Benzinga | Aug 30, 2021 03:53PM EDT

Pure Cycle Makes First Closing In Second Development Phase Of Sky Ranch

* Pure Cycle Corp (NASDAQ:PCYO) has closed on selling 152 platted lots at its community Sky Ranch, representing the first closing of lots in the next development phase of Sky Ranch.

* The second phase of development at Sky Ranch totals 804 lots and are contracted with homebuilders. This phase is divided into four subphases for development and accounting purposes, and this closing is only on the first of those subphases.

* As consideration for this closing, the three builders made their first milestone payments totaling $3.6 million. The subsequent two milestone payments are due at the completion of wet utilities and the completion of the lots.

* "Pure Cycle's contractors have been onsite since February working diligently to finish model home lots before the end of the calendar year in time for opening our second phase early next year," said Mark Harding, President of Pure Cycle.

* Price Action: PCYO shares are trading lower by 5.04% at $15.25 on the last check Monday.