SEC Filing Document

Company: ERock, Inc.
Ticker: 
CIK: 2110029
Filing Type: DRS/A
Document Type: DRS/A
Date Filed: 2026-04-01
Accession Number: 0001193125-26-138217
Exchange: 
SIC Code: 3620
SIC Description: Electrical Industrial Apparatus
URL: https://www.sec.gov/Archives/edgar/data/2110029/000119312526138217/filename1.htm

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payments under the Tax Receivable Agreement). As a result, in certain circumstances, payments could be made under the Tax Receivable Agreement in excess of our ultimate cash tax savings. may incur tax and other liabilities attributable to the Blocked Unitholders as a result of certain reorganization transactions. In connection with the Blocker Mergers, we issued shares of Class A common stock as merger consideration to the Blocked Unitholders. As the successor to these merged entities, we generally will succeed to and be responsible for any outstanding or historical tax or other liabilities of the Blocker Companies, including any liabilities incurred as a result of the Blocker Mergers. Any such liabilities for which we are responsible could have an adverse effect on our liquidity and financial condition. We may be required to pay additional taxes because of the U.S. federal partnership audit rules and potentially also state and local tax rules.

Under the U.S. federal partnership audit rules, subject to certain exceptions, audit adjustments to items
of income, gain, loss, deduction, or credit of an entity treated as a partnership for U.S. federal income tax purposes (and any holder’s share thereof) are determined, and taxes, interest, and penalties attributable thereto, are assessed and
collected at the entity level. ER Holdings (or any of its applicable subsidiaries or other entities in which ER Holdings directly or indirectly invests that are treated as partnerships for U.S. federal income tax purposes) may be required to pay
additional taxes, interest, and penalties as a result of an audit adjustment, and us, as a member of ER Holdings (or such other entities), could be required to indirectly bear the economic burden of those taxes, interest, and penalties even though
we may not otherwise have been required to pay additional corporate-level taxes as a result of the related audit adjustment. Audit adjustments for state or local tax purposes similarly could result in ER Holdings (or any of its applicable
subsidiaries or other entities in which it directly or indirectly invests) being required to pay or indirectly bear the economic burden of state or local taxes and associated interest and penalties.

Under certain circumstances, ER Holdings or an entity in which ER Holdings directly or indirectly invests may be eligible to
make an election to cause members of ER Holdings (or such other entity) to take into account the amount of any underpayment, including any interest and penalties, in accordance with such member’s share in ER Holdings in the year under audit.
We will decide whether to cause ER Holdings to make this election (subject to the terms of the A&R LLCA); however, there are circumstances in which the election may not be available and, in the case of an entity in which ER Holdings directly or
indirectly invests, such decision may be outside of our control. If ER Holdings or an entity in which ER Holdings directly or indirectly invests does not make this election, the then-current members of ER Holdings (including us) could economically
bear the burden of the underpayment.

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.

We intend to operate such that
ER Holdings does not become a publicly traded partnership taxable as a corporation for U.S. federal income tax purposes. A “publicly traded partnership” is an entity that otherwise would be treated as a partnership for U.S. federal
income tax purposes, the interests of which are traded on an established securities market or are readily tradable on a secondary market or the substantial equivalent thereof.

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If ER Holdings were to become a publicly traded partnership taxable as a
corporation for U.S. federal income tax purposes, significant tax inefficiencies might result for us and ER Holdings, including as a result of our inability to file a consolidated U.S. federal income tax return with ER Holdings. In addition, we may
not be able to realize tax benefits covered under the Tax Receivable Agreement and would not be able to recover any payments previously made by us under the Tax Receivable Agreement, even if the corresponding tax benefits (including any claimed
increase in the tax basis of ER Holdings’ assets) were subsequently determined to have been unavailable.

All of the net
proceeds of this offering will be used to purchase Class A Units of ER Holdings, after which we intend to cause ER Holdings to use such proceeds to repay certain existing indebtedness, and therefore will not be available to fund our operations
absent distributions from ER Holdings.

As described in “Use of Proceeds,” we intend to use all of the
net proceeds from this offering to 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. We intend to then cause ER Holdings to
use the net proceeds of such purchase to repay approximately $   of the outstanding indebtedness under the 2025 Term Loan and $   of the outstanding indebtedness under the 2025 Convertible Notes, unless otherwise converted
into equity pursuant to the terms thereof, and to use the remaining net proceeds of such purchase for general corporate purposes, which may include deployment and manufacturing capacity, furthering commercialization of our power systems and
expanding our product and services offerings. Consequently, a substantial portion of the proceeds of this offering will not be available to fund our operations, capital expenditures or acquisition opportunities unless subsequently distributed to us
by ER Holdings. See “Use of Proceeds.”

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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This prospectus contains forward-looking statements about us and our industry that involve substantial risks and
uncertainties. Forward-looking statements include those that express a belief, expectation or intention, as well as those that are not statements of historical fact. Forward-looking statements include information regarding our future plans and
goals, as well as our expectations with respect to:

• our business strategy and future growth prospects;

• our industry;

• integration of acquired businesses;

• our future profitability, cash flows and liquidity;

• our financial strategy, budget, projections and operating results;

• the amount, nature and timing of our capital expenditures and the impact of such expenditures on our
performance;

• the availability and terms of capital;

• the market for distributed power generation;

• competition and government regulations; and

• general economic conditions.

These forward-looking statements may be accompanied by words such as “anticipate,” “believe,”
“estimate,” “expect,” “intend,” “may,” “outlook,” “plan,” “potential,” “predict,” “project,” “will,” “should,”
“could,” “would,” “likely,” “future,” “budget,” “pursue,” “target,” “seek,” “objective” or similar expressions that are predictions of or
indicate future events or trends that do not relate to historical matters.

The forward-looking statements in this
prospectus speak only as of the date of this prospectus, or such other date as specified herein. We disclaim any obligation to update these statements unless required by law, and we caution you not to place undue reliance on them. Forward-looking
statements are not assurances of future performance and involve risks and uncertainties. We have based these forward-looking statements on our current expectations and assumptions about future events. While our management considers these
expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are
beyond our control. These risks, contingencies and uncertainties include, but are not limited to, the following:

• expectations regarding demand for distributed energy generation and acceptance of our power system solutions
across end markets;

• estimates and assumptions regarding market opportunity, growth forecasts and revenue expectations;

• our history of losses and ability to achieve and sustain profitability;

• the realization of revenue from contracted backlog and services arrangements, including customer payment risk;

• risks associated with project development, construction, installation, utility interconnection, fuel supply,
cost overruns and delays;

• reliance on a limited number of customers and the loss of, or adverse developments affecting, major customers;

• competition from larger competitors and alternative technologies;

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• operational and safety risks, including the adequacy of insurance and indemnification arrangements;

• geographic concentration of operations, including regulatory, market and weather-related risks in Texas and
California;

• customer financing constraints and the significant upfront cost of our power systems;

• our ability to scale manufacturing and assembly capacity in a timely and cost-effective manner;

• disruptions at assembly facilities and dependence on third-party suppliers and supply chains;

• the impact of tariffs, trade restrictions and other cost pressures;

• compliance with applicable laws, regulations and permitting requirements;

• protection of intellectual property, including risks of infringement claims;