&nbsp;30, 2014, as reported on the NASDAQ Capital Market.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 9pt 0 0; text-align: justify"><FONT STYLE="font: 9pt Sans-Serif; color: Red"><B></B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 9pt 0 0; text-align: justify"><FONT STYLE="font: 9pt Sans-Serif; color: Red"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 9pt 0 0; text-align: justify"><FONT STYLE="font: 9pt Sans-Serif; color: Red"><B></B></FONT><BR CLEAR="ALL">
<BR CLEAR="ALL">
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">This registration statement on Form S-8 is being
filed by Pure Cycle Corporation, a Colorado corporation (the &ldquo;Company&rdquo; or &ldquo;Pure Cycle&rdquo;) for the purpose
of registering 1,600,000 shares of common stock, $0.00333 par value per share, of the Company, which may be issued pursuant to
awards under the Pure Cycle Corporation 2014 Equity Incentive Plan (the &ldquo;Plan&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PART I</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As permitted by the rules of the Securities
and Exchange Commission (the &ldquo;Commission&rdquo;), this registration statement omits the information specified in Part I of
Form&nbsp;S-8. The documents containing the information specified in Part I will be sent or given to the participants in the Plan
as required by Rule 428(b)(1) under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PART II</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>INFORMATION REQUIRED IN THE REGISTRATION
STATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;&nbsp;&nbsp;&nbsp;ITEM 3.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INCORPORATION OF DOCUMENTS BY REFERENCE.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The following documents have been filed
with the Commission by Pure Cycle and are hereby incorporated by this reference in this registration statement, excluding any disclosures
therein that have been furnished and not filed:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(a)&#9;The Company&rsquo;s Annual Report
on Form&nbsp;10-K for the fiscal year ended August&nbsp;31, 2013, filed with the Commission on November 27, 2013;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(b)&#9;The Company&rsquo;s Quarterly
Report on Form&nbsp;10-Q for the quarter ended November&nbsp;30, 2013, filed with the Commission on January 10, 2014;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(c)&#9;The Company&rsquo;s Quarterly
Report on Form&nbsp;10-Q for the quarter ended February&nbsp;28, 2013, filed with the Commission on April&nbsp;11, 2014;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(d)&#9;The Company&rsquo;s Current Reports
on Form&nbsp;8-K, filed with the Commission on January&nbsp;21, 2014, February&nbsp;19, 2014, March&nbsp;20, 2014 and April&nbsp;7,
2014;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(e)&#9;The Company&rsquo;s Definitive
Proxy Statement on Schedule 14A, filed with the Commission on December&nbsp;6, 2013;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(f)&#9;The Company&rsquo;s Registration
Statement on Form 8-A, declared effective by the Commission on March&nbsp;31, 1982, which contains a description of the Company&rsquo;s
capital stock; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(g)&#9;the Company&rsquo;s Registration
Statement on Form S-3, declared effective by the Commission on August 8, 2013, which updates the description of the Company&rsquo;s
capital stock.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">All other documents filed by the Company
pursuant to Section&nbsp;13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;),
subsequent to the date of this registration statement and prior to the filing of a post-effective amendment to this registration
statement indicating that all securities offered under the registration statement have been sold, or deregistering all securities
then remaining unsold, shall be deemed to be incorporated by reference herein and shall be a part hereof from the respective dates
of filing such documents (other than any portions of such documents that are deemed furnished under applicable Commission rules
rather than filed).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Any statement contained in a document
incorporated, or deemed to be incorporated, by reference herein shall be deemed to be modified or superseded for purposes of this
registration statement to the extent that a statement contained herein or in any other subsequently filed document that also is
or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any statement so modified or superseded
shall not be deemed, except as so modified or superseded, to constitute a part of this registration statement.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">ITEM 4.&#9;DESCRIPTION OF SECURITIES.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Not applicable.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">ITEM 5.&#9;INTERESTS OF NAMED EXPERTS AND COUNSEL.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">None.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">ITEM 6.&#9;INDEMNIFICATION OF DIRECTORS AND OFFICERS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Pure Cycle is incorporated in the State of Colorado.
Sections 7-109-101 through 7-109-110 of the Colorado Business Corporation Act, as amended (&ldquo;CBCA&rdquo;), provide that a
corporation may indemnify any person who was, is, or is threatened to be made a party in any threatened, pending or completed action,
suit or proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that such person is or was
a director, or while a director, is or was serving at the request of the corporation as a director, partner, manager, member, trustee,
officer, employee, fiduciary or agent of or in a similar capacity with another entity, against liability incurred in such proceeding
if such person acted in good faith and (i) with respect to conduct in such person&rsquo;s official capacity, the person reasonably
believed his or her conduct to be in the best interests of the corporation, (ii) with respect to conduct in other cases, the person
reasonably believed his or her conduct was at least not opposed to the best interests of the corporation, and (iii) with respect
to any criminal action or proceeding, such person had no reasonable cause to believe the conduct was unlawful. The corporation
may indemnify an officer who is not a director to a greater extent if not inconsistent with public policy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Except to the extent authorized by a court,
the corporation may not indemnify a director who is adjudged liable in connection with a proceeding by or in the right of the corporation
or in a proceeding charging that the director derived an improper personal benefit. In either case, indemnification is limited
to reasonable expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our Articles of Incorporation and Bylaws generally
require us to indemnify officers and directors to the fullest extent permitted by law. Section 7-109-108 allows the corporation
to purchase and maintain insurance on behalf of a director or officer against liability arising from such person&rsquo;s status
as a director or officer regardless of whether the corporation would have the power to indemnify such person against the same liability
under the CBCA. We maintain insurance policies under which our directors and officers are insured, within the limits and subject
to the limitations of the policies, against expenses in connection with the defense of actions, suits or proceedings, and certain
liabilities that might be imposed as a result of such actions, suits or proceedings, to which they are parties by reason of being
or having been a director or officer of Pure Cycle. We have no other agreements with our officers and directors that pertain to
indemnification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">ITEM 7.&#9;EXEMPTION FROM REGISTRATION CLAIMED</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>ITEM 8.&#9;EXHIBITS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr>
    <td style="vertical-align: top; width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><font style="font: 10pt Times New Roman, Times, Serif"><u>Exhibit No</u>.</font></td>
    <td style="vertical-align: bottom; width: 82%; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><font style="font: 10pt Times New Roman, Times, Serif"><u>Description</u></font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line">&nbsp;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">4.1</font></td>
    <td style="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; layout-grid-mode: line"><font style="font: 10pt Times New Roman, Times, Serif">Pure Cycle Corporation 2014 Equity Incentive Plan (incorporated by reference to Appendix A of the Company&rsquo;s Definitive Proxy Statement on Schedule&nbsp;14A, filed with the Commission on December 6, 2013).</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><A HREF="ex-5_1.htm">5.1</A></font></td>
    <td style="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; layout-grid-mode: line"><font style="font: 10pt Times New Roman, Times, Serif"><A HREF="ex-5_1.htm">Opinion of Davis Graham &amp; Stubbs LLP.</A></font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><A HREF="ex-23_1.htm">23.1</A></font></td>
    <td style="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; layout-grid-mode: line"><font style="font: 10pt Times New Roman, Times, Serif"><A HREF="ex-23_1.htm">Consent of GHP Horwath, P.C.</A></font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">23.2</font></td>
    <td style="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; layout-grid-mode: line"><font style="font: 10pt Times New Roman, Times, Serif">Consent of Davis Graham &amp; Stubbs LLP (included in Exhibit 5.1).</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">ITEM 9.&#9;UNDERTAKINGS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(a)&#9;The undersigned registrant hereby
undertakes:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD>To include any prospectus required by Section 10(a)(3) of the Securities Act;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD>To reflect in the prospectus any facts or events arising after the effective date of this Registration Statement (or the most
recent post-effective amendment thereof) that, individually or in the aggregate, represent a fundamental change in the information
set forth in this Registration Statement; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD>To include any material information with respect to the plan of distribution not previously disclosed in the registration statement
or any material change to such information in the registration statement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.5in"><I>provided</I>, <I>however</I>, that paragraphs (a)(1)(i)
and (a)(1)(ii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained
in periodic reports filed with or furnished to the Commission by the registrant pursuant to Section 13 or Section 15(d) of the
Exchange Act that are incorporated by reference in the registration statement;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>That, for the purpose of determining any liability under the Securities Act, each post-effective amendment shall be deemed
to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time
shall be deemed to be the initial bona fide offering thereof; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>To remove from registration by means of a post-effective amendment any of the securities being registered that remain unsold
at the termination of the offering.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(b)&#9;The undersigned registrant hereby
undertakes that, for purposes of determining any liability under the Securities Act, each filing of the registrant&rsquo;s annual
report pursuant to Section 13(a) or Section 15(d) of the Exchange Act that is incorporated by reference in the registration statement
shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(c)&#9;Insofar as indemnification for
liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the registrant
pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Commission such
indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that
a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by
a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted
by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless
in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction
the question, whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed
by the final adjudication of such issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Pursuant to the requirements of the Securities Act of 1933, as amended,
the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form&nbsp;S-8
and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the
City of Denver, State of Colorado, on the 6th&nbsp;day of May, 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT><B>PURE CYCLE CORPORATION</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 49%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="width: 40%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/
    Mark W. Harding</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Mark
    W. Harding&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">President
    and Chief Financial Officer</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Pursuant to the requirements of the Securities Act of 1933, as amended,
this registration statement has been signed by the following persons in the capacities and on the dates indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 47%; padding-right: -0.1in; padding-left: 5.4pt; font-size: 10pt; layout-grid-mode: line; text-indent: 1in"><font style="font: 10pt Times New Roman, Times, Serif"><u>Signature</u></font></td>
    <td style="width: 37%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><u>Title</u></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></td>
    <td style="width: 16%; padding-right: -0.1in; padding-left: 5.4pt; font-size: 10pt; layout-grid-mode: line; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><u>Date</u></font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>/s/ Mark W. Harding&#9;</u></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Mark W. Harding</P></td>
    <td style="padding-right: -0.1in; padding-left: 5.4pt; font-size: 10pt; layout-grid-mode: line"><font style="font: 10pt Times New Roman, Times, Serif">President, Chief Financial Officer and Director (Principal Executive Officer, Principal Financial and Accounting Officer)</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">May&nbsp;6, 2014</P></td></tr>
<tr style="vertical-align: top">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>/s/ Harrison H. Augur&#9;</u></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Harrison H. Augur</P></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Chairman, Director</P></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">May&nbsp;6, 2014</P></td></tr>
<tr style="vertical-align: top">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>/s/ Arthur G. Epker, III&#9;</u></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Arthur G. Epker, III</P></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Director</P></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">May&nbsp;6, 2014</P></td></tr>
<tr style="vertical-align: top">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>/s/ Richard L. Guido&#9;</u></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Richard L. Guido</P></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Director</P></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">May&nbsp;6, 2014</P></td></tr>
<tr style="vertical-align: top">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>/s/ Peter C &nbsp;Howell&#9;</u></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Peter C. Howell</P></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Director</P></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">May&nbsp;6, 2014</P></td></tr>
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    <td style="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>/s/ George M. Middlemas&#9;</u></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">George M. Middlemas</P></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Director</P></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">May&nbsp;6, 2014</P></td></tr>
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[{"type": "S-8", "sequence": "1", "filename": "pyco-s8_050114.htm", "description": "INITIAL REGISTRATION STATEMENT", "secsgml_size_bytes": 51921}]
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As filed with the U.S. Securities and Exchange
Commission on May 6, 2014
Registration
No. 333 -
UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT UNDER THE SECURITIES
ACT OF 1933
PURE CYCLE CORPORATION
(Exact name of registrant as specified in its
        charter)
Colorado
84-0705083
(State or other jurisdiction of
(I.R.S. Employer
incorporation or organization)
Identification No.)
1490 Lafayette Street, Suite 203, Denver, Colorado
80218
(Address of Principal Executive Offices)
(Zip Code)
Pure
Cycle Corporation 2014 Equity Incentive Plan
(Full title of the plan)
Mark W. Harding
With a copy to:
President and Chief Financial Officer
Wanda J. Abel
1490 Lafayette Street, Suite 203
Davis Graham & Stubbs LLP
Denver, Colorado 80218
1550 17th Street, Suite 500
Denver, Colorado  80202
(Name and address of agent for service)
(303) 292-3456
(303) 892-9400
(Telephone number, including area code, of agent for service)
Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated
filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
o
Accelerated filer
o
Non-accelerated filer
o
Smaller reporting company
x
CALCULATION OF REGISTRATION FEE
Title of securities
to be registered
Amount to be
registered
Proposed maximum
offering price per
share
Proposed maximum
aggregate offering
price
Amount of registration
fee
Common Stock ($0.00333 par value)
1,600,000 (1)
$   5.58 (2)
$  8,928,000 (2)
$  1,149.93
Notes:
(1)
Amount to be registered consists of common stock of Pure Cycle Corporation
to be issued pursuant to the 2014 Equity Incentive Plan. This Registration Statement also covers any additional securities issuable
upon share splits, share dividends or similar transactions pursuant to Rule 416 of the Securities Act of 1933, as amended.
(2)
Estimated solely for the purpose of calculating the registration fee pursuant
to Rules 457(c) and 457(h) under the Securities Act of 1933, as amended, based upon the average of the high and low sales prices
of the common stock of Pure Cycle Corporation on April 30, 2014, as reported on the NASDAQ Capital Market.
1
This registration statement on Form S-8 is being
filed by Pure Cycle Corporation, a Colorado corporation (the "Company" or "Pure Cycle") for the purpose
of registering 1,600,000 shares of common stock, $0.00333 par value per share, of the Company, which may be issued pursuant to
awards under the Pure Cycle Corporation 2014 Equity Incentive Plan (the "Plan").
PART I
As permitted by the rules of the Securities
and Exchange Commission (the "Commission"), this registration statement omits the information specified in Part I of
Form S-8. The documents containing the information specified in Part I will be sent or given to the participants in the Plan
as required by Rule 428(b)(1) under the Securities Act of 1933, as amended (the "Securities Act").
PART II
INFORMATION REQUIRED IN THE REGISTRATION
STATEMENT
ITEM 3.	                                           INCORPORATION OF DOCUMENTS BY REFERENCE.
The following documents have been filed
with the Commission by Pure Cycle and are hereby incorporated by this reference in this registration statement, excluding any disclosures
therein that have been furnished and not filed:
(a)	The Company's Annual Report
on Form 10-K for the fiscal year ended August 31, 2013, filed with the Commission on November 27, 2013;
(b)	The Company's Quarterly
Report on Form 10-Q for the quarter ended November 30, 2013, filed with the Commission on January 10, 2014;
(c)	The Company's Quarterly
Report on Form 10-Q for the quarter ended February 28, 2013, filed with the Commission on April 11, 2014;
(d)	The Company's Current Reports
on Form 8-K, filed with the Commission on January 21, 2014, February 19, 2014, March 20, 2014 and April 7,
2014;
(e)	The Company's Definitive
Proxy Statement on Schedule 14A, filed with the Commission on December 6, 2013;
(f)	The Company's Registration
Statement on Form 8-A, declared effective by the Commission on March 31, 1982, which contains a description of the Company's
capital stock; and
(g)	the Company's Registration
Statement on Form S-3, declared effective by the Commission on August 8, 2013, which updates the description of the Company's
capital stock.
2
All other documents filed by the Company
pursuant to Section 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"),
subsequent to the date of this registration statement and prior to the filing of a post-effective amendment to this registration
statement indicating that all securities offered under the registration statement have been sold, or deregistering all securities
then remaining unsold, shall be deemed to be incorporated by reference herein and shall be a part hereof from the respective dates
of filing such documents (other than any portions of such documents that are deemed furnished under applicable Commission rules
rather than filed).
Any statement contained in a document
incorporated, or deemed to be incorporated, by reference herein shall be deemed to be modified or superseded for purposes of this
registration statement to the extent that a statement contained herein or in any other subsequently filed document that also is
or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any statement so modified or superseded
shall not be deemed, except as so modified or superseded, to constitute a part of this registration statement.
ITEM 4.	DESCRIPTION OF SECURITIES.
Not applicable.
ITEM 5.	INTERESTS OF NAMED EXPERTS AND COUNSEL.
None.
ITEM 6.	INDEMNIFICATION OF DIRECTORS AND OFFICERS.
Pure Cycle is incorporated in the State of Colorado.
Sections 7-109-101 through 7-109-110 of the Colorado Business Corporation Act, as amended ("CBCA"), provide that a
corporation may indemnify any person who was, is, or is threatened to be made a party in any threatened, pending or completed action,
suit or proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that such person is or was
a director, or while a director, is or was serving at the request of the corporation as a director, partner, manager, member, trustee,
officer, employee, fiduciary or agent of or in a similar capacity with another entity, against liability incurred in such proceeding
if such person acted in good faith and (i) with respect to conduct in such person's official capacity, the person reasonably
believed his or her conduct to be in the best interests of the corporation, (ii) with respect to conduct in other cases, the person
reasonably believed his or her conduct was at least not opposed to the best interests of the corporation, and (iii) with respect
to any criminal action or proceeding, such person had no reasonable cause to believe the conduct was unlawful. The corporation
may indemnify an officer who is not a director to a greater extent if not inconsistent with public policy.
Except to the extent authorized by a court,
the corporation may not indemnify a director who is adjudged liable in connection with a proceeding by or in the right of the corporation
or in a proceeding charging that the director derived an improper personal benefit. In either case, indemnification is limited
to reasonable expenses.
Our Articles of Incorporation and Bylaws generally
require us to indemnify officers and directors to the fullest extent permitted by law. Section 7-109-108 allows the corporation
to purchase and maintain insurance on behalf of a director or officer against liability arising from such person's status
as a director or officer regardless of whether the corporation would have the power to indemnify such person against the same liability
under the CBCA. We maintain insurance policies under which our directors and officers are insured, within the limits and subject
to the limitations of the policies, against expenses in connection with the defense of actions, suits or proceedings, and certain
liabilities that might be imposed as a result of such actions, suits or proceedings, to which they are parties by reason of being
or having been a director or officer of Pure Cycle. We have no other agreements with our officers and directors that pertain to
indemnification.
3
ITEM 7.	EXEMPTION FROM REGISTRATION CLAIMED
Not applicable.
ITEM 8.	EXHIBITS
Exhibit No
.
Description
4.1
Pure Cycle Corporation 2014 Equity Incentive Plan (incorporated by reference to Appendix A of the Company's Definitive Proxy Statement on Schedule 14A, filed with the Commission on December 6, 2013).
5.1
Opinion of Davis Graham & Stubbs LLP.
23.1
Consent of GHP Horwath, P.C.
23.2
Consent of Davis Graham & Stubbs LLP (included in Exhibit 5.1).
ITEM 9.	UNDERTAKINGS.
(a)	The undersigned registrant hereby
undertakes:
(1)
To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:
(i)
To include any prospectus required by Section 10(a)(3) of the Securities Act;
(ii)
To reflect in the prospectus any facts or events arising after the effective date of this Registration Statement (or the most
recent post-effective amendment thereof) that, individually or in the aggregate, represent a fundamental change in the information
set forth in this Registration Statement; and
(iii)
To include any material information with respect to the plan of distribution not previously disclosed in the registration statement
or any material change to such information in the registration statement;
4
provided
,
however
, that paragraphs (a)(1)(i)
and (a)(1)(ii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained
in periodic reports filed with or furnished to the Commission by the registrant pursuant to Section 13 or Section 15(d) of the
Exchange Act that are incorporated by reference in the registration statement;
(2)
That, for the purpose of determining any liability under the Securities Act, each post-effective amendment shall be deemed
to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time
shall be deemed to be the initial bona fide offering thereof; and
(3)
To remove from registration by means of a post-effective amendment any of the securities being registered that remain unsold
at the termination of the offering.
(b)	The undersigned registrant hereby
undertakes that, for purposes of determining any liability under the Securities Act, each filing of the registrant's annual
report pursuant to Section 13(a) or Section 15(d) of the Exchange Act that is incorporated by reference in the registration statement
shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof.
(c)	Insofar as indemnification for
liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the registrant
pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Commission such
indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that
a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by
a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted
by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless
in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction
the question, whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed
by the final adjudication of such issue.
5
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended,
the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8
and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the
City of Denver, State of Colorado, on the 6th day of May, 2014.
PURE CYCLE CORPORATION
By:
/s/
    Mark W. Harding
Name:
Mark
    W. Harding
Title:
President
    and Chief Financial Officer
Pursuant to the requirements of the Securities Act of 1933, as amended,
this registration statement has been signed by the following persons in the capacities and on the dates indicated.
Signature
Title
Date
/s/ Mark W. Harding
Mark W. Harding
President, Chief Financial Officer and Director (Principal Executive Officer, Principal Financial and Accounting Officer)
May 6, 2014
/s/ Harrison H. Augur
Harrison H. Augur
Chairman, Director
May 6, 2014
/s/ Arthur G. Epker, III
Arthur G. Epker, III
Director
May 6, 2014
/s/ Richard L. Guido
Richard L. Guido
Director
May 6, 2014
/s/ Peter C  Howell
Peter C. Howell
Director
May 6, 2014
/s/ George M. Middlemas
George M. Middlemas
Director
May 6, 2014
6