SEC Filing Document

Company: ERock, Inc.
Ticker: 
CIK: 2110029
Filing Type: DRS
Document Type: DRS
Date Filed: 2026-02-17
Accession Number: 0001193125-26-054926
Exchange: 
SIC Code: 3620
SIC Description: Electrical Industrial Apparatus
URL: https://www.sec.gov/Archives/edgar/data/2110029/000119312526054926/filename1.htm

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effect on our business. • We are subject to laws and regulations that could impose substantial costs upon us and cause delays in the delivery and installation of our power systems. • Our failure to protect our intellectual property rights may undermine our competitive position, and litigation to protect our intellectual property rights may be costly. • Our patent applications may not result in issued patents, and our issued patents may be successfully challenged in litigation or post-grant proceedings, either of which may have a material adverse effect on our ability to prevent others from commercially exploiting power system solutions similar to ours. • We may need to defend ourselves against claims that we infringed, misappropriated or otherwise violated the intellectual property rights of others, which could divert management’s attention, cause us to incur significant costs and prevent us from selling or using the technology to which such rights relate.

• We identified material weaknesses in our internal control over financial reporting, and, if not remediated
effectively, our ability to produce timely and accurate financial statements or comply with applicable laws and regulations could be impaired, which could result in loss of investor confidence in the accuracy and completeness of our financial
reports and materially adversely affect our results of operations and stock price.

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• Operational disruptions in our areas of operation from weather, natural disasters, terrorism or other similar
causes could impact our business, financial condition and results of operations.

• We may be subject to disruptions or failures in information technology systems and network infrastructures
that could have a material adverse effect on our business, financial condition and results of operations.

• Conflicts of interest could arise in the future between us, on the one hand, and our Sponsor and entities
owned by or affiliated with it (including Energy Impact Fund), on the other hand, concerning among other things, business transactions, potential competitive business activities or business opportunities.

• A significant reduction by our Sponsor of its ownership interest in us or our Sponsor’s ownership
interest in Energy Impact Fund could materially and adversely affect us.

• We will depend on distributions from ER Holdings to pay any taxes and other expenses, including payments under
the Tax Receivable Agreement.

• We are required to pay to the TRA Beneficiaries 85% of the tax benefits we receive from tax basis step-ups (and certain other tax assets) attributable to our acquisition of Legacy ER Holdings Units in connection with the IPO and in the future, and the amount of those payments is expected to be substantial.

• The application of certain valuation assumptions under the Tax Receivable Agreement in the case of certain
changes of control or other events may impair our ability to consummate change of control transactions or negatively impact the value received by owners of our Class A common stock.

• In certain circumstances, ER Holdings will be required to make distributions to us and the Continuing Equity
Unitholders, and the distributions that ER Holdings will be required to make may be substantial.

• If ER Holdings were to become a publicly traded partnership taxable as a corporation for U.S. federal income
tax purposes, we and ER Holdings might be subject to potentially significant tax inefficiencies, and we would not be able to recover payments previously made by us under the Tax Receivable Agreement, even if the corresponding tax benefits were
subsequently determined to have been unavailable due to such status.

You should carefully read and
consider the information set forth under the heading “Risk Factors” beginning on page 32 and the other information in this prospectus before investing in our Class A common stock.

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THE OFFERING

Issuer	Enchanted Rock, Inc.

Class A common stock offered by us	Shares of Class A common stock (or     shares of Class A common stock
if the underwriters exercise their option to purchase additional shares of Class A common stock in full).

Underwriters’ option to purchase additional shares of Class A common stock from us	shares of Class A common stock.

Class A common stock outstanding immediately after this offering	shares of Class A common stock (or     shares of Class A common stock if the
underwriters exercise their option to purchase additional shares of Class A common stock in full).

Class B common stock outstanding immediately after this offering	shares of Class B common stock. Class B common stock will be issued to holders of Class B
Units of ER Holdings.

Voting rights	We have two classes of authorized common stock: Class A common stock and Class B common stock. Each share of Class A
common stock and Class B common stock will entitle the holder to one vote.

Holders of our Class A common stock and Class B common stock will vote together as a single class on
all matters presented to our stockholders for their vote or approval, except as otherwise provided in our amended and restated certificate of incorporation or as required by applicable law. See “Description of Capital Stock.” When a
Class B stockholder exchanges Class B Units of ER Holdings for the corresponding number of shares of our Class A common stock or, at our election, for cash, it will result in the automatic cancellation of the corresponding number of
shares of our Class B common stock and, therefore, will decrease the aggregate voting power of our Class B stockholders. See “Description of Capital Stock—Common Stock.”

Use of proceeds	We expect to receive approximately $   of net proceeds from this offering (or $   if the underwriters exercise
in full their option to purchase additional shares of our Class A common stock), based upon the assumed initial public offering price of $   per share (which is the midpoint of the price range set forth on the cover page of
this prospectus), after deducting underwriting discounts and estimated offering expenses payable by us. See “Underwriting.”

We intend to use the net proceeds of this offering to (i) purchase    Class A
Units from ER Holdings at a per interest purchase price equal to the per share price paid by the underwriters for our Class A common stock in this offering and (ii) cause ER Holdings to use the net proceeds to repay approximately

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$   of the outstanding indebtedness under the 2025 Term Loan, unless otherwise converted into equity pursuant to the terms thereof, $   of the outstanding indebtedness
under the 2025 Convertible Notes and $   for general corporate purposes, which may include deployment and manufacturing capacity, furthering commercialization of our power systems and expanding our product and services offerings.

Please see “Use of Proceeds” for a more complete description of the intended use of proceeds from
this offering.

Dividend policy	We currently anticipate that we will retain all future earnings, if any, to finance the growth and development of our business. We do
not intend to pay cash dividends in the foreseeable future. Our future dividend policy is within the discretion of our board of directors and will depend upon then-existing conditions, including our results of operations, financial condition,
capital requirements, investment opportunities, statutory restrictions on our ability to pay dividends, restrictions in our existing and any future debt agreements and other factors our board of directors may deem relevant. See “Dividend
Policy.”

Redemption Right	The Enchanted Rock Holdings, LLC Agreement will entitle Class B stockholders and certain of their permitted transferees to cause ER
Holdings to acquire Class B Units, along with the cancellation of an equal number of shares of Class B common stock, for shares of our Class A common stock on a
one-for-one basis or, at our election, for cash. When a Class B Unit is redeemed for a share of our Class A common stock, the corresponding share of our
Class B common stock will automatically be canceled. We have reserved for issuance shares of our Class A common stock, which is the aggregate number of shares of our Class A common stock expected to be issued over time upon the
redemption by the holders of Class B Units, assuming we do not elect to redeem such Class B Units for cash.

Enchanted Rock Holdings, LLC Agreement	Upon completion of the Reorganization, Enchanted Rock will become the sole managing member of ER Holdings pursuant to the Enchanted Rock
Holdings, LLC Agreement. As such, Enchanted Rock will operate and control all of the business and affairs of ER Holdings and, through ER Holdings and its subsidiaries, conduct our business.

See “Certain Relationships and Related Person Transactions—Proposed Transactions with Enchanted
Rock, Inc.—Limited Liability Company Agreement.”

Tax Receivable Agreement	Enchanted Rock and ER Holdings will enter into the Tax Receivable Agreement for the benefit of the TRA Beneficiaries, pursuant to which
Enchanted Rock or ER Holdings, as applicable, will pay 85% of the amount of the net cash tax savings, if any, that Enchanted Rock is

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