SEC Filing Document

Company: ERock, Inc.
Ticker: 
CIK: 2110029
Filing Type: S-1
Document Type: S-1
Date Filed: 2026-05-15
Accession Number: 0001193125-26-227199
Exchange: 
SIC Code: 3620
SIC Description: Electrical Industrial Apparatus
URL: https://www.sec.gov/Archives/edgar/data/2110029/000119312526227199/d12401ds1.htm

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at an initial public offering price of $ per share (the midpoint of the price range set forth on the cover page of this prospectus), after (a) deducting the underwriting discounts and commissions and estimated offering expenses payable by us and (b) the application of the proceeds from this offering, as described under “Use of Proceeds.” The table below should be read in conjunction with, and is qualified in its entirety by reference to “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” “Description of Capital Stock” and our consolidated financial statements appearing elsewhere in this prospectus. As of March 31, 2026 (in thousands, except par values) Historical ER Holdings Pro Forma ERock Cash and cash equivalents $ 300,508 $ Long-term debt, including current portions: 2025 Credit Agreement ( 1) 29,123 December 2024 Convertible Note (2) 10,051 Additional 2024 Convertible Notes (3) 9,878 2025 Convertible Notes (4) 14,098

Rights offering convertible notes 52

Total long-term debt $	63,202 $

Mezzanine equity: —

Series A preferred units, 163,975 units authorized, issued and outstanding 47,506

Total mezzanine equity $	47,506 $

Members’ / Stockholders’ equity:

Class A common stock, $0.01 par value; no shares authorized, issued or outstanding
(Actual);    shares authorized,    shares issued and outstanding (As Adjusted) $	(128,958	)

Class B common stock, $0.01 par value; no shares authorized, issued and outstanding (Actual);
shares authorized,    shares issued and outstanding (As Adjusted) —

Additional paid-in capital —

Noncontrolling interest 38

Total members’ / stockholders’ equity $	(128,920	) $

Total capitalization $	(18,212	) $

(1)	As of March 31, 2026, $30,000 of principal remained outstanding under the 2025 Credit Agreement.

(2)	As of March 31, 2026, $12,035 of principal and accrued PIK interest remained outstanding under the December
2024 Convertible Note. On May 13, 2026, the December 2024 Convertible Note was settled and as a result is no longer outstanding.

(3)	As of March 31, 2026, $11,827 of principal and accrued PIK interest remained outstanding under the
Additional 2024 Convertible Notes. On May 13, 2026, the Additional 2024 Convertible Notes were settled and as a result are no longer outstanding.

(4)	As of March 31, 2026, $17,556 of principal and accrued PIK interest remained outstanding under the 2025
Convertible Notes. On May 13, 2026, the 2025 Convertible Notes were settled and as a result are no longer outstanding.

The information presented above assumes no exercise of the underwriters’ option to purchase additional shares from us.
The table does not reflect shares of common stock reserved for issuance under our 2026 Plan which we plan to adopt in connection with this offering.

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DILUTION

Purchasers of the Class A common stock in this offering will experience immediate and substantial dilution in the net
tangible book value per share of the Class A common stock for accounting purposes to the extent of the difference between the initial public offering price per share of our Class A common stock and the pro forma net tangible book value per
share of our Class A common stock immediately after the completion of this offering. Dilution results from the fact that the per share offering price of the Class A common stock is substantially in excess of the book value per share attributable to
the existing equity holders.

Our pro forma net tangible book value as of March 31, 2026 was approximately
$    , or $    per share of Class A common stock. Pro forma net tangible book value per share is determined by dividing our tangible net worth (tangible assets less total liabilities) by the total
number of shares of Class A common stock that will be outstanding immediately prior to the closing of this offering, after giving effect to the Reorganization and assuming that all of the Continuing Equity Unitholders exchanged their Class B Units
outstanding immediately following the completion of the Reorganization and this offering for newly issued shares of our Class A common stock on a one-for-one basis as if such Class B Units and Class M Units were immediately exchangeable.

After giving effect to (i) the Reorganization and (ii) the sale of      shares of Class A common stock
in this offering at an assumed initial public offering price of $     per share, the midpoint of the price range set forth on the cover page of this prospectus, after deducting estimated underwriting discounts and commissions
and offering expenses payable by us and assuming the exchange of all Class B Units outstanding immediately following the completion of the Reorganization and this offering for shares of our Class A common stock as if such units were immediately
exchangeable, and (iii) the application of such proceeds as described in the section entitled “Use of Proceeds,” our adjusted pro forma net tangible book value as of March 31, 2026 would have been approximately
$    , or $    per share. This represents an immediate increase in the pro forma net tangible book value of $    per share to existing equity holders and an immediate dilution
(i.e., the difference between the offering price and the adjusted pro forma net tangible book value after this offering) to new investors purchasing shares in this offering of $    per share. The following table illustrates
the per share dilution to new investors purchasing shares in this offering:

Initial public offering price per share $

Pro forma net tangible book value per share as of March 31, 2026 $

Increase in pro forma net tangible book value per share attributable to new investors in this
offering

As adjusted pro forma net tangible book value per share after giving further effect to this
offering

Dilution in pro forma net tangible book value per share to new investors in this offering $

The information in the preceding table is based on an assumed offering price of
$     per share, the midpoint of the price range set forth on the cover page of this prospectus. A $1.00 increase or decrease in the assumed price per share would increase or decrease, respectively, the pro forma net tangible
book value after this offering by approximately $     million and increase or decrease the dilution per share of Class A common stock to new investors in this offering by $     per share, in each case
calculated as described above and assuming that the number of shares offered by us, as set forth on the cover page of this prospectus, remains the same. Similarly, each increase or decrease of 1.0 million shares in the number of shares of our Class
A common stock offered by us would increase or decrease, as applicable, our pro forma net tangible book value by approximately $     per share and increase or decrease, as applicable, the dilution to new investors in this
offering by $     per share, assuming the assumed initial public offering price remains the same, and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us.

Table of Contents

The following table summarizes, on an adjusted pro forma basis as of March
31, 2026, the total number of shares of common stock owned by existing equity holders and to be owned by new investors, the total consideration paid, and the average price per share paid by existing equity holders and to be paid by new investors in
this offering at $    , calculated before deduction of underwriting discounts and commissions.

Shares Acquired (1) Total Consideration (2) Average Price Per Share

Number Percent Amount Percent

Existing equity holders % $ % $

New investors in this offering % % $

Total 100.0	% $ 100.0	% $

(1)	If the underwriters exercise their option to purchase additional shares in full, our existing equity holders
would own approximately     % and our new investors in this offering would own approximately     % of the total number of shares of our common stock outstanding after this offering. The presentation in
this table regarding ownership by existing equity holders does not give effect to any purchases that existing stockholders may make through our directed share program or otherwise purchase in this offering.

(2)	If the underwriters exercise their option to purchase additional shares in full, the total consideration
paid by our new investors would be approximately $     (or     %).

The data in the table excludes    shares of Class A common stock initially reserved for issuance under
our 2026 Plan.

Table of Contents

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS