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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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. Table of Contents 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.”

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. Subsequently, we intend to cause ER Holdings to use the net proceeds of such purchase to repay
approximately $    of the outstanding indebtedness under the 2025 Term Loan, $     of the outstanding indebtedness under the 2025 Convertible Notes, unless otherwise converted into equity pursuant to
the terms thereof, 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. The 2025
Term Loan has a maturity date of November 29, 2030. Interest on the 2025 Term Loan is payable monthly and accrues at a rate equal to the greater of (i) the prime rate plus 2.25% and (ii) 9.50%, and prepayment of the 2025 Term Loan is subject to a
fee in the amount of 7.00% of the initial principal amount. The 2025 Convertible Notes have a maturity date of December 27, 2026, with respect to 2025 Convertible Notes originally issued under the 2024 Note Purchase Agreement, or of April 29, 2027,
with respect to 2025 Convertible Notes originally issued on or after the effective date of the A&R Note Purchase Agreement, and bear interest at 15.0% per annum, compounding quarterly, with interest paid in kind. The proceeds of the 2025 Term
Loan and the 2025 Convertible Notes have been used for working capital. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources.”

Assuming no exercise of the underwriters’ option to purchase additional shares, each $1.00 change in 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) would cause the net proceeds from this offering, after deducting the underwriting discounts and
commissions and estimated offering expenses payable by us, to change by approximately $    million, assuming no change to the number of shares of our Class A common stock offered by us, as set forth on the cover page of
this prospectus. Similarly, an increase (decrease) of one million shares of Class A common stock sold in this offering by us would increase (decrease) our net proceeds by $    million, assuming the initial public
offering price of $    per share, (which is the midpoint of the price range set forth on the cover page of this prospectus) remains the same and after deducting the underwriting discounts and commissions and estimated
offering expenses payable by us. If the proceeds increase for any reason, we would use the additional net proceeds for other general corporate purposes. If the proceeds decrease for any reason, then we expect that we would retain less net proceeds
for general corporate purposes.

Table of Contents

DIVIDEND POLICY

We do not anticipate declaring or paying any cash dividends to holders of our Class A common stock in the foreseeable
future. We currently intend to retain future earnings, if any, to finance the growth of our business. 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.

Table of Contents

CAPITALIZATION

The following table sets forth our cash and cash equivalents and capitalization as of December 31, 2025 of

• ER Holdings on a historical basis; and

• ERock on a pro forma basis to give effect to the Reorganization and the issuance and sale of shares of
Class A common stock in this offering 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 December 31, 2025

(Dollars in thousands, except par values) Historical ER Holdings Pro Forma ERock

Cash and cash equivalents $	108,097 $

Long-term debt, including current portions:

2025 Credit Agreement ( 1) 28,944

December 2024 Convertible Note (2) 9,132

Additional 2024 Convertible Notes (3) 8,974

2025 Convertible Notes (4) 12,934

Rights offering convertible notes 44

Total long-term debt $	60,028 $

Mezzanine equity: —

Series A preferred units, 163,975 units authorized, issued and outstanding 46,690

Total mezzanine equity $	46,690 $

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) $	(112,155	)

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 $	(112,117	) $

Total capitalization $	(5,399	) $

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

(2)	As of December 31, 2025, $11,606 of principal and accrued PIK interest remained outstanding under the
December 2024 Convertible Note.

(3)	As of December 31, 2025, $11,405 of principal and accrued PIK interest remained outstanding under the
Additional 2024 Convertible Notes.

(4)	As of December 31, 2025, $16,930 of principal and accrued PIK interest remained outstanding under the 2025
Convertible Notes.

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 and 2026 ESPP which we plan to adopt in connection with this offering.

Table of Contents

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. Our net tangible book value as of December 31, 2025 was approximately $    , or $    per share of common
stock. Net tangible book value per share is determined by dividing our tangible net worth (tangible assets less total liabilities) by the total number of outstanding shares of common stock that will be outstanding immediately prior to the closing of
this offering. After giving effect to the Reorganization and the sale of the shares in this offering and the payment of estimated offering expenses by us, our adjusted pro forma net tangible book value as of December 31, 2025 would have been
approximately $    , or $    per share. This represents an immediate decrease in the net tangible book value of $    per share to our Sponsor 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 December 31, 2025 (after giving effect to
the Reorganization) $

Decrease 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 (1) $