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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agreement of ER Holdings will be amended and restated to, among other things, modify its capital structure by reclassifying (1) its outstanding Common and Preferred Units held by the Blocker Companies into a new class of membership interests that we refer to as “Class A Units” and (2) its outstanding Common and Preferred Units held by the Continuing Equity Unitholders into a new class of membership interests that we refer to as “Class B Units” (the “Reclassification”). We refer to the Reclassification, the amendment and restatement of the limited liability company agreement, the transactions described below under “Blocker Mergers,” and the entry into the Tax Receivable Agreement described below as the “Reorganization.” As a result of the Reorganization, our pre-IPO owners will hold their ownership interests directly in ER Holdings (in the case of the Continuing Equity Unitholders) or indirectly in ER Holdings (in the case of the Blocked Unitholders).

The A&R LLCA will entitle any holder of Class B Units to
exchange their Class B Units for Class A common stock on a one-for-one basis, or, at our election in our sole discretion, for cash. The exchange ratio is subject to appropriate adjustment by us in the event Class A Units are issued to us without
issuance of a corresponding number of shares of Class A common stock or in the event of certain reclassifications, reorganizations, recapitalizations or similar transactions. The A&R LLCA will provide that any holder of Class B Units will not
have the right to exchange Class B Units if we determine that such exchange would be prohibited by law or regulation or would violate other agreements with us, ER Holdings, or any of their subsidiaries to which the holder of Class B Units is
subject. We intend to impose additional restrictions on exchanges that we determine to be necessary or advisable so that ER Holdings is not treated as a “publicly traded partnership” for U.S. federal income tax purposes.

The A&R LLCA also provides for mandatory exchanges under certain circumstances, including at the option of us if the
number of Class A Units and Class B Units outstanding and held by its members (other than those held by us) is less than 15% of the outstanding Class A Units and Class B Units of ER Holdings or in the discretion of us with the consent of holders of
at least 50% of the outstanding Class B Units. Shares of Class B common stock retired upon an exchange will be restored to the status of authorized but unissued shares of Class B common stock.

Pursuant to the A&R LLCA, we will become the sole managing member of ER Holdings. Accordingly, we will have the right to
determine when distributions will be made to the holders of Class A and Class B Units and the amount of any such distributions. If we, as the managing member, authorize a distribution, such distribution will be made to the holders of
Class A and Class B Units pro rata in accordance with the percentages of their respective Class A and Class B Units, as applicable, held.

We and the Continuing Equity Unitholders will incur U.S. federal, state, and local income taxes on our respective allocable
shares of any taxable income of ER Holdings. Net profits and net losses of ER Holdings generally will be allocated to its owners (including us) pro rata in accordance with the percentages of their

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respective units held, except as otherwise required by law. The A&R LLCA will provide for cash distributions to us and the Continuing Equity Unitholders if we determine that the taxable
income of ER Holdings will give rise to taxable income for us and the Continuing Equity Unitholders. In accordance with the A&R LLCA, we intend to cause ER Holdings to make cash distributions to us and the Continuing Equity Unitholders for
purposes of funding our respective tax obligations in respect of the income of ER Holdings that is allocated to us. The assumed tax rate for purposes of determining tax distributions from ER Holdings to its owners will be the highest combined
federal, state, and local tax rate that may potentially apply to an individual resident in the U.S. (as reasonably determined by ER Holdings). See “Certain Relationships and Related Person Transactions—Limited Liability Company
Agreement.”

Blocker Mergers

Before the IPO, the Blocked Unitholders hold their interests in ER Holdings through certain entities that are classified as
corporations for U.S. federal income tax purposes (the “Blocker Companies”). Immediately after and in connection with the IPO, we will enter into certain restructuring transactions (such transactions, the “Blocker Mergers”)
that will result in the Blocked Unitholders acquiring      shares of newly issued Class A common stock in exchange for our acquisition of the Blocker Companies and, indirectly, the equivalent number of Class A Units
held by the Blocker Companies. Each of the Blocker Companies initially will become a wholly owned subsidiary of us and then be merged into us.

Tax
Receivable Agreement

Prior to the completion of the IPO, we will enter into the Tax Receivable Agreement with certain
of our pre-IPO owners that provides for our payment to such pre-IPO owners of 85% of certain tax benefits, if any, that we actually realize, or are deemed to realize
(calculated using certain assumptions), as a result of (i) certain increases in, or adjustments to, the tax basis of assets of ER Holdings and its subsidiaries resulting from exchanges of ER Holdings membership interests in the future,
(ii) certain tax attributes available to us as a result of the Reorganization, and (iii) certain other tax benefits related to our entering into the Tax Receivable Agreement, including tax benefits attributable to payments that we make
under the Tax Receivable Agreement. Sales or exchanges of Class B Units are expected to result in increases in the tax basis of the assets of ER Holdings. The tax attributes covered under the Tax Receivable Agreement may reduce the amount of
U.S. federal, state, and local tax that we would otherwise be required to pay in the future. Actual tax benefits realized by us may differ from tax benefits calculated under the Tax Receivable Agreement as a result of the use of certain assumptions
in the Tax Receivable Agreement, including the use of an assumed blended state and local income tax rate of   % (as adjusted to take into account the U.S. federal tax benefit of such taxes) to calculate the tax benefits. This payment
obligation is our obligation and not an obligation of ER Holdings. See “Certain Relationships and Related Person Transactions—Tax Receivable Agreement.”

Offering Transactions

We intend to use all of the proceeds (net of underwriting discounts and commissions) from our issuance of shares of
Class A common stock in the IPO (excluding any proceeds from the issuance of shares pursuant to any exercise by the underwriters of their option to purchase additional shares of Class A common stock) to acquire an equivalent number of
newly issued Class A Units from ER Holdings. Assuming that the shares of Class A common stock to be sold by us in the IPO are sold at $     per share, which is the midpoint of the range on the front cover of this
prospectus, at the time of this offering, we will acquire from ER Holdings an equivalent number of newly issued Class A Units for an aggregate of $    . The issuance of such newly issued Class A Units by ER Holdings
to us will correspondingly dilute the ownership interests of the Continuing Equity Unitholders in ER Holdings.

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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 commissions and estimated offering expenses payable by us. See “Underwriting.”