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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could economically bear the burden of the underpayment. If ER Holdings is or 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 is not and 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.

If ER Holdings is or 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.

The net proceeds of this offering will be used to
(i) purchase Class A Units of ER Holdings, (ii) purchase Class B Units (and Class B Units converted from Class M Units) from certain of the pre-IPO owners of ER Holdings and
(iii) pay the cash consideration to the Blocked Unitholders in connection with the Blocker Mergers, after which we intend to cause ER Holdings to use such proceeds described in clause (i) to repay certain existing indebtedness, and
therefore such amounts will not be available to fund our operations.

As described in “Use of
Proceeds,” we intend to use the net proceeds from 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, (ii) purchase Class B Units (and Class B Units converted from Class M Units) from certain of the pre-IPO owners of ER Holdings and (iii) pay the cash consideration to
the Blocked Unitholders in connection with the Blocker Mergers. We intend to then cause ER Holdings to use the net proceeds of such purchase described in clause (i) to repay approximately $   of the outstanding indebtedness
under the 2025 Term Loan, and to use the remaining net proceeds of such purchase for general corporate purposes, which may include deployment of 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;

• internal control, financial reporting and public company compliance risks;

• cybersecurity, IT and data security risks;

• conflicts of interest and risks related to our Sponsor;

• risks related to our corporate structure; and

• other risks and uncertainties inherent in our business.

These and other important factors that could affect our operating results and performance are described in “Risk
Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of this prospectus and elsewhere within this prospectus. Should one or more of the risks or uncertainties described in the
documents above or in this prospectus occur, or should underlying assumptions prove incorrect, our actual results, performance, achievements or plans could differ materially from those expressed or implied in any forward-looking statements. All such
forward-looking statements in this prospectus are expressly qualified in their entirety by the cautionary statements in this section.

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ORGANIZATIONAL STRUCTURE

Organizational Structure Prior to the IPO

The diagram below depicts the current organizational structure of ER Holdings.

Organizational Structure Following the Reorganization

Immediately after the transactions associated with the IPO, we will be a holding company, and our sole material assets will be
equity interests held directly or indirectly through wholly owned subsidiaries in ER Holdings. As the managing member of ER Holdings, we will operate and control all of the business and affairs of ER Holdings and, through ER Holdings and its
subsidiaries, conduct our business. The Reorganization lacks economic substance and therefore will be accounted for in a manner consistent with a reorganization of entities under common control. As a result, our consolidated financial statements
will recognize the assets and liabilities received in the Reorganization at their historical carrying amounts, as reflected in the historical consolidated financial statements of ER Holdings, our predecessor. We will consolidate ER Holdings in our
consolidated financial statements and record a non-voting interest related to the Units held by the Continuing Equity Unitholders on our consolidated balance sheet and statement of income.

As further described herein, in connection with the completion of this offering we will complete a series of reorganization
transactions, including:

(1) The limited liability company agreement of ER Holdings will be amended and restated to, among other things,
modify its capital structure by reclassifying its interests as follows (as further described under “ Organizational Structure—Reclassification and Amendment and Restatement of the Limited Liability Company Agreement of ER
Holdings ” and “ Executive Compensation ”):

• Common and Preferred Units held by the Blocker Companies will be converted into Class A Units;